Trading Symbol: SLI (TSX Venture Exchange)

EKL (Frankfurt Exchange)

SELSF (U.S. Clearing Symbol)

January 30, 2012

NEWS RELEASE

St. Elias Mines Ltd. Withdraws Previously Announced Private Placement

Vancouver, BC, January 30, 2012 St. Elias Mines Ltd. (“St. Elias” or “the Company”), announces that further to its news release dated October 22, 2012, announcing a non-brokered private placement of a minimum of 50 million units to a maximum of 100 million units at a price of $0.10 per unit, the private placement has now been withdrawn.

For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call Danny Aaron at 1-888-895-5522 (toll free US and Canada).

ST. ELIAS MINES LTD.

(signed “Lori McClenahan”)

Lori McClenahan, President