Michel Lemay Announces Holdings in Stelmine Canada Ltd.

MONTRÉAL, QUÉBEC--(Marketwire - Jan. 26, 2012) - In furtherance to the news release disseminated by Services Miniers Lemco Inc. on January 11, 2012, Mr. Michel Lemay. (the "Offeror"), announces, pursuant to Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("Regulation 62-103") that it acquired through a wholly-owned private corporation, Services Miniers Lemco Inc. ownership of 15 Series B Units (each a "Series B Unit") of Stelmine Canada Ltd. ("Stelmine") at an aggregate purchase price of $15,000, such Series B Units representing in the aggregate, 300,000 common shares at a price of $0.05 per share (representing 1.07% of Stelmine's issued and outstanding common shares) as well as 300,000 common share purchase warrants (each a "Warrant") entitling the holder thereof to acquire one additional common share at a price of $0.10 per share for a period of twelve months.

Further to the private placement, the Offeror, directly and indirectly owns 2,314,067 common shares (representing 8.29% of the issued and outstanding common shares), 300,000 Warrants and 500,000 stock options of Stelmine exercisable to acquire 800,000 common shares. Should such Warrants and stock options be fully exercised, its holdings, both directly and indirectly, would represent 10.8% of the issued and outstanding common shares of Stelmine.

The acquisition of 300,000 common shares and 300,000 Warrants was carried out in accordance with and in reliance on the "accredited investor" exemption in section 2.3 of Regulation 45-106 respecting Prospectus and Registration Exemptions.

The securities of Stelmine are held by the Offeror for investment purposes. The Offeror expects to review from time to time its investment in Stelmine and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of Stelmine in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of Stelmine over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.

Additional information is provided in the early warning report filed on www.sedar.com by the Offeror pursuant to Regulation 62-103.