News Release 2010-05
February 3, 2010

NEWS RELEASE

ST. ELIAS MINES LTD. – TESORO GOLD PROJECT, PERU
Bulk Sample Returns Average Grade of 3.74 oz/t Gold
and
Initial Trenching Results Suggest Potential for Disseminated Gold

Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), is pleased to announce that an additional 9.43 tons of bulk sample material has been processed and has returned an average grade of 3.74 oz/t gold.

Initial Trench-Sampling Results

Upon receipt of preliminary geophysical sections generated in the field, a small trench-sampling program was completed across a geophysical anomaly corresponding to the “structural corridor” in the vicinity of the A4 Vein in Zona Central.

The grades and initial recovery results suggest that with further work to expand the Tesoro disseminated zone, it might be feasible to establish a heap-leach extraction operation to complement production from the high grade veins.

Additional trenching and sampling to evaluate the bulk-tonnage potential of geophysical anomalies corresponding to the “structural corridor” are planned in the near future.