NGE Nevada Exploration Inc

Nevada Exploration Inc. ("NGE") (TSX VENTURE:NGE) is pleased to announce that it
has closed, subject to TSX Venture Exchange final approval, a non-brokered
private placement ("Financing") issuing 9,100,000 Units at a price of $0.10, for
gross proceeds of $910,000. Each Unit consists of one common share and one-half
of one non-transferable common share purchase warrant. Each whole warrant
entitles the holder to purchase one common share at an exercise price of $0.14
for a period of two years, subject to an accelerated expiry provision described
below (the "Warrants"). All shares issued are subject to a four month hold
period expiring August 17, 2012. The proceeds of the Financing will be used to
advance NGE's exploration projects and for general working capital.


If on any 20 consecutive trading days after the issuance of the Units, the
closing sales price (or closing bid price on days when there are no trades) of
the common shares of NGE quoted on the TSX Venture Exchange is greater than
$0.22, NGE may accelerate the expiry date of the Warrants to the 30th day after
the date on which NGE gives notice to the Warrant holder of such acceleration.
NGE paid finders' fees in connection with the Financing to arm's length parties
totaling $60,060 in cash and 728,200 Broker Warrants exercisable under the same
terms as those warrants issued as part of the Units in the Financing. All Broker
Warrants are subject to a four month hold period expiring August 17, 2012.


Share for Debt

Nevada Exploration Inc. today also announces that subject to TSX Venture
Exchange approval, it has entered into a Shares for Debt Agreement pursuant to
which the Company will issue 200,000 Common Shares at a price of $0.10 to
reimburse an arm's length party for $20,000 of database and software development
services rendered in the ordinary course of business. 


Nevada Exploration Inc.

NGE is an exploration company focused on gold in Nevada. NGE is led by an
experienced management team that has been involved with the discovery of more
than 30 million ounces of gold in Nevada.


NGE is aggressively applying the latest in "blind deposit" exploration
technology to identify, acquire, and advance new exploration properties in
Nevada's highly prospective, yet underexplored covered basins. Specifically, NGE
has developed proprietary hydrogeochemistry (groundwater chemistry) exploration
technology to explore for gold in Nevada's covered basins where traditional
exploration techniques are challenged.


Using its industry leading exploration technology, NGE has assembled a portfolio
of nine new gold projects, and with over 20,000 hectares (75 sq mi), is evolving
as a major player in this world class jurisdiction. NGE's business model is to
leverage its properties and technology to create shareholder value through
generative exploration, joint ventures, and other exploration partnerships.


Cautionary Statement on Forward-Looking Information:

This release contains certain "forward-looking statements" including, without
limitation, expectations, beliefs, plans and objectives regarding the potential
transactions and ventures discussed in this release. Among the important factors
that could cause actual results to differ materially from those indicated by
such forward-looking statements are the risks inherent in mineral exploration,
the need to obtain additional financing, environmental permits, the availability
of needed personnel and equipment for exploration and development, fluctuations
in the price of minerals, and general economic conditions.

Grafico Azioni Nevada Exploration (TSXV:NGE)
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