Nevada Exploration Provides Fletcher Junction Update
May 7, 2012
Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) and Baymount Incorporated (“BYM”) have terminated the proposed transaction on NGE’s Fletcher Junction Gold Project, located in the Walker Lane in western Nevada, as contemplated by a Letter of Intent announced on December 16, 2011.
The proposed transaction would have constituted a "Change of Business" for BYM as defined under the rules and policies of the TSX Venture Exchange. BYM has decided to not pursue a Change of Business at this time and instead to focus its efforts on evaluating its existing assets and business activities.
Because the proposed transaction constituted a Change of Business transaction, BYM required an updated, independent, technical report pursuant to National Instrument 43-101. In anticipation for closing, NGE successfully obtained and delivered to BYM an updated, independent technical report on the project.
Furthermore, since announcing the proposed transaction, NGE completed the final stages of the US Forest Service permitting process to obtain a drilling permit at Fletcher Junction.
With an updated technical report and a drill permit, NGE has begun discussions with other possible exploration partners to complete the next phase of drilling at Fletcher Junction.
To read more about NGE’s Fletcher Junction Gold Project, please visit the Fletcher Junction pages on NGE’s website at: http://www.nevadaexploration.com/properties/fletcher/overview/
Share for Debt
Nevada Exploration Inc. has concluded the previously announced Shares for Debt Agreement pursuant to which NGE has issued 200,000 Common Shares at a price of $0.10 to reimburse an arm’s length party for $20,000 of database and software development services rendered in the ordinary course of business. The shares are subject to a four month hold period expiring September 8, 2012.
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:
Vice President Corporate Development
Nevada Exploration Inc.
Telephone: +1 (888) 263 2110
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.