News Release 2010-27
June 22, 2010

NEWS RELEASE

St. Elias Mines Ltd. Identifies Parallel Structural Corridor and Initiates Ground-Based Exploration Program at Tesoro

Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), announces that based on recent interpretation of the Stage 1 Titan 24 Geophysical Survey conducted by Quantec Geoscience Ltd. (refer to News Release of January 26, 2010) and the recently acquired 2010 remote sensing data (“satellite imagery”) from the Tesoro Gold Project in southwestern Peru (the “Property”), Company geologists have identified a structural zone parallel to and similar in size and dimension to the Main Tesoro Structural Corridor. This newly defined structure is hereafter referred to as the “North Corridor.”

The Main Tesoro Structural Corridor (approximately 400 metres wide and 7 kilometres long) hosts the four significant identified mineralized zones on the Property: Zona Canchete (C-1and C-2 Veins); Zona Central (A-4 vein); Zona Incognito (I-3 Vein); and Zona Sur. To date, all the development and the bulk of exploration on the Tesoro Gold Property has been focused within this corridor, with only limited surficial sampling outside of this zone.

The North Corridor (also approximately 7 kilometres long) lies approximately 2 kilometres northeast of, and is parallel to, the Main Corridor. The North Corridor is defined by a series of coincident geophysical/remote sensing lineaments, by numerous pits excavated in the past by “informale” miners and by two previously identified mineralized zones (Zona Este and the I-3 Vein at Zona Incognito.)

The Company will immediately initiate a surface exploration program consisting of detailed mapping and surface sampling to define the mineral potential of the North Corridor in advance of a systematic trenching program.

Lori McClenahan, President and CEO, stated “This is an extremely exciting development. Every new advancement in technology has aided in new discoveries. The wealth of information St. Elias has derived from the Stage 1 Titan 24 Geophysical Survey, and now the Satellite Imagery, has significantly enhanced (and added) to the Tesoro Project. We are currently awaiting results from the Stage 2 Titan 24 Survey which will provide even more information.”