SOURCE: St. Elias Mines Ltd.

September 09, 2010 09:00 ET

St. Elias Mines Ltd. Engages INDEVA Corporation to Provide Consulting Services

VANCOUVER, BC--(Marketwire - September 9, 2010) -  Lori McClenahan, President, St. Elias Mines Ltd. (TSX-V: SLI) ("St. Elias"), is pleased to announce that it has engaged INDEVA Corporation ("INDEVA") to provide consulting services to St. Elias. INDEVA, based in New York, is an investment and management oriented organization that coordinates, facilitates and advises public or private business ventures in the U.S. and internationally, involving real estate, commodities, finance, trade, commerce, science and technology.

INDEVA Corporation

INDEVA is part of a New York-based group established in 1981 by Aaron Etra and associates. INDEVA and its subsidiaries, principals, affiliates and correspondents are engaged in real estate development, brokerage, management, marketing and consultancy as well as project development, management and advisory services in a wide range of business, commerce, asset management and finance activities for the private and public sectors.

"St. Elias is very fortunate to be able to enhance its existing business activities with INDEVA's, and in particular, Aaron Etra's, expertise and experience," stated Lori McClenahan.

The primary focus for the property development activities of INDEVA has been New York City, but the firm and its principals and associates have also been involved in projects in Albany, New York, Philadelphia, Pennsylvania, Charleston, South Carolina, Haywood County, North Carolina, Franklin, Connecticut and Houston County, Georgia as well as internationally. INDEVA's own projects have involved equity investments by both individuals and entities from throughout the U.S.A. and a number of other countries.

INDEVA also provides expertise to investors (both individual and institutional), owners (both entities and individuals) and organizations (in the private and public sectors) in locating, acquiring, renovating, operating and marketing properties and organizing and managing projects and ventures.

In addition, INDEVA has been actively involved in international technology transfer, linking the expertise and related skills of the developers of processes and other innovations with the resources of capital, management and marketing.

INDEVA brings its expertise to each project. Continuing activities involve U.S., European and Asian commercial and industrial interests married with technology from the U.S. and Israel among other sources.

Aaron Etra

Aaron Etra is the President, CEO and founder of the INDEVA Group. Mr. Etra has been an Attorney and Counsellor at Law in New York and/or London since 1966 practising in commercial, corporate, tax and personal law. His specialization is in the establishment and representation of overseas interests in the United States as well as international transactions. Mr. Etra's business activities have ranged widely, serving as a principal and/or advisor to industrial, commercial and financial enterprises.

Mr. Etra serves as a director and officer of a number of philanthropic organizations and business corporations in the U.S. and overseas. He has also served with the United Nations in Geneva, Switzerland and has taught in New York and Africa. 

Mr. Etra is a graduate of Yale University with a B.A. degree in Political Science and Economics; a graduate of Columbia University with a J.D. degree (Dean's List Scholar and President, Columbia Society of International Law); and a graduate of New York University with a L.L.M. degree.

He is a member of the Real Estate Board of New York, the Association of the Bar of the City of New York and their committees. Mr. Etra also takes an active role in New York professional, civic, artistic and educational communities and holds leadership positions in the United Nations NGOs (Non-Governmental Organizations) and their associations. 

Agreement
Under the terms of the consulting services agreement, St. Elias will pay a monthly fee of USD$2,000 to INDEVA for a period of six months, continuing for further periods and under such terms and conditions as mutually agreed. In addition, INDEVA has been granted 100,000 incentive stock options of St. Elias exercisable at a price of $1.25 for a period of two years from July 27, 2010.

Financing
Due to recent developments and results received, management has decided not to complete the previously announced private placement of 5,000,000 units at $1.60 per unit.

For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call 1-888-895-5522 (toll free US and Canada) or contact:

European Investor Relations U.S. Investor Relations
   
Nicholas Fuller Herbert Haft
Nick Fuller & Associates The Haft Group, Inc.
Tel: 011-44-207-256-5204 Tel:(212) 759-8865
Email: nick@fullerir.com Email: herbhaft@haftgroupinc.com
  herbhaft@aol.com

ST. ELIAS MINES LTD.
(signed "Lori McClenahan")

Lori McClenahan,
President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.

This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.

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