I remember the buzz about this spin off, and the more SLI shares you had, the more Havilah shares you'd get!! I specifically bought more SLI just so I'd get that 20-1 spin off reward.

It all seemed to be falling into place around the time of the 2011 AGM. Shareholder approval was granted on Nov. 17, final court approval was granted on Nov. 18....scooped up a few more SLI shares before record date.... then the long, unexpected waiting. It took months to get conditional TSX approval, and then nothing??

It makes me wonder if they ever really intended to do it in the first place, or was it intended to make us buy more shares?

And remember the date she announced that Havilah was being put on the back burner? It was a very strategic play...2 news releases came out that day....which one do you think was the most talked about?

June 12, 2012

NEWS RELEASE

St. Elias Mines Ltd. – Spin-off of Havilah Mines Ltd.

Vancouver, B.C. June 12, 2012 Lori McClenahan, President of St. Elias Mines Ltd. (SLI – TSX:V) (“St. Elias” or the “Company”) announces today that St. Elias has postponed the completion of its spin-off transaction (“Plan of Arrangement”) of its BC Properties into Havilah Mines Ltd. (“Havilah”), a new company incorporated for the purpose of facilitating the Plan of Arrangement. The concurrent financing and listing of Havilah on the TSX Venture Exchange will also be postponed, all due to market conditions. The Company intends to finalize the spin-off, financing and listing of Havilah in the fall

June 12, 2012

NEWS RELEASE

Murry Braucht Terminated with Cause

Vancouver, B.C. June 12, 2012 Lori McClenahan, President of St. Elias Mines Ltd. (SLI – TSX:V) (“St. Elias” or the “Company”) announces today that Murry Braucht has been removed as Vice-President of the Company and terminated with cause effective immediately.