Nemaska Exploration Inc.

Nemaska Exploration Inc.

December 21, 2009 13:08 ET

Nemaska Exploration Obtains a Receipt for Its Final Prospectus for an Offering of a Minimum of $3,761 000 and a Maximum of $7,999 760

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 21, 2009) - NEMASKA EXPLORATION INC. ("Nemaska" or the "Corporation") announces that it has received a receipt for its final prospectus filed with the Quebec, Ontario, Alberta and British Columbia securities commissions, concerning an offering of Common shares for a Minimum of $3,761,000 (Minimum offering) and a maximum of $7,999,760 (Maximum offering) (collectively the Offering). The Corporation has also received a conditional listing approval from the Toronto Stock Exchange Venture for the securities included in the Offering. This Offering is made by way of a prospectus. The prospectus contains important detailed information concerning the securities offered.

This Offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from CTI Capital Securities Inc. at 1 Place Ville-Marie Suite 1635, Montreal, Quebec, H3B 2B6. Investors should read the prospectus before making an investment.

The Offering consists of a number of A, B and C units. Each A Unit, at a price of $1,000, consists of 400 common shares at a price of $0.50 per Common Share and 1,250 Flow-Through Shares at a price of $0.64 per Flow-Through Share and of 825 Common Share purchase warrant. Each Warrant entitles its holder to purchase one Common Share at a price of $0.80 for a period of 24 months following the closing of the Offering. Each B Unit, at a price of $500, consists of 1,000 Common Shares and 1,000 Common share purchase warrants. Each Warrant entitles its holder to purchase one Common Share at a price of $0.80 for a period of 24 months following the Closing date. Each C Unit, at a price of $2,240, consists of 13,500 Flow-Through Shares at a price of $0.64 per Flow-Through Share and of 1,750 Common Share purchase warrant. Each Warrant entitles its holder to purchase one Common Share at a price of $0.80 for a period of 24 months following the closing of the Offering. In the ease of the C units, a minimum subscription of $150,000 is required. The prospectus can be accessed directly at: http://media3.marketwire.com/docs/Prospectus%20D%c3%a9finitif%20Eng.pdf.

Following the closing of the Offering scheduled on December 21, 2009, the objectives of the Corporation is to complete during the winter of 2010, 5,000 m of diamond drilling on the Whabouchi Property and to be able to make a resources calculation during the spring 2010. The Corporation also intends to start, in February 2010, a 7,000 m diamond drilling campaign on the Nisk-1 deposit, located on the Lac Levac property, below the 330 m level to establish the continuity of the mineralized zone at depth. This campaign should be finished by the end of the winter of 2010 and lead to a new resources calculation to be completed during the fall of 2010. The result of that new resources calculation will set the next steps of that project, namely a pre-feasibility study and a second metallurgical test.

These are the Corporation's two main commercial objectives in case of the Minimum Offering. On the other hand, in the case of the Maximum Offering, during the summer of 2010 and the summer of 2011, the Corporation will do prospection and field work to generate additional potential targets for diamond drilling and to generate more information on the potential of the Lac Arques and Lac Levac properties.

About Nemaska Exploration

Nemaska Exploration Inc., a reporting issuer in Quebec since November 2008, is a mineral exploration company involved in the James Bay region in Quebec. Its main assets, 100 % owned, (about 32,000 hectares) and part of the Whabouchi property (about 860 hectares). In addition the Company has the option to acquire 100 % interest in the Lac Levac and Lac des Montagnes properties and the other portion of the Whabouchi property belonging to Golden Goose Resources Inc. (about 32,000 hectares). These properties are contiguous and cover about 70 km of the Lac des Montagnes green belt polymetallic formation and are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km). They are located near the Cree community of Nemaska and the Nemiscau airport.

Neither 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.

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

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