With regard to the upcoming proxy vote and election of directors for St. Elias Mines Ltd:

We have watched our investment dwindle in value over the course of this past year, and as most of you know, SLI's management has done little to boost confidence in our investment or to prop the share price up.

If you have been following the investment with due diligence, you know that our CEO Lori McClenahan has failed to meet her fiduciary responsibilities and to represent the best interests of the SLI stakeholders.

Ms. McClenahan has been untruthful on a number of occasions, including telling us that St. Elias has been in constant contact with Quantec Geoscience, the company that performed the Titan 24 geophysical survey from which the 3D images of the flagship Tesoro property were derived.

She has optioned some of our properties to third parties for exploration, including the Cueva Blanca to Intigold Mines Ltd., of which she is also CEO. Intigold Mines in turn has not moved forward with exploration of the property, but they did however purchase (at Ms. McClenahan's discretion) 51% of a social networking company called TTAGIT, leaving them with no money to carry on exploration of the optioned property.

Ms. McClenahan addressed an audience in Calgary this March, advising them that St. Elias was fully financed to complete a 20,000m drill program on the Tesoro property, and that St. Elias had approximately $9 million in the treasury at that time. The drilling program on the Tesoro property was suspended in May of this year after just over 12,000 metres completed, pending further examination and re-planning by a team of geologists. The program to date has not resumed.

She is now seeking to dilute our investment by doing an enormous private placement of shares to raise another $10 million in venture capital. With the drill program suspended, there should be substantial money remaining in the treasury, yet she claims that St. Elias will be short of cash to move forward with this.

She has fired and replaced company directors, seemingly at will, when her management tactics have been challenged, including Murry Braucht, the company's Vice President. Mr. Braucht, as many of you know, was very vocal in demanding transparency by management for the company shareholders. He remains as a director until his term expires, but has no impact on the operation of the company as a director.

A strong group of dissident shareholders has been lobbying for a complete makeover of the company's management and Board of Directors, and calling for a new CEO to replace Ms. McClenahan. We believe that the company should be run by the Board as a group and not by one person as we currently stand. We believe that this investment can be favourably turned around to benefit all shareholders.

As a shareholder, you will be receiving a circular and a WHITE PROXY ballot from St. Elias Mines Ltd. If you wish to see the current management and Board of Directors replaced by an accountable, responsible, and transparent board of directors with an open and forthright Chief Executive Officer willing to act in the best interests of the company and its shareholders, PLEASE DO NOT VOTE ON THE WHITE PROXY!

This group of dissident shareholders have put forward a slate of nominees to replace the current board of directors, and you will be receiving another circular and proxy of a different color that enables you to cast your votes for them.

You cannot vote on both proxies so even if, with good intention, you withhold your vote for a nominee on the white proxy, you will nullify your vote on the dissidents’ proxy to elect new directors.

Be aware that the company's circular is written to convince you that the company currently has a strong board of directors and management team, including Lori McClenahan at the helm as CEO. But this is the team that has taken our investment to $.11 cents per share and is making no effort to increase value for its shareholders.

Further, besides Lori McClenahan, the St. Elias nominees on the white proxy hold little to no stock in this company. How much faith are they showing in St. Elias? Meanwhile, the dissident nominees are large shareholders with a vested interest in St. Elias Mines Ltd.

If we are to succeed in saving our investment, it is imperative that we change our board of directors and "right this ship". Our nominees are solid, honest, business minded people with large investments in St. Elias Mines. They want to succeed with their investment, as do we.

If you know of someone who is invested in St. Elias, THEY NEED TO HAVE THIS INFORMATION. Please forward this to any shareholders you know.

I urge you; we need to make these changes to save our investment.
The properties are still there folks. Let's bring this home!

PLEASE DO NOT VOTE ON THE WHITE PROXY!

Wait for the dissident shareholders proxy and vote for change.