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News Release

Nevada Exploration Announces Non-Brokered Private Placement


July 29, 2009

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) today announced a non-brokered offering of up to 25,000,000 units (the “Units”) on a private placement basis at a price of CAD $0.0525 per Unit (the “Offering), for total gross proceeds of up to CAD $1,312,500. Each Unit will consist of one common share and one-half of one non-transferable common share purchase warrant.  Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD $0.10 for a period of two years.  In the event that NGE’s volume weighted average share price averages at or above CAD $0.20 per share for 20 consecutive trading days on the TSX Venture Exchange, then NGE shall have the right to accelerate the warrant exercise period to the 30th day after the date on which NGE gives notice of acceleration.  Proceeds from the offering will be used to further NGE’s exploration projects and for general working capital.

The offering is scheduled to close on or about August 14, 2009, and is subject to receipt of all necessary regulatory and stock exchange approvals.  The shares issued upon the closing of the Offering will be subject to a four month hold period from the date of issue, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities.

Subject to approval by the TSX Venture Exchange and applicable securities legislation, a finder’s fee in cash and/or Units of NGE may be paid in connection with the Offering.

The securities issued by NGE have not and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

ABOUT NEVADA EXPLORATION INC.

NGE is an exploration company focused on gold in Nevada.  NGE is led by an experienced and historically successful exploration management team.  NGE has developed a proprietary groundwater chemistry exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged.  NGE has completed the first ever comprehensive survey of Nevada’s groundwater focused on discovering new gold deposits, and has demonstrated that Nevada’s gold deposits exhibit recognizable and measurable groundwater chemistry signatures.  NGE has used its proprietary technology to identify, acquire, and develop 11 new exploration properties exhibiting groundwater chemistry similar to known gold mines, and NGE is applying a standardized, staged exploration program at each property.

NGE has completed Phase I drilling at three of its properties and has discovered new, previously unknown, geochemically anomalous, hydrothermal systems at all three.  With these results, NGE has demonstrated that its groundwater chemistry exploration program can identify new, high quality exploration targets in previously unexplored areas.  Now that NGE has established groundwater chemistry as a valuable and important exploration technology, NGE plans to focus on matching its drill-ready properties with exploration partners.  By leaving the later, more-traditional exploration stages for our partners, NGE plans to focus on leveraging its investment in groundwater chemistry exploration technology to identify and advance more new exploration properties, and to establish itself as a source of high quality, drill ready exploration properties for the mining industry.

 

For further information please visit our website at www.NevadaExploration.com or contact:

Wade A. Hodges,
President & CEO
Nevada Exploration Inc.
Tel: (775) 359-7740
Fax: (775) 359-7741

The TSX-V has in no way passed upon the merits and does not accept responsibility for the adequacy or accuracy of this press release.

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.