Nevada Exploration Announces Closing of Financing

November 25, 2009


Nevada Exploration Inc. (“NGE” or the “Company”) (TSX‐V:NGE) announced today that the Company has closed, subject to TSX Venture Exchange final approval, its previously announced private placement financing with Canaccord Capital Corporation (the “Agent”) through the issuance of 2,742,000 units (the "Units") at a price of $0.17 per Unit for total gross proceeds to the Company of $466,140 (the "Offering").  Each Unit is comprised of one common share of the Company (a "Common Share") and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant").  Each Warrant entitles the holder to purchase one Common Share at a price of $0.22 for a period of 18 months from the date of closing (the “Closing”).

In connection with the Offering, the Company paid the Agent a cash commission equal to 8% of the gross proceeds of the Units sold, and issued to the Agent non-transferable warrants (the "Agent's Warrants") equal to 10% of the Units sold.  Each Agent's Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.22 per Common Share for a period of 18 months from Closing.  The Company reimbursed the Agent for reasonable fees and expenses incurred in connection with the Offering and paid a corporate finance fee of 50,000 Units.

The Common Shares, Warrants, Agent’s Warrants, and Common Share and Warrants comprising the corporate finance fee are subject to a four month hold period that will expire on March 25 2010, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities.

The funds raised from the issuance of the Units will be used to fund exploration activities on its properties in Nevada and for general working capital purposes.

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.


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 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 or contact:

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


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.