Nemaska Exploration Inc.

Nemaska Exploration Inc.

December 21, 2009 17:06 ET

Nemaska Exploration Reports 100,9m at 1,64 % Li2O on Its Whabouchi Property. Initial Results of Its Drilling Campaign Completed in October 2009

QUEBEC CITY, QUEBEC--(Marketwire - Dec. 21, 2009) - Nemaska Exploration Inc. (Nemaska or the Company) announces a first batch of assay results from the diamond drilling done during the month of October 2009 on its Whabouchi property. The objective of that first drilling campaign was to validate the historical results of drillings done by Canico (1962-63) on the Lac des Montagnes showing.

Diamond drill hole WHA-03-09 has intersected 100,9 m of spodumene bearing pegmatite at 1,64 % Li2O. This hole was done to confirm the results of hole 24042 (Canico, 1963) which had returned 1,44% Li2O on 83,2 m. The hole WHA-03-09 is located 30m North-West of hole 24042. A map (available at: http://media3.marketwire.com/docs/Whabouchi_samples.jpg) indicates the location of these drill holes as well as all of the work and results available as of this date, on the Whabouchi property.

« We are particularly enthusiast with the results obtained up to now on the Whabouchi property. To our knowledge, this pegmatite intersection of 100,9m at 1,64 % Li2O is the most important one reported to date in Quebec mentioned Guy Bourassa, President and CEO ». « These results and the results of the 9 grab samples (chosen) taken in September 2009 with values ranging from 1,18 % to 6,31 % Li2O, confirm our decision to accelerate the exploration work on this property in order to establish its real value and position it accordingly in North America. Therefore, after closing its Initial public offering, presently in the process, the Company will resume during the second week of January, a 5,000 m diamond drilling campaign in order to make a first resources estimate in spring 2010 ».

In total, seven (7) holes, totalling 915 meters, have allowed to confirm Canico's holes of 1962-63 and to verify the continuity and the extensions at depth (down to 150 m.) of certain pegmatite bands, mainly in the Western part of the property. Nemaska announces today the results of 4 of the 7 holes. These results are from 227 of the 786 samples collected during the month of October. The balance of the results should be available by the end of December.

Holes   From   To   Length
(m)
  True widths (m)   Li %   Be g/t   Li2O %
  WHA-01A-09            
    34,82   37,26   2,44   2.29   0,36   155   0,78
  Including   34,82   35,87   1,05   0.99   0,71   180   1,53
               
    48,37   55,3   6,93   6.51   0,8   128   1,72
  Including   48,37   54,5   6,13   5.76   0,9   127   1,94
               
    77,66   78,26   0,6   0.56   0,01   86   0,02
               
    80,86   82,03   1,17   1.10   0,01   144   0,02
               
  WHA-02-09              
    19,5   22,38   2,88   2.72   0,73   174   1,57
               
    39,02   41,31   2,29   2.17   0,38   127   0,82
  Including   39,02   40,64   1,62   1.53   0,52   122   1,12
               
    59,62   60,63   1,01   0.95   0,04   110   0,09
               
  WHA-03-09              
    3,93   6,77   2,84   2.21   0,74   183   1,59
  Including   3,93   6   2,07   1.61   0,97   145   2,09
               
    14,88   15,66   0,78   0.61   0,37   93   0,80
               
    17,32   118,25   100,93   80.61   0,76   147   1,64
  Including   17,32   31   13,68   10.93   1,05   170   2,26
  Including   39   50   11   8.78   1,08   179   2,33
  Including   53,92   59   5,08   4.06   1,27   180   2,73
  Including   69,5   71,5   2   1.60   0,79   140   1,70
  Including   81,5   89,5   8   6.39   0,82   123   1,77
  Including   93   110   17   13.58   0,9   159   1,94
  Including   113   117,5   4,5   3.59   0,87   162   1,87
               
  WHA-04-09              
    15   44   29   19.78   0,98   176   2,11
               
    59,14   61,94   2,8   1.91   1,07   265   2,30
    63,81   76,06   12,25   8.35   0,77   165   1,66
  Including   70,5   75,5   5   3.41   1,03   254   2,22
                 

We have reported the intersections lengths in the holes as well as our best estimates of the true widths given our current understanding of the geology. The 2009 holes were done at an average azimuth of 330 degrees and a dip of 50 degrees. The pegmatite bands have generally an azimuth of 060 degrees and a South-East dip of 70 degrees to 80 degrees. The difference noted between the intersection length and the true width of the holes realized in the eastern sector can be explained by the difference in dip of the pegmatite zones intersected.

  Nemaska Exploration 2009 holes, location and details
           
  # hole   East UTM   North UTM   Azimut   Dip   Length (m)
           
  WHA-01-09   441695   5726322   330   -50   33.1 (abandoned)
  WHA-01A-09   441695   5726327   330   -50   90
  WHA-02-09   441657   5726323   330   -51   65,9
  WHA-03-09   440963   5725788   330   -52   129
  WHA-04-09   440884   5725716   330   -52   138
  WHA-05-09   440920   5725650   330   -51   177
  WHA-06-09   441063   5725885   330   -50   114
  WHA-07-09   441093   5725831   330   -50   168
           
  Canico 1962-63 holes, location and details
           
  14890   n.l.*   n.l.*   360   -60   21,4
  14891   441642   5726344   175   -60   20,1
  24040   n.l.*   n.l.*   330   -45   137,3
  24041   441413   5726071   330   -45   146,6
  24042   440993   5725784   330   -45   138,1
  *  n.l.: not located        
                 

During that campaign, sixteen (16) trenches exposed more than 710 meters of pegmatite and country rocks. These trenches, with a 50 to 100 meters spacing, covered 1000 meters laterally. A total of 27 channels, totalling 295,6m coming from 11 trenches, were completed. The results of these channel samples are expected shortly.

The samples have been shipped, for preparation (crushing and pulverization), to the lab of Table Jamesienne de Concertation Miniere (TJCM) in Chibougamau. The prepared samples have been sent by courier to the Lakefield laboratory of SGS Mineral Services in Lakefield, Ontario, for lithium and beryllium analysis. This laboratory is recognized by industry and accredited ISO/MEC 17025: 2005 by the Canadian Council of standards. Nemaska Exploration inc. implements a rigorous quality control protocol to its operations, including the insertion of analytical control samples, duplicates and blanks and the follow-up on the results of these assays.

The technical sections of this press release have been prepared and reviewed by Donald Theberge, Eng. M.B.A. and qualified person as defined in National instrument 43-101.

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 are the Lac Arques (about 32,000 hectares) and the Whabouchi properties (about 860 hectares) which are both 100 % owned. In addition the Company has the option to acquire 100 % interest in the Lac des Montagnes and Lac Levac properties 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 Némiscau 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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