St. Elias and its wholly-owned subsidiary, Minera Santa Elisa S.A., have entered into an agreement with Minera Elemento 79 S.A. (“Elemento”) whereby St. Elias has agreed to sell and Elemento has agreed to purchase a 100% interest in the Cueva Blanca Property, subject to a 3% net smelter return royalty (the “NSR”), in consideration of US$100,000. Under the terms of the agreement, Elemento can purchase 83.33% of the NSR in consideration of paying US$2,500,000 to St. Elias thereby reducing St. Elias’ portion of the NSR to 0.5%.

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