March 22, 2013 at 03:13 AM EDT
St. Elias Files Application to Strike Petition

Vancouver, March 21, 2013: St. Elias Mines (SLI-TSX-V) (the "Company") advises that, on March 14, 2013 it filed its Petition Response opposing the relief sought in the Petition that was served upon it on February 21, 2013, by Gilby Len Hastman and Darcy Kim Hastman (the "Dissidents"), in connection with the Annual General and Special Meeting of shareholders of the Company held last year. The Company intends to vigorously defend itself against this proceeding by the Dissidents.

The Dissidents' counsel has advised that the Dissidents intend to amend the Petition. Unfortunately, this will likely delay the hearing of the Petition.

The Dissidents brought the Petition against the Company and all of the current directors. The directors have all now been served with the Petition. Yesterday, March 20, 2013, the Company filed a Notice of Application seeking to strike the Petition as against the individual directors as disclosing no reasonable claim; being frivolous, unnecessary, or vexatious; and/or otherwise being an abuse of process of the Court. The application to strike is currently scheduled to be heard on April 9, 2013

About St. Elias

St. Elias is a gold-focused exploration company led by an experienced management team and active in Peru and British Columbia. St Elias' properties have high potential and are located in two of the most prolific mining regions of the world. 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, CEO and Director

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.

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