Michel Lemay Increases Holdings in Stelmine Canada Ltd.

MONTRÉAL, QUÉBEC--(Marketwire - June 6, 2012) - 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 he acquired through a wholly-owned private corporation, Services Miniers Lemco Inc. ownership of 117.5 units (each a "Unit") of Stelmine Canada Ltd. ("Stelmine") by way of private placement. Each Unit consists of 10,000 common shares (each a "Common Share") and 10,000 common share purchase warrants (each a "Warrant") entitling the Offeror to acquire one additional common share at a price of $0.15 per share for a period of 12 months.

The Offeror acquired 1,175,000 Common Shares (representing 3.9% on a non-diluted basis) and 1,175,000 Warrants after giving effect to the private placement. The Units were purchased for cash consideration of $1,000 per Unit for aggregate proceeds of $117,500.

After giving effect to the purchase of the Units, the Offeror, directly and indirectly owns 3,402,310 common shares and 1,475,000 warrants of Stelmine representing 11.2% of the 30,252,940 issued and outstanding common shares of Stelmine on a non-diluted basis and 15.4% of the issued and outstanding common shares on a fully-diluted basis, assuming the exercise of the warrants held by the Offeror.

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.