St. Elias Mines

messi, I wish to comment on your items, point by point. Your points on top with my comments below each labled with the same point number.

1. This may seem like a strange way to look at things, but I was not part of the group who participated in the PP last fall. All the money that was raised was put in by Lori and a select few. They paid for 60% of the drill program - not me. If they made some poor spending decisions, it was with money they put in, not me.

1) It was your money that you put in at $2 which helped support an sp, for continued deep hole after deep hole with released drill results showing nothing, cost you big time and contributes to where the sp is today. So yes it cost you. And you also have to remember that even though Lori sold most of her shares, she most likely lost little because the shares she had before the PP,s were most likely bought at real low prices. Her selling all these shares contributed severly to the value of your stock holdings today by continuous dumping at lower levels.

2. I believe their is gold on the property. I only come to this site occasionally, but I do try to read anything by Sculpin when I do. There are no guarantees, but everything he writes seems to suggest there is a strong chance of a significant find.

2) All the historical facts say there is quite economical gold on the Tesoro, and anything Sculpin writes can be found by anyone should they examine the facts, its all there. There is guarantees, I like to use the 1 ounce per ton from development material putting a 30m shaft in between 2 veins, that was not even following a vein. This has been stated by Lori and the significance of it is that it is a grade that is several times above an economical grade needed for shaft mining. The above example is only one of many.

3. I am late to the SLI game. I bought a significant amount at about $2 a couple of years ago and I am down significantly. I bought more this summer and my average cost is now about 75 cents. The best way for me to recoup what I put in is for the company to actually find something.

3) The company already found something, its evident in the historic data, although the drill results and trenching doesn,t show much for some peciluar reason.

4. Just on principle, I think the green side should fight this to the bitter end. However, that will likely mean I never get my money back. Infighting is expensive. All the money and energy will go to legal fees instead of proving up the property.

4) You may never get your money back if current management stays in, if you look at the ridiculous new strategy announced, it appears to be playing for 2 years instead of proving anything up. This is the same problem that we are fighting against now. And this is being fought on more than principle. In the past, one may suggest that a large proportion of the money was going to travelling and presentations while little to no work was being done on the property. Your best chance of getting your money back is most likely fighting this so that we can get in there and drill where Quantec outlined high priority targets that are matched to correlating mineralization. There may not be much more legal fees, keep that in mind also.

5. They likely have less than $2 million in the bank now. The reality is that they will need to raise more money. The only question is whether they allow all shareholders to buy in or do a PP again.

5) The reality of this situation is that it doesn,t matter who is running the company, some money will be needed. But its quite apparent that Lori can,t be trusted in keeping shareholders interests in mind by trying to dilute the shareholders by 0over 80% one smash. Also, not much money should be needed, it has been proven in the past that the unique features of the Tesoro allow for most of the exploration to be paid for by the gold being found. Lori has also said this at an AGM,so why the need for much money? I will also add here, that a mine owned by concessions holders in Peru, with lower grades than the Tesoro had a couple thousand informales, pick up by hand and with limited tools and machinery, over $300 million dollars worth of gold for the full year of 2011. Amazing, isn,t it?

6. If there is cash in the bank to explore the Tesoro aggressively, I think 10 cents is a bargain. I would buy more. For a small amount of money I could bring my average cost down to 30 cents. If this is going to be a protracted legal battle, then I wouldn't put any more money into it - it will take years, if ever, for me to get my money back.

6) The legal battle has to be done and it will not take years. A ~53 % of the total outstanding shares is a clear majority that Lori wouldn,t recognize. When we get the WHITE PROXY tally, this %age of ours could rise to be 70-90% of the shares voted. So wait for the tally to get a better picture on this and that will show you how strong the concerned shareholders are and can,t be ignored. These will be a very interesting couple of weeks that may force higher powers to take action.

Its always your choice for what you decide to do, but it is always easier with the most facts in hand.

IMO