St. Elias Mines Ltd. Field Portion of Stage 2 of Titan 24 Geophysical Survey Commences at Tesoro Gold Project in Peru

Lori McClenahan, President of St. Elias Mines Ltd. (“St. Elias” or the “Company”), is pleased to announce that Stage 2 of the Titan 24 Geophysical Survey at the Tesoro Gold Project (the “Property”) in Peru has commenced. The survey is being conducted by Quantec Geoscience Ltd. (“Quantec”) and will extend the recent Stage 1 Titan 24 survey to cover the entire Property.

Stage 2 Titan 24 Geophysical Survey

The Stage 2 program has been designed to follow-up the results of the recent Titan 24 Geophysical Survey (“Stage 1”) completed in fall 2009. Stage 2 will extend the geophysical survey to cover areas between the existing Titan 24 survey lines and will consist of 18 survey lines (totalling 43.2 line kilometres) of DCIP and MT data acquisition. Each Titan 24 line will be approximately 2.4 kilometres long with each survey line having the ability to read (acquire data) over a 100-metre wide zone. Line spacing with be at 250 metres. The estimated time for the field portion of the project will be 28 days. All field data will then be compiled, processed and interpreted by experienced professionals at Quantec’s Interpretation Centre in Toronto, Ontario. Results will be released when available

Upon completion of the Stage 2 program the entire Tesoro Project will effectively be covered by Titan 24 survey.

Stage 1 Titan 24 Geophysical Survey

The Stage 1 Titan 24 Geophysical Survey consisted of nine survey lines (totalling 21.6 line kilometres) with one line along the structural corridor (the “axis”) and eight lines perpendicular to the axis over each of the known gold zones of the Property.

The Stage 1 program:

– successfully identified twelve (12) high priority targets and eight (8) second priority targets for follow up at the Tesoro Project;

– identified an ovoid (egg shaped) anomaly beneath Zona Central that is 1,450m long x 400m wide and 300 – 500m thick and is open to the south; and

– identified targets of interest (on surface) that are outside of the mineralized “structural” corridor and that require field investigation.

A diamond drilling program comprising 10,000 meters is planned to test high-priority targets identified from the Stage 1 program and the ovoid anomaly. The Company is in the process of obtaining all necessary permitting for drilling.

The Company will also be conducting a surface exploration program (trenching) to examine other targets identified by the Stage 1 Titan 24 survey.

Titan 24 Geophysical Survey

Titan 24 is the leading deep earth imaging technology for delineating ore bodies to depth. While deep drilling can be expensive, Titan 24 focuses drilling and achieves success by clearly prioritizing targets. With the depth achieved, Titan 24 is a highly cost effective means to not only unlocking, but realizing a property’s full value.

Measuring the parameters of DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity), Titan 24 measures to depths of 750 meters with IP and can explore beyond 1.5 kilometers with MT data. These depths and multi-parameter data make the system the best option available for obtaining deep subsurface pre-drilling information related to geological structure and for the direct detection of mineral deposits anywhere in the world.

Tesoro Gold Project

The Tesoro Gold Project is 100% owned by the Company with no underlying royalties. The Property covers approximately 2,000 hectares (5,000 acres) and is part of the well-known gold-bearing Nazca-Ocona belt that is located in southern Peru. The Nazca-Ocona gold belt has a long mining history dating back to pre-Incan time. Gold is associated with disseminated to semi-massive sulphides in quartz veins cutting a diorite intrusion. The continuity of the quartz veins and fractures is very impressive in the Nazca-Ocona belt. While the veins tend to be narrow, the grade is significant and the mineralized structures tend to extend along strike for kilometers and to depths of up to 1,000 meters.

To date, a total of 1,157 tons of bulk sample material averaging 0.93 oz/t gold has been extracted from ongoing underground exploration development at several locations on the Tesoro Property including:

– 643 tons averaging 0.77 oz/t gold from the A4 Vein;

– 451 tons averaging 0.99 oz/t gold from the C1 Vein; and

– 63 tons averaging 2.04 oz/t gold from the C2 Vein.

The Tesoro Property has never been evaluated to depth, or to its full strike potential. This leaves a large potential for the discovery of additional mineralization.

Qualified Person

All technical work is being supervised by, and the contents of this news release have been verified by, John Brophy, P.Geo., a Canadian geologist residing in Peru, who is a “qualified person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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).

ST. ELIAS MINES LTD.

(signed “Lori McClenahan”)

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.

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