Trading Symbol: SLI (TSX Venture Exchange)
EKL (Frankfurt Exchange)
SELSF (U.S. Clearing Symbol)
News Release 2010-04
January 29, 2010
ST. ELIAS ACQUIRES A 50% INTEREST IN VILCORO GOLD 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 with Emilsen Medina Inga de Brophy to acquire a 50% interest in the Vilcoro Gold Property located in central Peru in consideration of making a cash payment of US$10,000 and issuing 200,000 common shares to Inga.
The Vilcoro Gold Property, comprising 1,600 hectares, is primarily underlain by Tertiary Calipuy Volcanics similar to those that host Newmont?s Yanacocha Mine (+40 million oz gold) and Barrick?s Pierina deposit (8 million oz. gold). The Property is favourably located adjacent to the claim block that covers the Lagunas Norte mine (+9 million oz gold) recently put into production by Barrick Gold in the Alto Chicama mining district of central Peru. In addition to Lagunas Norte, there are four important gold deposits within 14 to 24km of the Vilcoro Gold Property: Tres Cruces (1.75 million oz); Virgen Deposit (400,000 oz); Arena (420,000 oz); and Santa Rosa Mine (currently producing approximately 80,000 oz/Au/year).
The Company has granted incentive stock options to certain of the Company?s directors, officers, employees and consultants to purchase up to 3,500,000 common shares under the Company?s Stock Option Plan. The options will be granted for a period of two years, commencing on January 29, 2010 at a price of $0.50 per share.
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.