St. Elias Mines

Qualified or unqualified???

In June 2010, Paul D. Gray Geological Consultants (“PDGGC”) were commissioned to author a technical compilation, review and update report (“the Report”) on the Tesoro Property. On June 6 – 8, 2010, Paul D. Gray, P.Geo. conducted a site visit and Property inspection of the Tesoro Property (verification assays returned grades up to 231.12 g/t Au). The research, site visit, Property inspection and data compilation conducted with respect to this Report, have lead the author to the conclusion that the Tesoro Property represents a solid gold exploration target that warrants a systematic and phased series of mineral exploration programs to adequately appraise the Project’s economic potential.