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St. Elias Mines Ltd.

– Environmental Impact Study Completed at Vilcoro Gold

Property in Peru

Vancouver, Canada, October 26, 2010 --( St. Elias Mines Ltd. (“St. Elias”) and Ansell Capital
Corp. (“Ansell”) are pleased to announce that an Environmental Impact Study (“EIS”) has been
completed and that the Ministerio de Energia y Minas (Ministry of Energy and Mines) has recently
granted a permit to allow drilling on the Vilcoro Gold Property (the "Property") located in north-central

Obtaining the drilling permit was a complicated process involving community consultation, approval, and
participation; evaluation of environmental impacts on flora, fauna, and water; an archeological
assessment, negotiations with owners of surface rights for permission to build platforms and access roads,
approval of work plans and submittal of a rehabilitation program.

The Companies are pleased to have completed this process in a reasonably short time, and are currently
requesting bids from various companies to begin the drill program as soon as possible.

Initially, 6 to 8 reverse-circulation drill holes totaling 1500 to 2000 meters are planned.

Ansell has the right to acquire a 65 percent interest, subject to a 1.5 per-cent net smelter royalty in the
Vilcoro gold property. (See news release dated April 16, 2010.)

Vilcoro Gold Property

The Vilcoro Gold Property, comprising 1,600 hectares, is located near the town of Santiago de Chuco in
the sierra of northern Peru. The Property is principally underlain by Tertiary volcaniclastic rocks of the
Callipuy Formation. The sierra of northern Peru is one of the most prolific gold-producing regions in the
world, and the Callipuy volcanics host the largest of the gold deposits; including three producing
multi-million-ounce deposits; Pierina (Barrick), Yanacocha (Newmont and others) and Alto Chicama

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. In addition, there are four other important gold deposits within 14 to 24 km of the Vilcoro
Property. These deposits are: the Tres Cruces deposit (1.75 million ounces of gold); the Arena deposit (2
million ounces of gold); the Virgen deposit (400,000 ounces of gold); and the Santa Rosa mine (reserves
unknown, currently producing approximately 80,000 ounces of gold per year.)

The Property can be explored on a year-round basis as it located at a moderate elevation of between
2,500m and 3,250m and a well-maintained all-weather gravel road, originating at Trujillo on the Pan
American Highway, passes through the western third of the Property.

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

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National Instrument 43-101, Standards of Disclosure for Mineral Projects.

For additional information on St. Elias and its projects, please visit us at 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: Email:
St. Elias Mines LTD.
Lori McClenahan,

For additional information on Ansell and its projects, please visit the website at or call 604-921-1810.

Ansell Capital Corp.

Rahoul Sharan,

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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Contact Information:
St. Elias Mines
Lori McClenahan
(604) 669-4677

Online Version of Press Release:

You can read the online version of this press release at:

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