Mr. Timothy Froude reports

SOKOMAN IRON ANNOUNCES $3 MILLION FINANCING LED BY ERIC SPROTT

Sokoman Iron Corp. intends to complete a non-brokered private placement consisting of 20 million units at a price of 15 cents per unit for gross proceeds of up to $3-million, subject to approval of the TSX Venture Exchange. Each unit will consist of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of 25 cents per share for a period of two years from closing. There are three placees: Eric Sprott will subscribe for 13.35 million units, Palisade Global will subscribe for 4.1 million units, and Venture Ad Network will subscribe for 2.6 million units. There are no finders' fees associated with the transaction.

Timothy Froude, PGeo, president and chief executive officer, stated: "We are very pleased to welcome Eric Sprott and Palisade Global into our family of shareholders. Eric Sprott is a renowned and respected leader in the investment community and one of the world's premiere precious metals investors and is currently chairman of Kirkland Lake Gold. His participation in our financing speaks to the potential of our assets, in particular the high-grade Moosehead gold project. Palisade Global is a leading entity in finance and development of mining interests around the world and will help advise Sokoman in delivering our story to a global audience."

The proceeds of the financing will be used to advance the company's flagship Moosehead gold project, where multiple targets remain untested as well as to follow up drilling following a successful phase I program. A portion of the funds will be directed to the company's other gold properties in Newfoundland and for general working capital purposes.

Qualified person

This news release has been reviewed and approved by Timothy Froude, PGeo, a qualified person under National Instrument 43-101 and president and chief executive officer of Sokoman Iron.

About Sokoman Iron Corp.

Sokoman Iron is a discovery-focused company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its Moosehead gold project in central Newfoundland. The company's other assets include a portfolio of early-stage gold projects in central Newfoundland and a 100-per-cent interest in the Iron Horse (iron/vanadium/rare earth element) project in western Labrador.

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