http://www.steliasmines.com/storage/news_releases/Sli-News-2008-05-Tesoro-FINAL.pdf

News Release 2008-05

March 13, 2008

NEWS RELEASE

TESORO GOLD PROJECT, PERU

43-101 Report Presents

Inferred Mineral Resource of 4,290 Tonnes Grading 1.04 oz./t Gold

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce

that a 43-101 Technical Report (the “Report”) for the Tesoro Gold Project (the “Property”)

located in southwestern Peru has been filed on SEDAR. The Report, dated February 15, 2008

written by John Brophy, P.Geo., states an inferred mineral resource of 4,290 tonnes grading 1.04

oz./t gold.

The Report describes work done between September of 2006 and December of 2007 which

includes results of underground exploration on the C1 Vein at Zona Canchete and the A4 Vein at

Zona Central. In addition, results of detailed sampling of the C3 and C4 Veins at Zona Canchete

are reported and recommendations for future work are specified.

In the Report, an inferred mineral resource of 4,290 tonnes grading 1.04 oz./t gold with a total

gold content of 4,460 ounces has been calculated for the C1 Vein based on assay results from

existing underground workings. The C1 Vein is open to the east on all levels and to depth. A

conservative figure of 100 meters was used for the length of the vein in the resource estimate and

the depth of the evaluated part of the vein is considered to be 100 meters in the resource

estimate.

The Company is continuing with its ongoing underground exploration and development plan at

the Tesoro Project. To date, a total of 332 tonnes of bulk sample material averaging 0.97 oz/t

gold has been extracted from ongoing underground exploration development at the C1 Vein. In

addition, a total of 188 tonnes of bulk sample material averaging 0.75 oz./t gold has been

extracted from the A4 Vein System.