Nevada Exploration Inc. ("NGE") closes second tranche of private placement
March 11, 2008
MONTREAL, March 11 /CNW Telbec/ - Further to its press release dated March 4, 2008, announcing the full exercise of its Series' A warrants, Nevada Exploration Inc. (TSX-V: NGE) ("NGE") is now pleased to announce that it has closed on the second tranche of its previously announced non-brokered Private Placement for total gross proceeds of $790,000.
NGE today issued 790,000 units, valued at $1.00/unit, for total gross proceeds of $790,000. Each unit consists of one common share of NGE plus one 1/2 warrant to purchase a common share of NGE at an exercise price of $1.50 per common share of NGE for a period of 24 months.
Wade Hodges, President and Chief Executive Officer of NGE, said that "with the closing of this second tranche of the private placement and with the full exercise of its Series' A warrants, NGE has a current cash position of over $4,000,000. NGE now has the funds to complete at least 12 months of continuous drilling using 2 full-time drilling crews, and is well positioned to advance its exploration portfolio and create significant shareholder value without the need to return to the financial markets for additional financing".
NGE is an exploration company focused on gold exploration in Nevada, through its wholly-owned, Nevada incorporated subsidiary, Pediment Gold LLC. 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 survey of Nevada's groundwater chemistry specifically directed towards discovering new gold deposits. Management believes the results of NGE's groundwater chemistry program are significant in that they demonstrate that Nevada's known gold deposits exhibit recognizable groundwater chemistry signatures; and using this technology, NGE has identified and acquired several exploration properties with groundwater chemistry similar to that of known gold deposits. NGE is in the final stages of testing whether such water chemistry 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 being used by other exploration groups. NGE continues to refine and apply this technology to identify, acquire, and drill test its highly prospective exploration properties and is focused on generating maximum shareholder value by discovering new gold deposits.
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.
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 News 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.
For further information: Wade A. Hodges, President, CEO & Director, Nevada Exploration Inc., (775) 359-7740, WAHodges@NevadaExploration.com