Trading Symbol: SLI (TSX Venture Exchange)
EKL (Frankfurt Exchange)
SELSF (U.S. Clearing Symbol)
News Release 2008-17
September 23, 2008
St. Elias Acquires 100% Interest in the Cueva Blanca Property, Peru
Lori McClenahan, President of St. Elias Mines Ltd. (�St. Elias� or the �Company�), is pleased to announce that the Company has entered into an agreement (the �Agreement�) with Inca Pacific Resources Inc., Incpac Holdings Ltd. and Inca Pacific S.A. (collectively �Inca Pacific�) whereby St. Elias has acquired an additional 51% interest in the Cueva Blanca Property in northern Peru from Inca Pacific. This acquisition will result in St. Elias increasing its interest in the Property from 49% to 100%.
Under the terms of the Agreement, St. Elias has purchased Inca Pacific�s 51% interest in the Cueva Blanca Property in consideration of St. Elias paying Derecho de Vigencia and Non Production Penalties for 2008 with respect to the Property in the amount of US$27,602.76.
The Cueva Blanca Property comprises 1,200 hectares and is located in the Lambayeque Department in northern Peru .. The property is an epithermal gold-silver target and lies along the same geological belt (Tertiary) of rock as many multi-million ounce gold deposits occurring in Peru along the �Spine of the Andes � such as the Yanacocha, Pierina and Lagunas Norte. The property is generally workable year round and access is via paved, unpaved and local dirt roads.
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�)
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