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Concerned Shareholders of St. Elias Mines Ltd. File Dissidents Information Circular for AGM

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/12/12 -- Shareholders of St. Elias Mines Ltd. (the Company), please take notice that:

Gilby Len Hastman and Darcy Kim Hastman (the Concerned Shareholders) today announced that they have filed and are sending a dissidents information circular (the Dissidents Information Circular) to shareholders of the Company in connection with the annual general and special meeting of holders of common shares of the Company scheduled for December 27, 2012 (the AGM).

As outlined in the Dissidents Information Circular, the Concerned Shareholders are recommending that shareholders of the Company vote "FOR" the election of Gilby Len Hastman, Darcy Kim Hastman, Ted E.R. Rutherglen, James E. Rainbird and Richard Alexander Defreitas to the board of directors of the Company (collectively, the Dissident Nominees).

The Concerned Shareholders have initiated this proxy solicitation because they have lost confidence in the ability of the current directors of the Company to maximize shareholder value while preserving the Company's limited financial resources. In the last year alone, the share price of the Company has decreased by approximately 95%.

The Concerned Shareholders believe that the Dissident Nominees have the financial, technical and operational experience necessary to provide the Company with the leadership and oversight required to enhance shareholder value and allow the Company to realize on its potential. For further information on each of the Dissident Nominees, please see page 10 of the Dissidents Information Circular under the heading "Profiles of the Dissident Nominees".

The Concerned Shareholders also announced that they intend to apply to the British Columbia Supreme Court for an order that, notwithstanding the articles of the Company (the Articles), the election of James E. Rainbird and Richard Alexander Defreitas as directors of the Company at the AGM will be valid and, further, or in the alternative, that the AGM date be postponed until early January, 2013 in order for the consents of James E. Rainbird and Richard Alexander Defreitas to be received by the Company within the timeframes set forth in the Articles.

The Concerned Shareholders wish to remind shareholders of the Company that in order for their votes to be counted at the AGM, their GREEN PROXY (accompanying the Dissident's Information Circular and also available on www.sedar.com under the Company's profile) must be signed, dated and sent to:

Olympia Trust Company by fax at 1-604-484-8638 or by mail at 1003-750 West Pender Street, Vancouver, BC V6C 2T8

not later than 11:00 AM (Vancouver Time) on Friday, December 21, 2012, or, in the case of any adjournment or postponement of the AGM, not less than 48 hours, excluding Saturdays, Sundays and holidays, prior to the time fixed for the re-convened AGM.

Please also send a signed and dated copy of the GREEN PROXY at the same time to:

Computershare Investor Services Inc. by fax 1-866- 249-7775, or by email to [email protected], or by mail to 100 University Avenue, 9th Floor, Toronto, Ontario M5J 2Y1.

IF YOU ARE A NON-REGISTERED HOLDER OF COMMON SHARES OF THE COMPANY, PLEASE FOLLOW THE INSTRUCTIONS UNDER THE HEADING OF "NON-REGISTERED SHAREHOLDERS" ON PAGE 17 OF THE DISSIDENTS INFORMATION CIRCULAR.

The GREEN PROXY automatically revokes any earlier proxy given, including a white management proxy.

The Concerned Shareholders believe that a prosperous future for the Company and its shareholders is still attainable, but only if the Company becomes fiscally responsible and effectively develops its business under new leadership.

For further information, please see the Dissidents Information Circular available on www.sedar.com under the profile of the Company.

Gilby Len Hastman, on behalf of the Concerned Shareholders

Contacts:
Gilby Len Hastman
780-974-5925

Darcy Kim Hastman
780-974-5924

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