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Concerned Shareholders of St. Elias Mines Ltd. Apply to the British Columbia Supreme Court and Provide Guidelines for Voting GREEN PROXIES

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/18/12 -- Gilby Len Hastman and Darcy Kim Hastman (the Concerned Shareholders) announce that they have filed an application (the Application) with the British Columbia Supreme Court (the Court) seeking an order that the articles of St. Elias Mines Ltd. (the Company) do not prohibit the nominations of James E. Rainbird and Richard Alexander Defreitas and further, or in the alternative, that the annual general meeting (the AGM) of the Company be rescheduled from December 27, 2012 to early January, 2013. The Application is scheduled to be heard on December 18, 2012 and, if successful, will ensure that shareholders of the Company have an opportunity to consider each of the Concerned Shareholders' five nominees at the AGM.

SIMPLIFIED PROCEDURES FOR VOTING GREEN PROXIES:

The following are the simplified GREEN PROXY voting procedures:

1.  You need to first determine if you are a registered shareholder or a
    non-registered shareholder. Most shareholders of the Company are non-
    registered shareholders. 
    
    a.  Registered shareholders hold their shares in their own name and
        usually have a physical share certificate in their possession. 
        
    b.  Non-registered shareholders have their shares held by an
        intermediary such as a bank, trust company, securities dealers or
        similar entities (the Intermediary).  
        
2.  If you are a registered shareholder, the easiest way to vote is to
    complete your GREEN PROXY (which can be found on SEDAR under the profile
    of the Company), sign, date it and deposit it with Computershare
    Investor Services Inc. by email to [email protected] or
    by fax to 1-866-249-7775.  
    
3.  If you are a non-registered shareholder, the easiest way to vote is to
    call your Intermediary as soon as possible and request your 12 digit
    GREEN PROXY voting control number for the Company. You may have several
    GREEN PROXY voting control numbers, so please ensure to get all of them
    that represent all of the common shares that you hold of the Company.
    Once you have the GREEN PROXY voting control number(s), you can then go
    to WWW.PROXYVOTE.COM and vote via the internet or enter your voting
    instructions by telephone at 1-800-474-7493. 
    
4.  In order for the Concerned Shareholders to be able to tabulate all of
    the votes in time for the AGM, both registered and non-registered
    shareholders should have their GREEN PROXY completed and sent in as per
    the instructions above by no later than 11:00AM (Vancouver Time) on
    December 20, 2012. 
    
5.  Even if you voted a white management proxy already, you can revoke it by
    sending in a GREEN PROXY as per the instructions above. 
    
6.  If you have any questions on this process, including on how to obtain
    your GREEN PROXY from your Intermediary, or would like to know of
    alternative ways of voting, please contact either of the Concerned
    Shareholders as follows: Gilby Len Hastman (1-780-974-5925), Darcy Kim
    Hastman (1-780-974-5924) or by email at "[email protected]". 

DID YOU KNOW?

Management of the Company contends that shareholders should rely on the facts. The Concerned Shareholders agree. Before voting, please review the facts set forth on page 5 of the Dissidents Information Circular. Further, please consider the following:

1.  The Concerned Shareholders are concerned that throughout November, 2012,
    management of the Company was in possession of material information that
    five director positions would be open at the AGM. Management did not
    disclose this information to its shareholders until December 3, 2012,
    which was too late for the Concerned Shareholders to then nominate five
    directors. Management now relies on its lack of timely disclosure to
    prevent the Concerned Shareholders from nominating Mr. Rainbird and Mr.
    Defreitas at the AGM. 
    
2.  The Company sponsors an event known as the "Curvy Fashion Show", which
    is a plus-sized women's lingerie fashion show that combines fashion,
    music, celebrities and recording artists. Why is your money being spent
    on sponsoring a fashion show? What does a fashion show have to do with
    exploring or mining for gold?? 
    
3.  On October 22, 2012, one business day after being informed by the
    Concerned Shareholders that new directors were being nominated for the
    AGM, then scheduled for November 27, 2012, the Company announced a non-
    brokered private placement, which the Concerned Shareholders believe was
    orchestrated in order to entrench management.  
    
4.  The Company is paying Georgeson Shareholder Communications Canada Inc.
    ("Georgeson") a fee of up to $150,000, plus a per-call fee for retail
    shareholder and reasonable out-of-pocket expenses, in order to have
    Georgeson solicit proxies in favour of management.  

SHAREHOLDERS TAKE NOTICE:

--  The above four items, together with the facts on page 5 of the
    Dissidents Information Circular, are not "unfair criticisms", as alleged
    by management. The Concerned Shareholders believe that they are
    practices that demonstrate that management is not acting in the best
    interests of the Company's shareholders. Simply put, the Concerned
    Shareholders believe management of the Company is making poor decisions
    with your money. 
    
--  The Company now attempts to bully the Concerned Shareholders and mislead
    and manipulate its shareholders through the media in a desperate effort
    to retain control of the Company. 
    
--  Only one of the management nominees owns shares of the Company.
    Collectively, Management's nominees own less than 0.7% of the issued and
    outstanding shares of the Company. 
    
--  Four of the Dissident Nominees own shares of the Company. Collectively,
    the Dissident Nominees own approximately 2.5% of the issued and
    outstanding shares of the Company. Like you, the Dissident Nominees are
    financially invested in this Company and have a strong interest and
    desire to improve the Company's performance. 

The Concerned Shareholders remain optimistic that the Company has a prosperous future but only if the existing board of directors can be replaced by individuals who will act in the Company's best interests.

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

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.

Contacts:
Gilby Len Hastman
780-974-5925

Darcy Kim Hastman
780-974-5924

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