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Supreme Court Of British Columbia Rules For St. Elias And Rejects Dissidents' Petition

Stocks in this article: SLI

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.

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