Stearman arranges $1.5-million private placement

Mr. Lester Esteban reports STEARMAN RESOURCES ANNOUNCES PRIVATE PLACEMENT Stearman Resources Inc. has arranged a non-brokered private placement of up to 10 million common shares at a price of 15 cents per share for gross proceeds of up to $1.5-million. The company will also be offering up to 16 million flow-through common shares at a price of 25 cents per flow-through share for gross proceeds of up to $4-million. In connection with the offering and the flow-through offering, the company will pay to qualified finders 6-per-cent cash finders' fees and 6 per cent finders' fees payable in non-transferable share purchase warrants. Each warrant entitling the holder thereof to purchase one common share in the capital of the company at a price of 50 cents per share for a period of 24 months from closing of the offering and flow-through offering. The gross proceeds from the sale of the flow-through shares will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures, as such terms are defined in the Income Tax Act (Canada), related to the company's projects in Canada. All securities issued pursuant to the offering will be subject to a hold period of four months and one day as required under applicable securities legislation. About Stearman Resources Inc. The company is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the United States. The company currently owns a 100-per-cent interest in the NeoCore uranium property, consisting of six mineral claims covering 13,012 hectares, located in the Athabasca basin in Northern Saskatchewan. The company further holds an option for up to a 70-per-cent interest in the Murphy Lake uranium property, consisting of 609 hectares, also located in the Athabasca basin in Northern Saskatchewan, and now owns a 100-per-cent interest in the Zoo Bay uranium property, consisting of 15 mineral claims covering 19,850 hectares, also located in the Athabasca basin. We seek Safe Harbor.