Gluckstein Silverspoon report on Sli June 22, 2010. Indicates reserve estimate of Tesoro not including Anomalies.

Full report at: http://www.steliasmines.com/storage/news_releases/SLI%20Analyst%20Report%20-%20June%2022,10.pdf

ST. ELIAS MINES [TSX-V: SLI]Drill Program to Ramp Up on Tesoro Gold Property;

Setting initial price target and NAVPS estimate

For purposes of our analysis, despite the Tesoro Project's vein structures descending to depths of up to 1000meters, we conservatively assume an average depth of 600meters in our ore volume calculations. By multiplying the volume of the vein corridor by the density of the quartz host rock, we arrive at our Estimated Ore Tonnage figure for the entire Tesoro Project, which we then discount by the 32%scaling factor to more accurately reflect inferred results from the 43-101. By applying the 29g/T grading from the 43-101 to our Scaled Ore Tonnage Estimate, we arrive at our Total Tesoro Project Reserves Estimate of