St. Elias Mines Ltd. New Gold Bearing Vein at Tesoro Returns Assay Results of 2.51 oz/t Gold

Vancouver, B.C. July 27, 2010 Lori McClenahan, President of St. Elias Mines Ltd. (SLI – TSX:V)
(“St. Elias”), is pleased to announce the discovery of a new gold-bearing vein at the Tesoro Gold Project (the “Property”) located in southwestern Peru.

Prospectors engaged to follow up geophysical anomalies from the recent Stage 1 Titan 24 geophysical survey have discovered a new gold-bearing vein (the “N-1 Vein”) near the northeastern area of the Property. The N-1 Vein strikes 330 degrees and dips 75 degrees to the east. Although mainly covered by overburden, the N-1 Vein has been traced for a strike length of 220 meters and is open to the north and south. A sample taken from a 3-meter-deep pit returned assay results of 2.51 oz/t gold across 0.3 meters. Approximately 20% of the gold assay is due to the presence of coarse gold. John Brophy, P.Geo., a qualified person, confirms the width and extent of the vein. Trenching and additional sampling of this area are planned for the future.

Assays and check assays of all samples, including bulk samples, are analyzed by fire assay by ALS Chemex SA laboratory (an ISO certified 9002 facility) in Lima, Peru.

Lori McClenahan, President and CEO, stated “Another excellent development at Tesoro. There is so much going on with this property – high grade veins, bonanza pods, disseminated gold zones on surface, deep drill targets, shallow drill targets. We are very fortunate to have the opportunity to explore this exciting property.”