This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

St. Elias Files Management Information Circular For Annual And Special Meeting And Advises Shareholders To Support Company's Nominees

Stocks in this article: SLI

Our Company Is Making Progress Despite Challenges

There is no doubt that this has been a challenging year for our Company, and for mining exploration in general, but we continue to make progress. As much as we all wish otherwise, we cannot control our share price. Management remains focused on the factors that we can control that will help determine our success:

    • We are in a solid financial position, with more than $3 million in working capital as at August 31, 2012.
  • We have identified how we can most effectively advance our projects at minimal cost to our shareholders:
    • Option agreements in place will allow us to conduct exploration activities on a number of projects at little or no cost to us.
  • We are transparent about the risks inherent in our business:
    • Mineral exploration is risky. As we saw after drilling our Tesoro Gold project earlier this year, mineralization in economic quantities can be hard to locate, even with the best science. Shareholders must understand the risks as well as the potential of our projects and we are committed to communicating on both fronts.
  • We communicate regularly with the market and our shareholders in accordance with disclosure best practices:
    • We have improved our communications: we've recently updated our website, established a new disclosure policy that codifies our longstanding disclosure practices, and hired Danny Aaron to stay in touch with you. 
  • We are applying our many years of mineral exploration and management expertise to move the Company and its projects forward:
    • In Peru, our flagship Tesoro Gold project is one of six properties that have excellent potential. Of our other properties in Peru, three are progressing at little cost to us thanks to the option agreements we have put in place. At Cueva Blanca, for example, we've recently announced a 10,000-metre, $2.5 million drilling program that will mainly be funded by another company. At another optioned property, Chance E (adjacent to Tesoro) we've recently disclosed gold assays from three surface geochemical samples.

Our Enhanced Governance

We have a strong and experienced management team and Board. That said, we are a junior company and recognize that we need to grow alongside our projects. For this reason we are making certain changes to enhance corporate governance. This will provide an additional level of reassurance to you, our shareholders, that your board is acting to protect your interests. Immediately after the meeting we are committed to establishing:

  • An entirely independent Audit Committee.
  • Two new Board committees: a Nominating Committee to select future directors and a Compensation Committee to determine how our executives are paid.

Elimination of Staggered Board Provisions

At the request of the TSX Venture Exchange, St. Elias has put a special resolution forward to amend the Company's articles by removing the staggered board provisions. The amendment is intended to comply with the Exchange's requirement that listed companies hold elections for all directors on an annual basis.

3 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs