Nevada Exploration Extends Private Placement
April 11, 2011
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DISSEMINATION IN THE UNITED STATES
Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) today announced that it has extended the closing of the second tranche of the $0.08 non-brokered private placement (“Offering”) announced on February 23, 2011.
The proposed Offering will consist of up to 15,000,000 units (the “Units”) at a price of $0.08 per Unit, for total gross proceeds of up to $1,200,000. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle 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 whereby 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. On March 21, 2011, NGE announced that it had closed on the first tranche, issuing 3,225,000 Units at a price of CAD$0.08 for total gross proceeds of $258,000.
Nevada Exploration Inc.
NGE is focused on gold exploration in Nevada. NGE has developed proprietary groundwater chemistry exploration technology to explore for gold in Nevada’s highly prospective, but underexplored 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 is using its proprietary technology to identify, acquire, and advance new exploration properties exhibiting high levels of gold in groundwater similar to those found at Nevada’s largest gold mines.
For further information please contact:
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.