Nevada Exploration Closes Final Tranche of $560,000 Private Placement

August 3, 2011

Nevada Exploration Inc. ("NGE") (TSX-V:NGE) is pleased to announce 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 18, 2011.  Pursuant to this second and final tranche, NGE has issued 2,350,000 Units at a price of $0.08, for gross proceeds of $188,000.  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 $0.12 for a period of one year, subject to an accelerated expiry provision described below (the "Warrants").  All shares issued are subject to a four month hold period expiring December 4, 2011, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities.  The proceeds of this second and final tranche will be used to advance NGE's exploration projects and for general working capital.

On July 29, 2011, NGE announced the closing of the first tranche for total gross proceeds of $372,000 through the issuance of 4,650,000 Units.  Upon completion of the second and final tranche, NGE has issued an aggregate of 7,000,000 Units for total gross proceeds of $560,000.

NGE paid finders' fees in connection with a portion of this second and final tranche to arm's length parties totaling $7,776.00 in cash and 97,200 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 December 4, 2011.

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.

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.


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.


For further information please contact:
James Buskard
Vice President Corporate Development
Nevada Exploration Inc.
Tel: (775) 359-7740

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.