VANCOUVER,
BRITISH COLUMBIA--(Marketwire - March 19, 2010) - Nevada Exploration Inc.
("NGE") (TSX VENTURE:NGE) announced today that its Board of Directors have
approved the steps necessary to amalgamate with its wholly-owned subsidiary,
2107189 Ontario Inc. ("Ont Co"). Pursuant to the amalgamation, all of the
issued and outstanding shares of Ont Co will be cancelled and the assets,
obligations and liabilities of Ont Co will be assumed by the NGE. No securities
of NGE will be issued in connection with the amalgamation and the share capital
of the NGE will remain the same. The amalgamation of NGE and Ont Co will be
undertaken in order to simplify the corporate structure of NGE and to reduce
administrative costs. The amalgamation will not have any significant effect on
the business and operations of the Corporation. The amalgamation is to take the
form of a vertical short-form amalgamation, to be completed pursuant to the
Canada Business Corporations Act. Subject to TSX-V approval, it is anticipated
that the amalgamation will be effective May 1, 2010.
NGE
will issue a further news release once its amalgamation with Ont Co is
complete.
ABOUT
NEVADA EXPLORATION INC.
NGE
is an exploration company focused on gold in Nevada. NGE is led by an
experienced and historically successful exploration management team. NGE has
developed a proprietary groundwater chemistry exploration technology to explore
for gold in Nevada's covered basins where traditional exploration techniques
are challenged. NGE has completed the first ever comprehensive survey of
Nevada's groundwater focused on discovering new gold deposits, and has
demonstrated that Nevada's gold deposits exhibit recognizable and measurable
groundwater chemistry signatures. NGE has used its proprietary technology to identify,
acquire, and develop 11 new exploration properties exhibiting groundwater
chemistry similar to known gold mines, and NGE is applying a standardized,
staged exploration program at each property.
NGE
has completed Phase I drilling at three of its properties and has discovered
new, previously unknown, geochemically anomalous, hydrothermal systems at all
three. With these results, NGE has demonstrated that its groundwater chemistry
exploration program can identify new, high quality exploration targets in
previously unexplored areas. Now that NGE has established groundwater chemistry
as a valuable and important exploration technology, NGE plans to focus on
matching its drill-ready properties with exploration partners. By leaving the
later, more-traditional exploration stages for our partners, NGE plans to focus
on leveraging its investment in groundwater chemistry exploration technology to
identify and advance more new exploration properties, and to establish itself
as a source of high quality, drill ready exploration properties for the mining
industry.
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.
Neither the 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.