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Concerned Shareholders of St. Elias Mines Ltd. Receive Support from a Majority of Shareholders

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/22/12 -- Gilby Len Hastman and Darcy Kim Hastman (the Concerned Shareholders) announce that earlier today they delivered to Olympia Trust Company, in its capacity as transfer agent for St. Elias Mines Ltd. (TSX VENTURE:SLI) (the Company), Green Proxies for a total of 62,376,558 shares, representing approximately 53.26% of the total issued and outstanding shares of the Company, for use at the annual general and special meeting of the Company scheduled for December 27, 2012 (the AGM). This is a very tremendous result, especially in light of the holiday season and the substantial funds spent by management in its efforts to retain control of the Company.

The Concerned Shareholders wish to thank shareholders for their support. The overwhelming magnitude of this support should ensure that shareholders, through the Green Proxies, are able to elect a new board of directors at the AGM, and that the new board can make the changes that are necessary to improve the Company's performance and restore investor confidence.

The Concerned Shareholders note that management of the Company has issued a news release earlier today alleging that the Dissidents Information Circular is deficient and that the Concerned Shareholders have engaged in an illegal proxy solicitation. These allegations simply have no basis. They are another regrettable attempt by the current directors to retain control of the Company and prevent shareholders from exercising their legitimate right to vote for dissident nominees at the AGM.

The Concerned Shareholders wish to remind registered and non-registered shareholders that they may revoke White Proxies and submit Green Proxies up until the time of the AGM, as the Chair may exercise discretion to give effect to such proxies. If you have any questions, 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]".

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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