Nevada Exploration Inc. ("NGE") announces full exercise of Series' A Warrants, second tranche of Private Placement and granting of options



    MONTREAL, March 4 /CNW Telbec/ - Nevada Exploration Inc. (TSX-V: NGE)
("NGE") is pleased to announce that 100% of its outstanding Series' A Warrants
have been exercised for total gross proceeds of $1,649,123, that NGE is
completing a non-brokered Private Placement for gross proceeds ranging from
$500,000 to $1,500,000 and that it has granted to some of its employees,
directors and officers stock options to subscribe for up to 1,725,000 common
shares of its capital stock at an exercise price of $1.00 per common share.

    Full Series' A Warrants Exercise

    Wade Hodges, President and Chief Executive Officer of NGE, stated that
"NGE management is again highly pleased of the support NGE received from its
early stage investors expressed by the exercise of 100% of outstanding NGE
Series' A warrants." Further to the exercise of the 3,664,718 outstanding
Series A warrants at a price of $0.45 per warrant for gross proceeds of
$1,649,123, NGE has issued 3,664,718 common shares of its capital stock and
has now approximately 57,843,617 common shares issued and outstanding. The
cash position of NGE has increased by $1,299,937 from the Series' A warrants
exercise since the release of its last interim financial statements as at
October 31, 2007 and NGE has currently approximately $3,750,000 in cash before
taking into account the proceeds of the private placement described herein.

    Private Placement

    NGE is in the process of closing a non-brokered private placement
comprised of issuance of a minimum of 500,000 units and a maximum of
1,500,000 units, valued at $1.00/unit, for total gross proceeds ranging from
$500,000 to $1,500,000. Each unit consists of 1 common share of NGE plus
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. Closing is expected to take
place by no later than March 15, 2008 and has received the conditional
approval for the TSX Venture Exchange. The Units and their underlying
securities will be subject to a four (4) month hold period.

    Grant of options and changes to some vesting provisions

    NGE also granted a total of 1,725,000 options under NGE 2007 Stock Option
Plan, namely 200,000 options to each of its directors, 200,000 to its
secretary, 150,000 to its Chief Financial Officer and 375,000 options to
employees of NGE. Each stock option entitles its holder to purchase one common
share of NGE at a price of $1.00 per share until March 4, 2013, and in
accordance with the other terms and conditions provided in NGE's 2007 Stock
Option Plan. Such options shall vest as to one-third of the options, on
March 4, 2009, as to the second one-third of the options, on March 4, 2010;
and as to the final one-third of the options, on March 4, 2011. The options
and any securities issued upon the exercise of the options are subject to a
four-month hold period. The options were granted pursuant to NGE's 2007 Stock
Option Plan of NGE which reserves an aggregate total of stock options
equivalent to 10% of the issued and outstanding shares of NGE at any given
time. Including the current grant, NGE has granted 5,550,000 stock options out
of an authorized maximum of 5,784,361 stock options as at the date hereof. The
option grant is subject to regulatory approval.
    Finally, as previously disclosed in NGE's management proxy circular and
as approved by NGE shareholders at NGE's annual and special meeting of
shareholders held on November 30, 2007, the vesting of 1,150,000 options
granted to 3 outside consultants has been reduced from three years to one year
in order to enable NGE to meet some of its contractual obligations to these
consultants.

    About NGE
    ---------

    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.


    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.
    %SEDAR: 00023996E




For further information:

For further information: Wade A. Hodges, President, CEO & Director,
Nevada Exploration Inc., (775) 359-7740, WAHodges@NevadaExploration.com

Organization Profile

NEVADA EXPLORATION INC.

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