Nevada Exploration Inc. ("NGE") closes Private Placement to accelerate drilling program and provides operational update



    MONTREAL, Jan. 24 /CNW/ - Nevada Exploration Inc. (TSX-V: NGE) ("NGE") is
pleased to announce that it has closed a non-brokered Private Placement
consisting of 1,020,000 units, valued at $1.00/unit, for total gross proceeds
of $1,020,000. NGE is also pleased to report on its operational progress,
which includes the addition of a second drill rig to its Fletcher Junction
property and the addition of two new exploration properties.

    Private Placement

    NGE issued today 1,020,000 units, valued at $1.00/unit, for total gross
proceeds of $1,020,000. 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.
    Wade Hodges, President and Chief Executive Officer of NGE, said that "NGE
management is particularly pleased to complete a non-brokered private
placement with strategic investors who continue to support NGE's unique
exploration model. These additional funds will allow us to ramp up our
exploration plans based upon continued positive results, thereby adding
incremental value with minimal dilution."
    Specifically, NGE will use the proceeds to accelerate both drilling and
property acquisitions over the next 12 to 18 months. NGE is well positioned to
continue to explore for new gold discoveries for its shareholders.

    Property Acquisitions

    NGE continues to apply its unique exploration approach, which emphasizes
a proprietary water chemistry methodology as one element of a highly efficient
and effective exploration program designed to leverage always scarce
exploration resources into high return gold discoveries.
    NGE has acquired two additional properties - both evidencing highly
anomalous gold in groundwater, and has added additional claims to
two previously acquired properties. NGE's total land position now consists of
approximately 60 sq-mi on 11 separate properties. NGE plans to continue
acquiring land covering additional targets as identified by highly anomalous
gold in ground water.

    Fletcher Junction Drilling

    As previously announced, reverse circulation drilling operations started
at Fletcher Junction on November 12, 2007. Fletcher Junction is the property
of merit described in NGE filing statement dated February 16, 2007 produced as
per National Instrument 43-101 and available on www.sedar.ca. Drill production
has been slower than initially anticipated. Drilling is ongoing and the fourth
drill hole is now complete. All four holes drilled to date have been completed
to depths of between 900 feet and 1,000 feet have intersected the expected
lithologic contacts, and have encountered hydrothermally altered bedrock as
shallow as 450 feet.
    The drilling program has been designed to test the large 9,000 foot by
3,000 foot target area with wide-spaced vertical holes to determine the size
of the expected hydrothermal system and its primary, potentially-ore
controlling characteristics. While visual results to date have been positive,
much work remains before a proper assessment of the Fletcher Junction system
can be made. Assay results are pending and substantive results for Fletcher
Junction are expected during the second quarter of 2008.
    A second Reverse Circulation (RC) drill rig has been added to the
Fletcher Junction project with the capacity to drill to depths of up to
2,000 feet. Although current plans still call for less than 1,000 foot drill
depths, having two RC drill rigs on the same property will speed up drill
testing of Fletcher Junction and will simplify the logistics of supporting two
rigs, allowing NGE to use the two rigs most efficiently. By the time phase-one
drilling is completed at Fletcher Junction it is expected that both drill rigs
and geologic support crews will be operating smoothly, so that the rigs can be
deployed to separate properties and accelerate the rate at which NGE can drill
test its portfolio of properties. Targeting and permitting activities continue
well in advance of drill availability to assure a steady flow of drill ready
projects.
    Ken Tullar, Chief Operating Officer of NGE, concluded that "NGE continues
to position itself to lead the junior resource mining sector by building upon
past conventional exploration success with a carefully designed program of
Progressive Innovation, and by attracting the optimal human and material
resources to capitalize on our strong market support."

    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., Tel: (775) 359-7740, E-Mail:
WAHodges@NevadaExploration.com

Organization Profile

NEVADA EXPLORATION INC.

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