Nevada Exploration Inc. Proposed Amalgamation with Wholly-Owned Subsidiary
March 19, 2010
Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) announced today that its Board of Directors have approved the steps necessary to amalgamate with its wholly-owned subsidiary, 2107189 Ontario Inc. (“Ont Co”). Pursuant to the amalgamation, all of the issued and outstanding shares of Ont Co will be cancelled and the assets, obligations and liabilities of Ont Co will be assumed by the NGE. No securities of NGE will be issued in connection with the amalgamation and the share capital of the NGE will remain the same. The amalgamation of NGE and Ont Co will be undertaken in order to simplify the corporate structure of NGE and to reduce administrative costs. The amalgamation will not have any significant effect on the business and operations of the Corporation. The amalgamation is to take the form of a vertical short-form amalgamation, to be completed pursuant to the Canada Business Corporations Act. Subject to TSX-V approval, it is anticipated that the amalgamation will be effective May 1, 2010.
NGE will issue a further news release once its amalgamation with Ont Co is complete.
ABOUT NEVADA EXPLORATION INC.
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 11 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 www.NevadaExploration.com 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.