St. Elias Mines Ltd.
TSX VENTURE : SLI
OTC Bulletin Board : SELSF
FRANKFURT : EKL

St. Elias Mines Ltd.

July 09, 2008 10:21 ET

St. Elias Mines Ltd.: Vilcoro Gold Property, Peru-Final Geophysical Report Received

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the "Company") (TSX VENTURE:SLI)(OTCBB:SELSF)(FRANKFURT:EKL), and Marcus Johnson, President of Geneva Resources Inc. ("Geneva"), are pleased to announce that the final geophysical report on the Vilcoro Gold Property has been received from Fugro Ground Geophysics.

The geophysical survey comprised 13.9 km on 17 lines with IP-Resistivity readings at 25-m intervals and Magnetic readings at 10-m intervals. The geophysical interpretation map (which can be viewed on the St. Elias Mines Web-Site via the following link - http://steliasmines.com/vilcoro_geoph_geo_comp.pdf) shows that the "Main Trend" of gold mineralization is cored by a distinct chargeability (IP) anomaly that begins approximately 100 meters below surface. Such anomalies are commonly caused by disseminated sulphides associated with epithermal gold mineralization. This chargeability anomaly, which is about 400 meters long and 200 meters wide, corresponds to that part of the "Main Trend" where highest gold grades were obtained from surface sampling, and is considered a top-priority drill target.

The Companies have also secured the services of a professional organization to immediately begin an Environment Impact Study required by the Government of Peru to obtain a drilling certificate, and representatives of the Companies are currently in the field negotiating with the owners of surface rights for permission to build drill roads and platforms.

All technical work is being supervised by, and the contents of this news release have been verified by, John Brophy, P.Geo, a Canadian geologist residing in Peru, who is a "qualified person" as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The Vilcoro Gold Property comprises 1,600 hectares and lies along the same geological belt of Tertiary rocks that hosts many multi-million-ounce deposits in northern Peru such as Newmont's Yanacocha Mine (+40 million oz gold) and Barrick's Pierina deposit (8 million oz. gold). The Property is favourably located adjacent to the claim block that covers the Lagunas Norte mine (+9 million oz gold) recently put into production by Barrick Gold in the Alto Chicama mining district of central Peru.

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).

ST. ELIAS MINES LTD.

Lori McClenahan, President

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.

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

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