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News Release

Nevada Exploration Completes $560,000 Private Placement


September 22, 2010

Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) today announced that it has closed, subject to TSX Venture Exchange final approval, the second and final tranche of the non-brokered private placement (“Offering”) previously announced on July 26, 2010.  Pursuant to this second and final tranche, NGE has issued 2,950,000 Units at a price of $0.05, for gross proceeds of $147,500.  On August 26, 2010, NGE announced the closing of the first tranche for total gross proceeds of $415,400, through the issuance of 8,308,000 Units.  Upon completion of the second, NGE has issued an aggregate of 11,258,000 Units for total gross proceeds of $562,900.  Each Unit consists 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 $0.10 for a period of twelve months.  All shares issued are subject to a four month hold period expiring January 23, 2011, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities.  The proceeds will be used to further NGE’s exploration projects and for general working capital.

In conjunction with a portion of this the second tranche, NGE paid finders’ fees to an arm’s length party totaling $2,800 in cash and 56,000 Broker Warrants exercisable under the same terms as those warrants issued as part of the Units in the Offering.  All Broker Warrants are subject to a four month hold period expiring January 23, 2011.

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.

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 532,000 Common Shares at a price of $0.05 to reimburse a firm in which an officer and director of the Company is a partner for $26,600 of accounting services rendered in the ordinary course of business. 

2010 Annual General Meeting

NGE also announces that the Annual General and Special Meeting of the shareholders of NGE will be held at 700 West Georgia Street, 25th Floor, Vancouver, British Columbia, on Thursday, October 28, 2010, at 10:00 a.m. (Vancouver time). The record date for the meeting is September 27, 2009.

Nevada Exploration Inc.

Nevada Exploration Inc. is an exploration company focused on gold in Nevada.  NGE has developed proprietary groundwater chemistry exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged, and has completed the first ever comprehensive survey of Nevada’s groundwater focused on discovering new gold deposits.  NGE has demonstrated that Nevada’s gold deposits exhibit recognizable and measurable groundwater chemistry signatures and NGE is using its proprietary technology to identify, acquire, and advance new exploration properties exhibiting groundwater chemistry similar to known gold mines.

 

For further information please contact:
James Buskard
Vice President Corporate Development
Nevada Exploration Inc.
Email: info@nevadaexploration.com
Tel: (775) 359-7740
Website: www.nevadaexploration.com

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.

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.