STELMINE CANADA LTD. CLOSES FINANCING OF $400,000 WITH MINERALFIELDS

December
2009
30

Montréal, December 30, 2009 – Stelmine Canada Ltd. (TSX-V: STH) (“Stelmine“) is pleased to announce the closing of a non-brokered private placement of $400,000 through the sale of 2,352,940 flow-through units (each a “FT Unit” and collectively, the “FT Units“) at $0.17 each to the MineralFields Group (“MineralFields“). Each FT Unit consists of one flow- through common share and one common share purchase warrant, each whole common share purchase warrant entitling MineralFields to purchase one additional common share of Stelmine at the price of $0.25 during a period of 12 months following the closing date and thereafter at the price of $0.35 during an additional period of 12 months.

As consideration for the services rendered by Limited Market Dealer Inc. (“LMD“) in connection with the private placement, Stelmine has paid to LMD a cash finder’s fee of $10,000 and issued 235,294 finder’s options, each finder’s option entitling its holder to purchase one unit of Stelmine (each, a “Finder’s Unit“) at the price of $0.17 per Finder’s Unit for a period of 24 months following the closing date. Each Finder’s Unit is comprised of one common share and one common share purchase warrant exercisable on the same terms as the common share purchase warrants comprising the FT Units.

“We are pleased to be entering into this relationship with MineralFields Group”, said Michel Lemay, President and CEO. “This is an important milestone in the growth of Stelmine Canada Ltd. and we look forward to working with MineralFields Group as we develop holdings in the Quebec regions.”

Proceeds of the private placements will be used by Stelmine to incur exploration expenditures on its properties located in the Province of Québec.

About Stelmine Canada Ltd.

Stelmine Canada Ltd. is a junior mining exploration company whose common shares are listed on the TSX Venture Exchange under the STH symbol.About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service- friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

For further information, please contact:

Michel Lemay President and CEO Telephone: 514-866-8209

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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