St Elias Mines Ltd. announced that the company has scaled down its exploration program at the Tesoro Gold Project in southern Peru. The company has been unsuccessful in securing financing and, as a result, the company must slow down operations at the Tesoro Gold Project. The company has shut down most exploration activity at the Tesoro Gold Project except for the following: completion of a 43-101 resource calculation, care and maintenance activities, skeleton watchman team, Environmental Impact Study permitting for additional drilling and EIS permitting for the exploitation of development material from previous bulk sampling, the installation of a small mill and underground bulk sampling.