SOURCE: St. Elias Mines Ltd.

St. Elias Mines Ltd.

November 11, 2010 16:10 ET

St. Elias Mines Ltd. Grants Incentive Stock Options

VANCOUVER, BC--(Marketwire - November 11, 2010) - Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the "Company") (TSX-V: SLI) (FRANKFURT: EKL), announces that the Company has granted incentive stock options to certain of the Company's directors, officers, employees and consultants to purchase up to 3,000,000 common shares under the Company's Stock Option Plan. The options will be granted for a period of two years, commencing on November 11, 2010 at a price of $1.80 per share.

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

Lori McClenahan,
President

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