St. Elias Mines Ltd. – Corporate Update

Vancouver, BC, October 19, 2011, Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), announced today the following corporate update:

The Company is in the process of a 10,000m drilling program at the Tesoro Gold Project in southwestern Peru. The initial portion of the drilling program has been designed to test near-surface targets identified by the Titan 24 Geophysical Survey conducted at the Tesoro Gold Project. Results will be announced once they are received and compiled.

St. Elias recently completed a $4,500,000 private placement giving the Company approximately $9,200,000 in the treasury. St. Elias is well-positioned to weather the current market conditions and continue with the advancement of our existing gold projects.

The MiningStockReport has initiated coverage on St. Elias Mines Ltd. The MiningStockReport.com is an investor information portal, with a focus on emerging nano-cap, micro-cap and small-cap companies. The MiningStockReport.com provides an extensive informational resource, where investors can find valuable tools and resources to aid them in making their independent investment decisions. For public companies, MiningStockReport provides a number of online and offline services aimed at distributing information and providing increased exposure.

For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada) or contact:

European Contact

Michael Kott

CM-Equity AG & Co. KG Financial Service

Tel: 011 4989 1890 474 0

Email: kott@cm-equity.de

U.S. Contact

Herbert Haft

The Haft Group, Inc

Tel: (212) 759-8865

Email: herbhaft@haftgroupinc.com

herbhaft@aol.com

ST. ELIAS MINES LTD

Lori McClenahan,

President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.

This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.