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NEWS RELEASE

St. Elias Mines Ltd. – Correction - Peruvian Properties

Vancouver, B.C. July 7, 2014 St. Elias Mines Ltd. (SLI-TSX-V) wishes to correct the News Release, dated July 3, 2014, which stated that all Peruvian properties have been allowed to lapse. Actually, vigencias (annual fees) and penalties have been paid to preserve VILCORO 1 & 2 (600 hectares), CHANCE 1 (1000 hectares), and CHANCE G (100 hectares), which cover the main gold showings on the Company’s properties in Peru. All other claims that constitute the previous VILCORO and TESORO projects have been allowed to lapse.

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