Nevada Exploration Inc. (“NGE”) commences drilling at Fletcher Junction, acquires additional land and announces its Annual Shareholders Meeting
November 12, 2007
Nevada Exploration Inc. (TSX-V: NGE) (“NGE”) is pleased to announce that reverse circulation drilling operations started today at Fletcher Junction. Fletcher Junction is the property of merit described in NGE filing statement dated February 16, 2007 produced as per National Instrument 43-101 and available on www.sedar.com.
Twenty drill sites have been permitted with the US Forest Service. Up to twenty, angle to vertical drill holes using a track-mounted reverse circulation drill are planned to maximum depths of 1,000 feet. The holes are located within an area of approximately 9,000 feet by 3,000 feet believed to source highly anomalous gold in groundwater flowing from beneath a 50- to 150-foot-thick cover of post-mineral basalt. Operations have been planned not to be hampered by winter weather conditions so that the holes, averaging 600 feet deep, shall progress at the speed of 250 feet/day provided that difficult drilling conditions, mechanical problems and/or analytical delays are not encountered.
Land Acquisition and Exploration Update
NGE currently controls mineral rights on nine properties through 1,479 unpatented mining claims staked on 41 sq-mi of BLM land and 3.5 sq-mi of leased private land. Staking of another 216 unpatented mining claims on another 6 sq-mi of BLM land is in progress and when complete will add another exploration property. NGE will then control more than 50 sq-mi of land in Nevada evidencing highly anomalous concentrations of gold in ground water. Land acquisition is expected to continue on new exploration properties as identified by ongoing reconnaissance ground water sampling and on areas adjacent to some already acquired exploration properties.
Wade Hodges, Chief Executive Officer of NGE, stated that “NGE believes that the key to creating sustainable shareholder value lies in building a pipeline of exploration properties that all evidence highly anomalous gold in ground water chemistry, to then use more conventional exploration methodologies as appropriate and to then drill them to effect discovery. Securing a drill rig to begin drill testing of each property has proven to be extremely difficult due to an industry-wide shortage of drillers and drilling equipment. However, with the start of drilling, NGE has passed another milestone toward turning good intentions into sustainable reality”.
Annual Report and Shareholders Meeting
NGE is also pleased to announce that it will hold a general and special meeting of its shareholders to take place on November 30, 2007, 11:00 A.M. at the TSX Broadcast Center of the TSX Exchange Tower in Toronto.
NGE is an exploration company focused, through its wholly-owned Nevada incorporated subsidiary Pediment Gold LLC, on gold exploration in Nevada. NGE is led by a highly experienced and historically successful exploration management team. NGE has developed a proprietary groundwater chemistry exploration technology and is the first to complete a comprehensive and consistently applied survey of Nevada’s groundwater chemistry specifically directed toward the discovery of new gold deposits. Management believes that the results of NGE’s groundwater chemistry program are significant in that they are demonstrating that Nevada’s known gold deposits exhibit recognizable groundwater chemistry signatures. NGE has identified and acquired several exploration properties with similar groundwater chemistry and is in the final stages of testing whether such water chemical signatures can be followed “up stream” to discover new gold deposits in much less time and for much less money than the conventional exploration approaches currently used by other exploration groups. NGE continues to refine and apply this technology to identify, acquire, further delineate and then drill test its own highly prospective exploration properties to return the maximum value of making a new gold discovery to shareholders. NGE is also in a unique position to add value to the Joint Venture opportunities presented by more conventional exploration groups.
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.
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Wade A. Hodges is the Qualified Person, as defined in National Instrument 43-101, and is responsible for the preparation of the technical and scientific information contained in 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.