Stearman closes $1.5-million first tranche of placement

Mr. Lester Esteban reports STEARMAN RESOURCES ANNOUNCES FIRST TRANCHE CLOSING OF NON-BROKERED PRIVATE PLACEMENT Stearman Resources Inc. has closed the first tranche of its previously announced non-brokered private placement. Under the first tranche, the company issued an aggregate of 10 million non-flow-through units at a price of 15 cents per NFT unit for gross proceeds of $1.5-million. Each NFT unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of 30 cents for a period of 24 months from the date of issuance. The securities issued under the first tranche are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws. In connection with the first tranche, the company paid aggregate cash finders' fees totalling $49,500, further finders' fees of $12,500 paid by the issuance of 81,000 finders' shares at 15 cents each and 411,000 non-transferable finders' warrants. Each finder's warrant entitles the holder to acquire one share at a price of 30 cents for a period of 24 months from the date of issuance. The net proceeds from the first tranche will be used for general working capital and corporate purposes. "We're very pleased with the strong investor support shown in the first tranche," said Lester Esteban, chief executive officer of Stearman Resources. "This financing marks an important step forward as we continue to advance our corporate objectives and position Stearman for growth in the months ahead." 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 an up-to-70-per-cent interest in the Murphy Lake uranium property, consisting of 609 hectares also located in the Athabasca basin in Northern Saskatchewan, and also 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.