VANCOUVER, BC -- (Marketwire) -- 05/15/12 -- Lori McClenahan, President and Chief Executive Officer of St. Elias Mines Ltd. (TSX VENTURE: SLI) (PINKSHEETS: SELSF) (US Clearing Symbol: SELSF) (FRANKFURT: EKL), and Robert Coltura, Director of 88 Capital Corp., announce today that St. Elias has entered into an option agreement with 88 Capital Corp. whereby 88 Capital Corp. can earn a 60% interest in the Chance F mineral concession (the "Chance F Claim") which adjoins St. Elias' wholly-owned Tesoro Gold Project located in southwestern Peru.

Chance F Claim

The Chance F Claim is a strategic claim that adjoins the southern end of the Tesoro Gold Project where St. Elias is currently drilling to delineate gold resources. Geological information, together with Titan 24 geophysical data and satellite imagery, confirms that structural lineaments which are coincident with gold mineralization on Tesoro Project extend onto the Chance F Claim.

The initial exploration program on the Chance F Claim will consist of, but is not limited to, the interpretation of satellite imagery acquired to exact specifications and geological mapping and sampling. The program is scheduled to commence immediately.

Option Agreement

Under the terms of the option agreement, 88 Capital Corp. can acquire a 60% interest in the Chance F Claim (subject to a 1.5% NSR) in consideration of making cash payments of $550,000 to St. Elias, issuing 1,000,000 common shares in the capital of 88 Capital Corp. to St. Elias and incurring $1,000,000 in exploration expenditures on the property over a three-year period.

88 Capital Corp.'s first year commitment under the option agreement is to pay $50,000 to St. Elias, issue 250,000 common shares to St. Elias and incur $150,000 in exploration expenditures on the property.

"St. Elias continues to negotiate a variety of property deals that we are confident will create additional value for shareholders. The optioning of the Chance F Claim not only allows another company to fund initial exploration but will also provide valuable geological information regarding the Tesoro Gold Project area," states McClenahan.

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
Herbert Haft
The Haft Group, Inc.
Tel: (212) 759-8865
Email: herbhaft@haftgroupinc.com / herbhaft@aol.com

ST. ELIAS MINES LTD.

(signed "Lori McClenahan")

Lori McClenahan,
President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

ST. ELIAS MINES LTD.
Suite 304 - 700 West Pender Street
Vancouver, British Columbia
Canada V6C 1G8