Market Overview

Concerned Shareholders of St. Elias Mines Ltd. Apply to the British Columbia Supreme Court and Provide Guidelines for Voting GREEN PROXIES

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2012) - Gilby Len Hastman and Darcy Kim Hastman (the Concerned Shareholders) announce that they have filed an application (the Application) with the British Columbia Supreme Court (the Court) seeking an order that the articles of St. Elias Mines Ltd. (the Company) do not prohibit the nominations of James E. Rainbird and Richard Alexander Defreitas and further, or in the alternative, that the annual general meeting (the AGM) of the Company be rescheduled from December 27, 2012 to early January, 2013. The Application is scheduled to be heard on December 18, 2012 and, if successful, will ensure that shareholders of the Company have an opportunity to consider each of the Concerned Shareholders' five nominees at the AGM.

SIMPLIFIED PROCEDURES FOR VOTING GREEN PROXIES:

The following are the simplified GREEN PROXY voting procedures:



1. You need to first determine if you are a registered shareholder or a
non-registered shareholder. Most shareholders of the Company are non-
registered shareholders.

a. Registered shareholders hold their shares in their own name and
usually have a physical share certificate in their possession.

b. Non-registered shareholders have their shares held by an
intermediary such as a bank, trust company, securities dealers or
similar entities (the Intermediary).

2. If you are a registered shareholder, the easiest way to vote is to
complete your GREEN PROXY (which can be found on SEDAR under the profile
of the Company), sign, date it and deposit it with Computershare
Investor Services Inc. by email to proxytabulation@computershare.com or
by fax to 1-866-249-7775.

3. If you are a non-registered shareholder, the easiest way to vote is to
call your Intermediary as soon as possible and request your 12 digit
GREEN PROXY voting control number for the Company. You may have several
GREEN PROXY voting control numbers, so please ensure to get all of them
that represent all of the common shares that you hold of the Company.
Once you have the GREEN PROXY voting control number(s), you can then go
to WWW.PROXYVOTE.COM and vote via the internet or enter your voting
instructions by telephone at 1-800-474-7493.

4. In order for the Concerned Shareholders to be able to tabulate all of
the votes in time for the AGM, both registered and non-registered
shareholders should have their GREEN PROXY completed and sent in as per
the instructions above by no later than 11:00AM (Vancouver Time) on
December 20, 2012.

5. Even if you voted a white management proxy already, you can revoke it by
sending in a GREEN PROXY as per the instructions above.

6. If you have any questions on this process, including on how to obtain
your GREEN PROXY from your Intermediary, or would like to know of
alternative ways of voting, 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 "steliasnominees@gmail.com".



DID YOU KNOW?

Management of the Company contends that shareholders should rely on the facts. The Concerned Shareholders agree. Before voting, please review the facts set forth on page 5 of the Dissidents Information Circular. Further, please consider the following:



1. The Concerned Shareholders are concerned that throughout November, 2012,
management of the Company was in possession of material information that
five director positions would be open at the AGM. Management did not
disclose this information to its shareholders until December 3, 2012,
which was too late for the Concerned Shareholders to then nominate five
directors. Management now relies on its lack of timely disclosure to
prevent the Concerned Shareholders from nominating Mr. Rainbird and Mr.
Defreitas at the AGM.

2. The Company sponsors an event known as the "Curvy Fashion Show", which
is a plus-sized women's lingerie fashion show that combines fashion,
music, celebrities and recording artists. Why is your money being spent
on sponsoring a fashion show? What does a fashion show have to do with
exploring or mining for gold??

3. On October 22, 2012, one business day after being informed by the
Concerned Shareholders that new directors were being nominated for the
AGM, then scheduled for November 27, 2012, the Company announced a non-
brokered private placement, which the Concerned Shareholders believe was
orchestrated in order to entrench management.

4. The Company is paying Georgeson Shareholder Communications Canada Inc.
("Georgeson") a fee of up to $150,000, plus a per-call fee for retail
shareholder and reasonable out-of-pocket expenses, in order to have
Georgeson solicit proxies in favour of management.



SHAREHOLDERS TAKE NOTICE:



-- The above four items, together with the facts on page 5 of the
Dissidents Information Circular, are not "unfair criticisms", as alleged
by management. The Concerned Shareholders believe that they are
practices that demonstrate that management is not acting in the best
interests of the Company's shareholders. Simply put, the Concerned
Shareholders believe management of the Company is making poor decisions
with your money.

-- The Company now attempts to bully the Concerned Shareholders and mislead
and manipulate its shareholders through the media in a desperate effort
to retain control of the Company.

-- Only one of the management nominees owns shares of the Company.
Collectively, Management's nominees own less than 0.7% of the issued and
outstanding shares of the Company.

-- Four of the Dissident Nominees own shares of the Company. Collectively,
the Dissident Nominees own approximately 2.5% of the issued and
outstanding shares of the Company. Like you, the Dissident Nominees are
financially invested in this Company and have a strong interest and
desire to improve the Company's performance.



The Concerned Shareholders remain optimistic that the Company has a prosperous future but only if the existing board of directors can be replaced by individuals who will act in the Company's best interests.

For further information, please see the Dissidents Information Circular available on www.sedar.com under the profile of the Company.

Gilby Len Hastman, on behalf of the Concerned Shareholders

FOR FURTHER INFORMATION PLEASE CONTACT:
Gilby Len Hastman
780-974-5925


Darcy Kim Hastman
780-974-5924

 

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