I would like to comment again on the June 17, 2010 Beijing video where SLI,s CFO talks about the property and what is happening at that time on the "major" property.

http://www.abnnewswire.net/multimedia/en/63112/FINANCE_VIDEO:_St_Elias_Mines_%28CVE:SLI%29_Executive_Norman_MacKinnon_Speaks_at_Beijing_Mines_and_Money_2010.html

1) At the .48 mark; "major project"

1) So, a major project comment would NOT seem to fit with everything forward from the initial drill results, interesting...

2) At the .57 mark; " big drilling program over the summer months".

At the 1.09 mark; "we are drilling".

2) Keep in mind, the date of this video, June 17 th 2010, very important. This is important for several reasons listed below;

a) At that time, according to news releases and until a news release stated in May 2011, almost a year later, we were waiting for an EIS permit that would ALLOW drilling.

b) It is unclear by consulting records and permit documentation, that we even needed a new permit to drill at that time and that drilling may have been allowed under an existing permit at that time and right through to possibly Oct 2011.

c) Investors here had access to the Permit Web Site in Peru, where any EIS permits approved, were listed on this website and authenticated that EIS permits for any company had been approved. Investors here had access to that web site up til approximately 1 Month AFTER the SLI EIS permit was supposed to have been approved, which a news release had been released saying we received the permit (May 2011), BUT NEVER SHOWED UP ON THE PERMIT SITE AS BEING APPROVED WITHIN THE 1 MONTH AFTER. This is very odd .

d) John Doe, a SLI investor, had conducted a you tube video phone interview with Harold Waller around summer 2012, an agent for Energold drilling, and also Harold is the main Director for our subsidiary, Minera Santa Elisa. In this recorded video, Harold from Energold states, not verbatum but close; " Bradly Brothers were in before Energold and drilled a few holes". This is VERY interesting, whereas any SLI company news releases does not mention this drilling by Bradley Brothers and puts out a news release that Energold was contracted for drilling and will BE DOING THE INITIAL DRILLING, dated June 9th 2011. http://steliasmines.com/?p=1027

To further, when you see in the video at the top of this post, where the CFO says we are drilling in June 2010, you see that Harold Waller states Bradly Brothers drilled BEFORE Energold, and also no permit showing up on the permit site, sometrhing doesn,t add up.

3) At the 1.29 mark; " we have been selling WASTE ROCK"

At the 1.42 mark; "essentially, run of the mill rock, we have been getting a little over an ounce and a half per ton gold RECOVERY.

3) The waste rock mentioned above means not select vein ore, but ALL rock surrounding the vein and the accompanying rock to the vein comprising an approximate width of the shaft around 1.3meters wide. This is IMPORTANT whereas it is consistent with Lori,s statements where DEVELOPMENT MATERIAL was averaging around 1 ounce per ton gold. So as you can clearly see, the WIDTH of the veins do not matter, whereas they are that high grade, that the high grade veins allow for the average over the waste rock to STILL BE ABOVE AN OUNCE PER TON GOLD. This is further significant when it may be conservative to say, as a rule of thumb, a shaft mine needs 10 g/t gold to be economical, and the public information above suggests that we are at least THREE TIMES MORE than the minimum requirements. You may wish to consider here the ludicrous report that SLI mentions that Robert Krause gave them a day before the 2014 AGM stating that the Tesoro is not viable.

Now, a lot of the waste rock (lower grade) is also stock piled at the surface of different veins. From the 2010 technical report of the property prepared by Paul Gray, there were a couple samples taken from these surface stock piles. One grab sample from WASTE ROCK at the surface of the C-1 Vein, assayed 57.6 g/t (over 1 1/2 onuces per ton gold). Another sample taken from the C-2 Vein WASTE ROCK at surface assayed 4 g/t gold. Another sample taken from surface WASTE ROCK at the Cactus Zone assayed 1.1 g/t gold.

If you look at the grades in the preceeding paragraph, they may not look impressive, excluding the C-1 Vein sample, BUT, keep in mind that Yanacocha Mine has counted into reserves, material that is around .3 g/t, material that is 3 times LESS than the lowest grade mentioned above. Also, please consider here, that in one of Barrick Golds richest mines, 3 g/t gold waste rock is stock piled for future processing. If you compare Barricks 3 g/t waste rock stock pile to ours, you see that by a few samples, we may very well be within reason or multiple times more, than their waste rock. This information is also valuable to the open pit scenario for us where the shaft mining grade is extremely high and is able to average out the waste rock to over 1 ounce per ton.

I suspect that the waste piles on surface was partially why Happy was guarding the Tesoro, whereas a pickup could easily throw 3-4 tons of waste rock on the back, very accessable, and possibly get 4-6 ounces of gold out of one load, very profitable. I further suspect that Happy was guarding the Tesoro because of the high grade pods of gold in the shafts, most notably the 4 ton sample referrence from the A-4 which assayed 11 ounces per ton or 44 ounces of gold from that sample, extremely rich.

COMMENTS

So as you can see yet again in this analysis, more inconsistencies that the regulators and other authorities have been in receipt of for awhile. If the above video, news releases and statements were MISLEADING, then one would presume that disciplinary action would have been taken by now, but whereas no action has been taken, it tells me and others, that the statements are TRUE, and what are you left to believe?

I believe you should also consider the rumoured statements made by certain management and connected personnel around Sept/Oct 2011,which consited of, but not totally verbatum; "we are going to hit the stock, shake out shares, and let some big guys get in here to take this home". It was perhaps a rumour when said, but time seems to validate it as fact, whereas the stock was indeed hit by conspicuous trading that represnts manipulation, most profoundly in Jan 2012. The PP done around the same time, perhaps plays a big part in the stock price manipulation as well..

Thank You

Rick Jewers