Supreme Court of British Columbia Rules For St. Elias and Rejects
Dissidents' Petition
VANCOUVER, British Columbia,
Dec. 20, 2012 /PRNewswire/ -- St. Elias Mines (SLI-TSX-V) today announced that the
Supreme Court of British Columbia
has granted an order dismissing a petition of dissident
shareholders Gilby Len Hastman and
Darcy Kim Hastman.
The Court dismissed the dissidents' application to have article
14.10 of the Company's articles found to be inoperative or of no
effect for the upcoming AGM. As a result, any election of two
of the Hastmans' nominees for director, James E. Rainbird and Richard Alexander Defreitas, would not be valid.
The ineligibility results from the failure of the Hastmans to
deposit Mr. Rainbird's and Mr. Defreitas' consents to act as
director within the time frame established by the Articles of St.
Elias.
"We believe the Court made the right decision today," said
Lori McClenahan, President and
CEO. "We continue to urge shareholders to vote the WHITE
proxy, as recommended earlier this week by ISS Proxy Advisory
Services, the leading independent international corporate
governance analysis and proxy advisory firm."
The Annual Special and General Meeting (the "Meeting") of St.
Elias shareholders remains scheduled for December 27, 2012 at 11
am Vancouver time, as set
by St. Elias. After reviewing the evidence and hearing
submissions from both sides, The Court concluded that the facts did
not support the dissidents' application to set aside St. Elias'
Articles or delay the Meeting into 2013. Moreover, the court
ordered the dissidents to pay St. Elias' costs.
Accept the recommendation of ISS to vote the WHITE
proxy
ISS is the world's leading independent international corporate
governance analysis and proxy advisory firm. It provides vote
recommendations on more than 40,000 meetings in over 100 worldwide
markets on behalf of institutional investors.
St. Elias continues to believe, as does ISS, that shareholders
should vote the WHITE proxy to elect the five St. Elias
nominees. St. Elias also continues to believe that the
dissidents' circular is deficient in terms of disclosure and that
the remaining three dissident nominees lack relevant
experience.
St. Elias notes that the dissidents have not provided any
details of how they intend to advance St. Elias' portfolio of high
potential properties, nor have they proposed a management team to
operate St. Elias. Not one of the remaining dissidents has
experience in mineral exploration or corporate finance, and not one
has previously served as a director of any publicly-traded
company.
Vote the WHITE proxy for an experienced board
The nominees put forward by the Company are experienced and
capable. Under their supervision, the current management team will
advance our exploration properties and raise awareness of St. Elias
in a prudent and measured way – all with a view to surfacing value
for our shareholders.
Please review the Management Information Circular at
www.steliasmines.com or www.SEDAR.com and vote only the WHITE
proxy. Vote today. If you have questions or seek assistance with
voting your WHITE proxy, please call our proxy solicitation agent,
Georgeson toll free at: 1-888-605-8412 or askus@georgeson.com.
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).
If you have questions or need assistance voting your shares,
contact our proxy solicitation agent, Georgeson Shareholder
Communications Canada Inc. at 1-888-605-8412 (North American toll
free) or email: askus@georgeson.com.
ST. ELIAS MINES LTD.
(signed "Lori
McClenahan")
Lori McClenahan, President, CEO
and Director
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
statements.
SOURCE St. Elias Mines Ltd.