Nevada Exploration Inc. ("NGE") Announces Operational Updates
June 12, 2007
HydroProbe Permitting Completed for 287 Additional Holes
NGE has received final approval from the Bureau of Land Management in Nevada ("BLM") to drill 287 permitted Hydroprobe Drill holes specifically to test ground water to further define anomalous concentrations of gold on NGE's properties and to add strategic new information to NGE's existing database. Ken Tullar, Chief Operating Officer of NGE stated "We are delighted with our working relationship with the BLM and we believe that we will continue to be able to obtain approvals from them in a timely manner to utilize our environmentally low-impact, cost-effective and proprietary water chemistry drilling system. We are very encouraged by our results to date and have therefore acquired an additional Hydroprobe Drill and crew so that we can accelerate our exploration on our existing properties and strategically add new properties as results warrant. NGE's proprietary water chemistry drilling system is an important part of NGE's risk management strategy to build a pipeline of targets where target identification, acquisition, delineation, permitting and drill site construction has been completed well in advance of obtaining an RC Drill Rig. NGE is unique in being able to spread exploration risk over many targets that all have highly anomalous gold in water chemistry similar to known gold mines."
Agreement with Diversified Drilling LLC
Permitting with the United States Forest Service for 20 drill sites has been approved at NGE's Fletcher Junction property. Bonding, access road and drill site construction have been completed and NGE is now awaiting procurement of a Reverse Circulation Drill Rig ("RC Drill Rig"). In addition, second phase drilling at the Hot Pot property will be directed by the results of recent in-fill groundwater, soil, and soil-gas chemistry surveys and is also awaiting procurement of an RC Drill Rig. Both Fletcher Junction and Hot Pot are 100% owned by NGE.
NGE is pleased to announce that it has entered into an agreement with Diversified Drilling, LLC which provides NGE with a right of first refusal to lease the next available RC Drill Rig in their fleet. Diversified has stated to NGE that they expect to be able to deliver a Rig at any time between July 1 and September 1, 2007, but there can be no assurances in this regard. Diversified has also agreed to assign their most experienced crew to this drilling program. Mr. Tullar stated "We are working diligently with Diversified to receive an RC Drill Rig in a timely manner considering the current shortage of drilling equipment and crews in the industry. Arrival of an RC Drill Rig will add the final element to our strategy of providing the industry with a steady stream of highly prospective gold exploration projects under active exploration. Meanwhile, we are using the time prior to RC drilling very efficiently by better refining and delineating our RC Drill program based upon our exploration and water chemistry analysis so that our drilling program will be as efficient and effective as possible"
Land Acquisition and Exploration Update
On May 16, NGE reported that it had a total of ten properties or more than 40 square miles under control. Specifically, NGE has completed the staking of 1,276 claims on eight properties, plus 3.5 square miles of private land for a total of 43.4 square miles under control. Another 200 claims are in the process of being staked on an additional target for another 6.3 square miles. Negotiations with a private mineral title holder on another target are also proceeding now that management of NGE was able to satisfy themselves on certain land title issues that had been identified but now have been satisfactorily resolved. Additional targets continue to be identified and will be acquired as reconnaissance results warrant. This is part of NGE's stated strategy of acquiring properties with gold in water anomalies similar to known gold mines previously identified using NGE's proprietary water sampling techniques.
NGE is an exploration company focused, through its wholly-owned Nevada incorporated subsidiary Pediment Gold LLC, on gold exploration in Nevada. NGE has 100% ownership interest in the mineral rights to exploration properties in Nevada's major gold trends and is led by a highly experienced management team. NGE developed a proprietary groundwater chemistry exploration technology and has completed the first ever survey of Nevada's groundwater chemistry. Management believes that the results of NGE's groundwater chemistry program are significant in that they have demonstrated that Nevada's gold deposits exhibit recognizable groundwater chemistry. NGE continues to refine and apply this technology to identify, acquire, further delineate and then drill test its own highly prospective properties. NGE is also in a unique position to add value to Joint Venture opportunities.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, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.
Chairman of the Board
Nevada Exploration Inc.