ISS recommends that shareholders vote the WHITE proxy FOR the St.
Elias nominees
VANCOUVER, British Columbia,
Dec. 17, 2012 /PRNewswire/ -- St.
Elias Mines Ltd. (TSX-V: SLI), (U.S. Clearing Symbol: SELSF),
(Frankfurt Exchange: EKL) announced today that ISS Proxy Advisory
Services, a leading independent international corporate governance
analysis and proxy advisory firm, has recommended that its clients
vote the WHITE proxy for the St. Elias nominees for the Board of
Directors at the Annual General and Special Meeting of Shareholders
(the "Meeting"). The Meeting is scheduled for December 27, 2012.
ISS made its recommendation after considering the best interests
of shareholders and after reviewing the issues advanced by St.
Elias and by Gilby Len Hastman and
Darcy Kim Hastman, who are
attempting to seize control of the St. Elias Board. The
recommendations of ISS are intended to assist shareholders in
making voting choices regarding proxy voting decisions.
In recommending that its clients vote FOR the St. Elias nominees
on the WHITE proxy, ISS stated, among other things, that:
- Shareholders are better off by retaining the existing
board.
- The dissidents have not made a compelling case that a change in
control of the board is necessary or preferable to the incumbent
board's oversight or strategic plan going forward.
- The dissidents have not submitted a detailed business plan and
have not presented a convincing case for shareholders to support
them.
"We appreciate ISS' recommendation and advise shareholders to
accept their advice and vote the WHITE proxy," said Lori McClenahan, President and Chief Executive
Officer of St. Elias. "Management's nominees look forward to
working to advance our exploration properties and to continue to
strengthen our governance, communication and operational processes
for the benefit of all shareholders."
St. Elias also advised shareholders that on late Friday
afternoon, the Hastmans filed a petition to the Supreme Court of
British Columbia. The petition
names the Company and its directors as respondents whereby the
Hastmans are seeking an order that the part of the Company's
articles which bar Mr. Rainbird and Mr Defreitas from being elected
as directors are inoperative or of no effect for the purpose of the
Meeting or, alternatively that the Meeting be rescheduled into
2013. This would have the effect of indirectly achieving the same
goal. The Petition is scheduled to be heard on December 18, 2012.
About St. Elias
St. Elias is a gold focused
exploration company led by an experienced management team and
active in Peru and British Columbia. St. Elias' properties have
high potential and are located in two of the most prolific mining
regions of the world.
For additional information on St. Elias and its projects, please
visit us at www.steliasmines.com or call Danny Aaron at 1-888-895-5522 (toll free US and
Canada).
ST. ELIAS MINES LTD.
(signed "Lori McClenahan")
Lori McClenahan, President
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
Telephone: (604) 669-4677
Facsimile: (604) 669-9626
Toll Free: (888) 895-5522
SOURCE St. Elias Mines Ltd.