Again, One does not need be, a geologist to see the robust reality with the Tesoro. So, it is no excuse by any regulator or authority, that this is not a coverup. A simple secretary of any authortiy, could do simple math and see how the Tesoro is very viable.

Simple determinations, a 15 cm gold bearing vein, like the C-1 that has an average grade of ~95 g/t around the 80 m level, with grade increasing at depth, equates to a mining width average gold grade of ~12 g/t, while to become an economical mine, you only require around 7 g/t. Simple math tells you, that the Tesoro is almost DOUBLE the minimum requirement in this respect. When you add in the mineralised host rock and intrusive mineralization, it significantly raises the average grade much higher yet!

Simple math of the A-4 vein also shows impressive economics. VERY IMPORTANT, check out the very appreciable mention of copper in this news release on the A-4, while geophysics barely picks up the copper there, meaning that the copper content IS MUCH HIGHER on the rest of the property. Also, the economics of copper on the property, is A VERY REAL consideration, on top of the gold.

It is BLATANT to even a child, how this is a HUGE cover-up.

Trading Symbol: SLI (TSX Venture Exchange)

U.S. Clearing Symbol: SELSF

News Release 2007-09

March 27, 2007

NEWS RELEASE

TESORO GOLD PROJECT , PERU

Underground Exploration Discovers High-Grade Gold at Zona Central

Lori McClenahan, President of St. Elias Mines Ltd. (the “Company”), is pleased to announce the discovery of high-grade gold on the A-4 Vein System within the Zona Central area of the Tesoro Gold Project {the “Property”) located in southwestern Peru .. Channel sample results from the 12-m level of the A-4 shaft include 1.0m of 71.6g/t Au (2.08 oz/t) and 60cm of 33.2g/t Au (0.97 oz/t). The discovery was made as a result of cleaning out a short, rubble-filled shaft. The Company has subsequently deepened this shaft from approximately 7m to 35m (115 feet).

Zona Central

Zona Central is located approximately 750m southeast of the ZCV#1 Vein. A map showing the location of the Zones within the Property can be viewed at http://www.steliasmines.com/properties/PeruFig3.pdf .. Zona Central, located within the northern area of the Property, is one of five gold-bearing zones identified to date on the Property.

The A-4 Vein System, comprised of two know veins, is part of eight other main veins (or vein swarms) with an aggregate length of approximately 3,000m, within an area measuring 1,000m x 1,200m, that comprise Zona Central. On surface, the A-4 Vein System extends for at least 650 meters, has a northwesterly strike and varies in width between 25cm and 43cm.

The A-4 shaft was originally sunk by informal miners to follow a single quartz vein hosted within a shear zone. Much to Company’s delight, at the 8-m level, a second vein was encountered that is up to 1.0 meter wide and commonly contains coarse visible gold. The two veins are separated by a sheared andesite dyke that is generally 40cm in width. Both the original vein and the new vein have been traced continuously to the current base of the A-4 shaft (35-m level). These two veins are now referred to as the East Vein (original vein) and the West Vein (new vein), and the overall structure is referred to as the A-4 Vein System.

So far, the A-4 shaft has been completed utilizing a 75kg hoist system. A 500kg capacity hoist system is enroute to the project for installation at the A-4 shaft.

Additional channel samples collected from the 12-m level returned 60cm of 28.9g/t Au (0.84 oz/t) from the West Vein and 33cm of 14.85g/t (0.43 oz/t) from the East Vein. In addition to gold occurring within the quartz veins, samples collected at the 12-m level revealed that gold also occurs within the sheared granodiorite foot-wall of the West Vein (55cm grading 8.45g/t Au (0.25 oz/t) and in the sheared andesite hanging-wall of the West Vein (40cm grading 3.19g/t (0.09 oz/t) with 0.86% Copper.

Zona Canchete

At Zona Canchete, the ZCV#1 shaft has been deepened to 60 meters and a drift is being developed on this level. Three vein samples have been collected to date from the shaft between the 40-m and 60-m levels. These returned 13.8g/t gold (0.39 oz/t) across 10cm, 35.2g/t (1.03 oz/t) across 14cm, and 43.3g/t (1.26 oz/t) across 15cm.

To date, a total of 233.3 tonnes of bulk sample material from the ZCV#1 Vein has been processed at the Dynacor milling facility. The average gold grade of the bulk samples was 0.98 opt and 90% gold recovery was reported by the mill.

Sample preparation and analytical work was undertaken at ALS Chemex SA laboratory (an ISO certified 9002 facility) in Lima , Peruusing standard industry practice fire assay with AA finish. Samples believed to contain higher gold grades are assayed by process Au-SR21 (Screen Coarse Metallics).

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 an independent qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Properties.

The Tesoro Gold Property is 100% owned by the Company with no underlying royalties. The Property, located in the prolific 300km x 30km Nazca-Ocoña gold belt of southwestern Peru , hosts multiple epithermal gold-bearing veins which have been traced for a strike length of over 6.5km. To date, more than 70 gold deposits have been exploited in this region. The Property is located between two gold deposits/mining camps. Dynacor Mines Ltd. (T-DYN) , the owner of the claims located immediately northwest of the Property, published a gold resource of +606,611 oz at 16.4g/t (on only 3 of 10 veins discovered to date) and has subsequently announced the discovery of additional veins carrying comparable gold grades.

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.

(signed “Lori McClenahan”)

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.

This news release contains forward-looking statements regarding the ongoing and upcoming exploration work and expected geometry of geological formations and structures. Actual results may differ materially from those currently anticipated in such statements.

Rick Jewers