St. Elias Mines Ltd.: Corporate Update

Vancouver, B.C. April 26, 2012 Lori McClenahan, President of St. Elias Mines Ltd. (SLI – TSX:V) (“St. Elias” or the “Company”) announces that the terms of the private placement (the “Private Placement”) of Havilah Mines Ltd. (“Havilah”), being undertaken as part of St. Elias’ previously announced spin off transaction (the “Spin Off Transaction”), have been amended. Under the amended terms, the Private Placement will now consist of an issuance of up to 3,000,000 flow-through units (“FT Units”) and 3,000,000 units (“Units”) at a subscription price of $0.10 per FT Unit and $0.10 per Unit, for gross proceeds of up to $600,000. Other than these changes to the Private Placement, all remaining terms of the Spin Off Transaction remain the same. The Private Placement, and the Spin off Transaction, are expected to close soon. The Private Placement is subject to regulatory approval.

Resignation of Lloyd Brewer

The Company also announces that Lloyd Brewer has resigned as a director of the Company. Mr. Brewer who is and continues to be Exploration Manager of the Company, spends a vast majority of time advancing the Company’s properties and in particular our Flagship Property, the Tesoro Gold Project in Peru. Mr. Brewer provides invaluable expertise in bringing prospective mineral opportunities to the Company. Mr. Brewer actively spends a great deal of time on the ground on the Tesoro Property and as our drilling program continues, it is imperative that Mr. Brewer concentrate and devote even more time on the Property. Mr. Brewer will continue to play an integral part of the team of St. Elias as he has done since the inception of the Company.

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) or contact:

U.S. Investor Relations Consultant