St. Elias Hires New CFO

VANCOUVER, BRITISH COLUMBIA, Oct 29 (MARKET WIRE) --
Lori McClenahan, President of St. Elias Mines Ltd. (the "Company") (TSX
VENTURE: SLI)(FRANKFURT: EKL)(U.S. Clearing Symbol: SELSF), is pleased to
announce the appointment of Terrace ("Terry") Nixon as the Company's new
Chief Financial Officer.

Mr. Nixon is experienced as an advisor, senior executive and an
entrepreneur in working with both established and new companies in Canada
and the US. Both independently and through his consulting company, he has
provided specialized services in the areas of strategy, finance and
corporate development to a number of corporations throughout North
America. Mr. Nixon's varied career has included Board of Director
positions and senior management roles as Corporate Secretary and Vice
President. His educational background includes economics, investing and
business administration.

"Terry is a proven leader and brings a broad base of business and
financial experience to the Company. I am confident that his expertise
will help drive St. Elias to further success in the near term. His keen
business acumen and prior experience in top-level management positions
will be highly valuable to St. Elias in the months and years ahead,"
explains Lori McClenahan, President and CEO.

Mr. Nixon is stepping into this role to help St. Elias continue to build
the Company's financial oversight and to strengthen its position in the
industry as it continues to pursue an aggressive exploration strategy for
gold in Canada and abroad."

Terry Nixon states, "I am delighted to be a part of such a dynamic and
progressive company. Working alongside the management team in a Corporate
Communications capacity over the last year and half has been a great
privilege. Assuming the role of CFO is a tremendous honor and I look
forward to the very foreseeable future as we surge ahead, raising the bar
as we go."

Mr. Nixon succeeds Norman MacKinnon, who has left the Company. "We would
like to thank Mr. MacKinnon for his many contributions to St. Elias over
the years and we wish him well in all of his future endeavors," says Lori
McClenahan, President and CEO.

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

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

Contacts:
St. Elias Mines Ltd.
Terry Nixon
VP, Corporate Communications / CFO
604.669.4677 or Toll Free: 888.895.5522
604.669.9626 (FAX)
www.steliasmines.com

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