These are the agreement on all SLI properties taken from http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00008069

Apr 28 2011

SOME AGREEMENTS MAY HAVE CHANGED SINCE THEN Refer to PRESS RELEASES FROM COMP FOR ACCURACY Interim financial statements/report - English We only ever talk about TESARO ... SLI has much more VALUE!

a) Beaverdell, British Columbia, Canada

The Company owns a 100% interest in the Beaverdell Gold/Silver Property located in south central

British Columbia. The Company has granted to Intigold Mines Ltd. (“Intigold”) options to acquire up

to a 70% interest in the Beaverdell Gold/Silver Property. Under the terms of the agreement, Intigold

can acquire an initial 51% interest in the Property in consideration of incurring $600,000 in exploration

expenditures on the Property, issuing 400,000 common shares of Intigold to the Company and making

cash payments of $50,000 to the Company over a three-year period. In addition, Intigold can elect to

earn a further 19% interest in the Property byincurring an additional $1,500,000 in exploration

expenditures, issuing an additional 600,000 common shares of Intigold to the Company and making

additional cash payments of $200,000 to the Company.

On January 15, 2010, an amended agreement was made between the Company and Intigold.The

Company, in consideration of the sum of $10, granted to Intigold the exclusive right and option to

acquire a 100% interest in the Property, subject to a 1.5% NSR, by paying to the Company $250,000 in

cash, issuing to the Company 400,000 common shares of Intigold, and by incurring $1,000,000 in

exploration expenditures, to be paid and issued to the Company and to be incurred by Intigold as

follows:

i) paying to the Company on the following basis:

- $5,000 within 5 business days of the date (“Effective Date”) of the execution and delivery of the

agreement;

- $10,000 within 10 days of the date (“ListingDate”) the common sharesof Intigold are listed,

posted and called for trading on the Exchange;

- $15,000 on or before the first anniversary of the Listing Date;

- $70,000 on or before the second anniversary of the Listing Date;

- $150,000 on or before the third anniversary of the Listing Date;

ii) issuing to the Company the common share of Intigold on the following basis:

- 100,000 shares within 10 business days from the Listing Date;

- 100,000 shares within 10 business days fromthe receipt by Intigold of the consent of the

Exchange to such issuance based upon the results of the Phase II Program;

- 200,000 shares within 10 business days fromthe receipt by Intigold of the consent of the

Exchange to such issuance based upon the results of the Phase III Program;

iii) incurring exploration expenditures on the following basis:

- Not less than $100,000 (Phase I Program”) on or before first anniversary of the Effective Date;

- Cumulative not less than $300,000 (in excess of $100,000 being referred to “Phase II Program”)

on or before the first anniversary of the Listing Date;15

St. Elias Mines Ltd.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

Nine months ended February 28, 2011

(Unaudited, prepared by management)

5. MINERAL PROPERTIES (continued)

a)Beaverdell, British Columbia, Canada (continued)

- Cumulative not less than $600,000 (in excess of $300,000 being referred to “Phase III Program”)

on or before the second anniversary of the Listing Date; and

- Cumulative not less than $1,000,000 (in excess of $300,000 being referred to “Phase III Program”)

on or before the second anniversary of the Listing Date.

Intigold shall have exercised the option and acquired 100% interest in the Property by paying

$250,000, incurring $1,000,000 in Exploration Expenditures and by issuing 400,000 common shares in

the capital stock of Intigold to the Company.

b) Kettle River, British Columbia, Canada

The Company entered into an agreement dated September 24, 2001 to acquire a 100% interest in 17

mineral claims located in the Greenwood Mining Division, British Columbia for total consideration of

$215,000. During the year ended May 31, 2005, the Company granted to Hi Ho Silver Resources Inc.

options to earn up to a 70% interest in the property in consideration of making cash payments to the

Company totaling $75,000, incurring $5,000,000 of exploration expenditures on the property and

issuing 1,500,000 shares of Hi Ho to the Company, over a six year period.

On July 16, 2008 the company optioned the Kettle River property, British Columbia to Hi Ho Silver

Resources Inc. Under the terms of the agreement the optionee was required to make certain payments

to the company, these payments included the issuance of free trading shares in the optionee company.

These shares are held as an investment and carried at fair value and marked to market each period. The

amount is applied to the original cost of the property as a recovery. All other payments required are

current. The company has received the first of these shares being 300,000 free trading shares, which

allowed Hi-Ho to earn its 51% interest.

In July 2008, the Company granted the immediate and exclusive right and option to Hi Ho to acquire

the remaining 49% interest in and to the Property, upon the following terms:

(a)St. Elias shall retain a 1.5% net smelter return royalty in the Property;

(b)Hi Ho shall pay the sum of $750,000 cash to the Company;

(c)Hi Ho shall issue an additional 3,500,000 shares of Hi Ho to the Company;

(d)in the event that Hi Ho sells an interest or grants an option to acquire an interest in the Property to

a third party, the Company shallreceive a portion of the proceeds (cash and/or shares) realized

fromsuchsaleofaninterestorgrantofanoption payable to St. Elias either as a shareholder

dividend or a direct payment. The amount the Company will receive shall be pro-rata in

accordance with the percentage of shares that the Company owns of Hi Ho on the date that the

proceeds of the option or sale are received by Hi Ho; and

(e)following any distribution as set out above, Hi Ho shall have the right to purchase 1,750,000 of the

said 3,500,000 shares from the Company at an exercise price of $1.00 per share for a period of 10

years. 16

St. Elias Mines Ltd.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

Nine months ended February 28, 2011

(Unaudited, prepared by management)

5. MINERAL PROPERTIES (continued)

c) South Rim, British Columbia

The Company owns a 100% interest of twelve mining claims covering 5,353 hectares located in the

Omineca Mining Division, Province of British Columbia.On January 24, 2008, the Company has

granted to Hi Ho an option to earn a 51% interest in the South Rim Project in consideration of Hi Ho

making cash payments of $40,000 incurring $500,000 in exploration expenditures on the Property and

issuing 200,000 common shares in the capital of Hi Ho to St. Elias over three years.

On July 8, 2010, the Company purchased a 100% interest in the Elmo claim (without any further

obligations or royalties) for $2,500.

On October 16, 2010, the Company received an initial cash payment for $5,000.

d)Knight Inlet Gold Project, British Columbia, Canada

The Company entered into an agreement dated December 4, 2009 to acquire a 100% interest in certain

mining claims located in the Vancouver Mining Division, British Columbia for total consideration of

$60,000.The Company paid $50,000 on January 14, 2010, $10,000 is included in accounts payable as

at February 28, 2011.

e) Strawberry Flats Property, British Columbia, Canada

During the year ended May 31, 2010, the Company acquired all right, title and interest in eight mineral

claims located in the Trail Mining Division, British Columbia, Canada, through a quit claim agreement

with Madman Mining Co., for $365.

The Company entered into an option agreement dated February 8, 2010 to option 60% undivided

beneficial and recorded interest in (“First Option”) all right, title and interest in and to eight mineral

claims located in the Trail Mining Division, British Columbia, Canada in consideration of the sum of

$10 and a 1.5% NSR, to Dorex Minerals Inc. by:

i) paying to the Company the aggregate sum of $50,827 on the following basis:

- the sum of $10,000 in cash plus the sum $827 in cash to reimburse the staking costs, to be paid

within five business days following the effective date (paid);

- the sum of $15,000 on or before the first anniversary of effective date; and

- the sum of $25,000 on or before the second anniversary of effective date;

ii) issuing to the Company an aggregate of 600,000 common share of Dorex Minerals Inc. on the

following basis:

- 100,000 shares on or before 10 business days from the effective date;

- 200,000 shares on or before the first anniversary of the effective date; and

- 300,000 shares on or before the second anniversary of the effective date;

iii) incurring $600,000 in exploration expenditures on the following basis:

- $100,000 on or before 10 business days from the effective date;

- $200,000 on or before the first anniversary of the effective date; and 17

St. Elias Mines Ltd.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

Nine months ended February 28, 2011

(Unaudited, prepared by management)

5.MINERAL PROPERTIES (continued)

e)Strawberry Flats Property, British Columbia, Canada (continued)

- $300,000 on or before the second anniversary of the effective date

The Company granted Dorex Minerals Inc. the exclusive right and option (“Second Option”), subject

to a 1.5% NSR, exercisable only following the exercise of the First Option, to increase the beneficial

interest in and to the Property from 60% to 80% by:

i) making a cash payment of $200,000 to the Company on or before the date (“Election Date”) ofthe

delivery to the Company of the Second Option Notice;

ii) issuing 600,000 common shares to the Company on or before the first anniversary of the Election

Date;

iii) incurring an additional $1,000,000 in exploration expenditures on or before the third anniversary of

the Election Date.

In addition, Dorex shall have the right to purchase one-half of the 1.5% NSR from St. Elias for the sum

of $1,500,000 up until the earlier of either 10 years from the date of the Agreement or one year from

the completion of a total of 10,000 tonnes of bulk sampling, thereby reducing the NSR payable to the

Option from 1.5% to 0.75%.

f)Casino Gold Project, British Columbia, Canada

The Company entered into an agreement dated April 12, 2010 to acquire a 100% interest in certain

mining claims located in the Trail Creek Mining Division, British Columbia for total consideration of

$120,000 (paid).

g) Gold Summit Project, British Columbia, Canada

The Company entered into an option agreement dated July 15, 2010 to acquire a 100% interest in

twelve mineral claims located in the Lillooet Mining Division, British Columbia, Canada, through an

agreement with 824712 BC Ltd. in consideration of the sum of $150,000 due and payable as follows:

- the sum of $90,000 upon signing of the agreement (it was paid on July 16, 2010);

- the sum of $60,000 on or before August 31, 2010 (it was paid on August 31 2010)

h)Cueva Blanca, Peru

The Company entered into an option agreement dated February 11, 1999 to acquire a 49% interest in

the Cueva Blanca Property in Northern Peru. Consideration included cash payments totaling $75,625

and the issuance of 500,000 common shares of the Company with a value of $170,000. The Company

has incurred the required minimum exploration expenditures of $1,500,000US. On September 16,

2002, the Company vested its 49% interest.During fiscal year 2009, the Company acquired the

remaining interest in the property to bring its ownership to 100%.

On April 16, 2010, Amarok Resources Inc. (“Amarok”) entered into the Letter Agreement to acquire

from the Company 60% interest, subject to a 1.5% NSR, in theCueva Blanca Gold Property in

consideration of Amarok paying to the Company $200,000 in cash, issuing to the Company 100,000

common shares in the capital of Amarok and Amarok incurring $1,500,000 in exploration

expenditures, to be paid and issued as follows: 18

St. Elias Mines Ltd.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

Nine months ended February 28, 2011

(Unaudited, prepared by management)

5. MINERAL PROPERTIES (continued)

h)Cueva Blanca, Peru(continued)

i) paying to the Company the aggregate sum of $200,000 on the following basis:

- $10,000 upon signing of the formal agreement and satisfactory due diligence;

- $40,000 upon signing of the Formal Agreement;

- $50,000 on or before the 12 month anniversary of the signing of the Formal Agreement, and;

- $100,000 on or before the 24 month anniversary of the signing of the Formal Agreement;

ii) issuing of 100,000 common share in the capital of Amarok to the Company within 10 business days

of regulatory approval of the Formal Agreement;

iii) incurring $1,500,000 in exploration expenditures on the following basis:

- $300,000 on or before the first anniversary of the Formal Agreement;

- $500,000 on or before the second anniversary of the Formal Agreement, and

- $700,000 on or before the third anniversary of the Formal Agreement.

In addition, Amarok shall have the right to purchase one-half of the 1.5% NSR from the Companyfor

the sum of $1,500,000 thereby reducing the NSR payable to from 1.5% to 0.75%.

i) Tesoro, Peru

The Company entered into an agreement dated March 10, 2004 to acquire a 100% interest in certain

mining claims located in the Acari District, Ica Department, Peru for total consideration of $173,282.

The company commenced sampling on this basis on two of a number of similar type veins, being the

A4 and C1 veins. A mill is located reasonably close to the property and the extracted rock is shipped

there for processing and recovery of $ nil was recovered in fiscal 2011 (2010: $186,779). The net

expenditure on this project was $420,629 (2010: $327,172).

j) Vilcoro, Peru

The Company entered into an option agreement to acquire a 95% interest in the Vilcoro Gold Property.

The Company granted Geneva Resources Inc. (“Geneva”) an option to earn a 66% interest in the

Property in consideration of Geneva making cash payments to the Company totaling US$350,000;

issuing 50,000 shares of Geneva to the Company; incurring exploration expenditures of not less than

US$2,500,000; and completing a bankable feasibility study over a three-year period.

On October 21, 2009, the Company issued a notice of Default to Geneva pursuant to the property

option agreement.In addition, the Company is also in default as per the terms of the original option

agreement and therefore the Company had no further interest in this property.A $50,000 impairment

loss was recorded on the property in the prior year.

On January 29, 2010, the Company entered into an agreement with Emilsen Medina Inga de Brophy

(“Emilsen”) to acquire 50% interest in the Vilcoro gold property for consideration of a cash payment

of US$10,000 (paid) and issuing 200,000 common shares (issued) of the Company. 19

St. Elias Mines Ltd.

(a development stage company)

NOTES TO INTERIM FINANCIAL STATEMENTS

Nine months ended February 28, 2011

(Unaudited, prepared by management)

5. MINERAL PROPERTIES (continued)

j)Vilcoro, Peru (continued)

On April 16, 2010, Ansell Capital Corp. (“Ansell”) entered into the Letter Agreement to acquire from

the Company and Emilsen 65% interest, subject to a 1.5% NSR, in the Property in consideration of

Ansell paying to the Vendors $500,000 in cash, issuing to the Vendors 1,000,000 common shares in

the capital of Ansell and Ansell incurring $2,500,000 in exploration expenditures, to be paid and issued

as follows:

i) paying to the Company the aggregate sum of $500,000 on the following basis:

- $10,000 upon signing of the Letter Agreement (paid);

- $90,000 upon signing of the Formal Agreement;

- $150,000 on or before the 12 month anniversary of the signing of the Formal Agreement, and;

- $250,000 on or before the 24 month anniversary of the signing of the Formal Agreement;

ii) issuing of 1,000,000 common share in the capital of Ansell to the Vendors on the following basis:

- 100,000 shares within 10 business days from the approval of the Formal Agreement;

- 200,000 shares on or before the first anniversary of the Formal Agreement;

- 300,000 shares on or before the second anniversary of the Formal Agreement;

- 400,000 shares on or before the third anniversary of the Formal Agreement;

iii) incurring $2,500,000 in exploration expenditures on the following basis:

- $500,000 on or before the first anniversary of the Formal Agreement;

- $750,000 on or before the second anniversary of the Formal Agreement, and

- $1,250,000 on or before the third anniversary of the Formal Agreement.

In addition, Ansell shall have the right to purchase one-half of the 1.5% NSR from the Company for

the sum of $1,500,000 thereby reducing the NSR payable to from 1.5% to 0.75%.

Ownership in mineral interests involves certain inherent risks due to the difficulties of determining the

validity of certain claims as well as the potential for problems arising from the frequently ambiguous

conveyance history characteristics of many mineral interests. The Company has investigated

ownership of its mineral interests and, to the best of its knowledge, such ownership interests are in

good standing.

The following is a summary of exploration and development costs incurred by the Company

related to its mineral properties interest cumulative.

GLTA

Mr. Hobbes