St. Elias Mines Ltd. – Environmental Impact Study Completed at Vilcoro Gold Property in Peru

Vancouver, Canada, October 26, 2010 --(PR.com)-- 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 Peru.

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 (Barrick).

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

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) 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: nick@fullerir.com Email: herbhaft@haftgroupinc.com
herbhaft@aol.com
St. Elias Mines LTD.
Lori McClenahan,
President

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

Ansell Capital Corp.
Rahoul Sharan,
Director

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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