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Message: Velcoro

This is a clip from the Dec 31, 2010 NR (Last I know of anyway?):

NEWS RELEASE

St. Elias Mines Ltd. Reviews 2010 2011 Augurs Well for St. Elias – Growth Projects in Peru and B.C.

Vilcoro Gold Property, Peru

During the year, the Company entered into a letter agreement with Ansell Capital Corp. ("Ansell") whereby Ansell agreed to acquire a 65% interest, subject to a 1.5% NSR, in the Vilcoro Gold Property from St. Elias in consideration of making cash payments of $500,000 issuing 1,000,000 common shares of Ansell to St. Elias and incurring $2,500,000 in exploration expenditures on the property. The Vilcoro is 50% owned by St. Elias and 50% owned by Emilsen Medina Inga de Brophy. Ansell is a publicly traded mineral exploration company (TSX:V - Symbol "ACP")

In fall 2010, an Environmental Impact Study was completed at the Vilcoro and the Ministerio de Energia y Minas (Ministry of Energy and Mines) subsequently granted a permit to allow drilling on the Vilcoro Gold Property. Drilling is planned for spring 2011.

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