MONTREAL, April 23 /CNW Telbec/ - Nevada Exploration Inc. (TSX-V: NGE)
("NGE") is pleased to announce the closing of a non-brokered private placement
of two million units at $0.60 per unit for gross proceeds of $1.2 million.
Each unit consists of one common share and one-half of one common share
purchase warrant. Each whole warrant is exercisable for two years into one
common share at an exercise price of $0.75. A finder's fee of $90,000 was paid
to an arm's length party in connection with the financing. All securities
issued as part of the private placement are subject to hold periods under
Canadian securities laws and the policies of the TSX Venture Exchange (the
"Exchange") and are restricted from trading until August 20, 2007. Completion
of the private placement remains subject to the final approval of the
Wade Hodges, the President of NGE, stated: "We are delighted that we have
been able to obtain additional financing on favourable terms from strategic
investors based in the United States. This brings the total funds raised to
date to $6.2 million and allows us to accelerate our land acquisition and
exploration strategy in Nevada. We are also delighted that we have access to
the US financial markets at such an early stage in our development".
Exploration and Land Acquisition Update
NGE is pleased to report that five additional properties have been staked
on State land, all of which are now 100% owned by NGE and total an additional
672 claims, or 21 square miles. In addition, two other properties are in the
process of being staked for an additional 350 claims and an additional
10 square miles. Also, negotiations are taking place regarding additional
targets. This is part of NGE's stated strategy of acquiring additional
properties with gold in water anomalies similar to known gold mines previously
identified using NGE's proprietary water sampling techniques. Additional water
sampling is in progress on each property with initial results coming in ahead
of schedule and confirming and further defining RC drilling targets.
Notice level permitting for drilling has been initiated with the BLM on
all properties with approval expected without any undue delay. Discussions
with drilling companies are in progress for more than 80 RC drill holes on 10
separate properties. Management is of the opinion that NGE's program is on
track for a mid-summer start to drilling on 10 wholly-owned properties, each
with gold in water anomalies similar to producing gold mines in Nevada.
Ken Tullar, NGE's Chief Operating Officer stated: "We are very encouraged
about our water sampling protocols and the results we have achieved using this
technique to date. Water sampling results have justified the purchase of
additional water sampling equipment to speed property evaluations and conduct
additional reconnaissance on other targeted properties." Including NGE's
Fletcher Junction and Hot Pot properties, NGE will have a total of 10
properties or more than 60 square miles under control.
Board of Directors and Advisory Committee
NGE is also pleased to announce the nomination of Jack L. Tindale in
replacement of Mr. David Carbonaro, who tendered his resignation to allow this
addition - which will add significant geological and technical expertise to
the Board of Directors of NGE.
Mr. Tindale is an Exploration Geologist with over 45 years experience in
Canada, the United States and Africa, and is skilled in the development of
exploration projects through to feasibility studies. He has been involved in
the formation, financing and management of a number of junior resource
companies and is highly regarded in his field. Mr. Tindale also serves as
secretary-treasurer of Lakota Resources Inc. (TSX-V: LAK). His appointment is
subject to regulatory approval.
NGE would like to take the opportunity to thank Mr. Carbonaro for his
outstanding work as he led NGE in its early stage of development and has been
instrumental in advising NGE through its "going-public" process. Mr. Carbonaro
will remain involved with NGE, focusing on his duties as Secretary and general
counsel to NGE, as well as chairing the newly constituted Advisory Committee.
Appointments to the Advisory Committee - which will be focused on adding
additional financial and technical expertise to NGE - are now being finalized
and will be announced soon.
NGE is an exploration company focused, through its wholly-owned Nevada
incorporated subsidiary Pediment Gold LLC, on gold exploration in Nevada. NGE
has 100% ownership interest in the mineral rights to exploration properties in
Nevada's major gold trends and is led by a highly experienced management team.
NGE developed a proprietary groundwater chemistry exploration technology and
has completed the first ever survey of Nevada's groundwater chemistry.
Management believes that the results of NGE's groundwater chemistry program
are significant in that they have demonstrated that Nevada's gold deposits
exhibit recognizable groundwater chemistry. NGE used this technology to
identify the Hot Pot and Fletcher Junction targets as well as its recently
acquired properties. Permitting with the United States Forest Service for 20
drill sites has been approved on Fletcher Junction and is now in the final,
bonding stage. Second phase drilling will be directed by the results of recent
groundwater, soil, and soil-gas chemistry surveys.
The Exchange does not accept 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, the availability
of needed personnel and equipment for exploration and development,
fluctuations in the price of minerals, and general economic conditions.
For further information:
For further information: Daniel Pharand, Chairman of the Board, Nevada
Exploration Inc., (514) 984-4431, firstname.lastname@example.org; Wade Hodges, President,
Nevada Exploration Inc., (775) 359-7740, email@example.com; Web-site: