St. Elias Mines

IMO, legally, she had to issue this news release, as well as legally, I believe she had to release in her AGM news release that there was a problem with the voting at the AGM. By the CEO and BOD not disclosing publicly a significant circumstance such as 91% of shareholders votes were discarded by the CEO, is surely a violation of the TSX disclosure rules, as well as the other regulators rules as well. On that action alone, she should have been evicted from the BOD as well as the rest of the BOD for allowing her to do this. Where none of the BOD stepped up and performed in the best interests of shareholders by allowing this to happen, puts the whole BOD as guilty as the CEO and each and everyone of them should be disqualified as directors of any traded company. Its a blatant disregard for law and fudiciary duty. It also implicates the regulators for allowing this to happen and take no immediate action. Undue hardship and stress was/is endured by many shareholders as a result of the inaction of the regulators on this matter and they can very well be held accountable for not enforcing laws that are in place to protect investors against these kinds of circumstances. This is not the first time that material information has not been disclosed to the public in the form of a public news release, meaning that there has been one recorded violation with perhaps a reprimand, not to mention the countless other instances of non disclosure of material facts that have been presented to the regulators by shareholders in the past many months. So, in other words, the ground beneath the regulators feet has become very weak also and they are walking a very thin line at this point in time, not to mention the other departments that have failed to heed our desperate pleas for help with the protection of our investment.

As you can see below in the AGM results news release. There is no mention,nor recognition that a severe problem occured at the AGM. This is surely a misleading release on the current BOD,s part, another violation, and would suggest to an observer or new interest, that there were no problems with the company and that shareholders were happy, so far from the truth, when 91% of the vote was thrown away under a ridiculous guise of being illegal. And, even if it was illegal, whereas it isn,t, this still had to be reported in that release, so either way, the BOD are guilty.

As a St Elias Mines shareholder, I call for the full resignation of the current BOD immediately, or for them to be removed by the proper authorities.

IMO

Vancouver, BC December 27, 2012, St. Elias Mines Ltd. (“St. Elias” or “the Company”), announces the results of the Annual General and Special Meeting of its shareholders held today, December 27, 2012.

Shareholders of the Company approved the following resolutions that were presented by management of St. Elias:

1. The appointment of Ernst & Young LLP as auditors for the Company until the next Annual General Meeting and the authorization for the board of directors of the Company to determine the auditors’ remuneration;

2. A special resolution approving amendments to the Company’s Articles to remove the staggered board provisions; and

3. The setting of the number of directors of the Company at five. The directors of the Company for the ensuing year are:

Lori McClenahan
Tina Whyte
Paul McDonald
Donald Bastien
Robert Krause

The Company also announces that pursuant to the Company’s Stock Option Plan, the Company has granted incentive stock options to directors, officers, and consultants of the Company to purchase an aggregate 4,000,000 shares in the capital of the Company at an exercise price of $0.10 per share for a period of two years.

About St. Elias

St. Elias is a gold-focused exploration company led by an experienced management team and active in Peru and British Columbia. St Elias’ properties have high potential and are located in two of the most prolific mining regions of the world. For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call Danny Aaron at 1-888-895-5522 (toll free US and Canada).

ST. ELIAS MINES LTD.

(signed “Lori McClenahan”)

Lori McClenahan, President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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