NAMEX EXPLORATIONS INC.
TSX VENTURE : NME

NAMEX EXPLORATIONS INC.

August 10, 2007 16:50 ET

Namex Explorations Holds First Closing of Private Placement

MONTREAL, QUEBEC--(Marketwire - Aug. 10, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF THROUGH U.S. NEWSWIRE SERVICES

Namex Explorations Inc. (TSX VENTURE:NME) announces that it has held a first closing for $1,058,650 of its previously-announced $1.5 million private placement of flow-through units and non-flow-through units.

At the first closing, Namex issued 1,757,500 non-flow-through "A Units" at a price of $0.30 per unit, for gross proceeds to Namex of $527,250. Each A Unit consists of one common share and one-half of a common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at a price of $0.42 until February 7, 2009.

Namex also issued 1,328,500 flow-through "B Units" at a price of $0.40 per unit, for gross proceeds to Namex of $531,400. Each B Unit consists of one flow-through common share and one-half of a common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at a price of $0.42 until February 7, 2009.

If the closing price of Namex's common shares exceeds $0.60 for each day in a period of ten consecutive trading days commencing after December 7, 2007, the exercise period of the warrants will be shortened to a period ending 30 days after the last day of the ten consecutive trading days.

Northern Securities Inc. is acting as agent for the private placement.

In connection with the private placement, Namex paid Northern Securities Inc. a cash commission equal to 10% of the gross proceeds of the private placement. Namex also issued broker warrants to Northern Securities Inc., entitling it to purchase up to 175,750 "A Units" and 132,850 "B Units" of Namex, representing 10% of the total number of units sold to date in the private placement. The broker warrants for the "A Units" may be exercised at a price of $0.30 per unit while the broker warrants for the "B Units" may be exercised at a price of $0.40 per unit, in both cases until February 7, 2009. Each unit to be issued upon the exercise of the broker warrants will consist of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder to acquire one additional common share at a price of $0.42 until February 7, 2009.

The net proceeds from the private placement will be used for exploration on Namex's properties in Ontario and for general corporate and working capital purposes. As a result of the first closing of the private placement, there are 26,621,499 common shares of Namex issued and outstanding. A second closing of the private placement is expected to be held shortly.

Under applicable securities legislation and the policies of the TSX Venture Exchange, all of the securities issued by Namex at the first closing are subject to a hold period expiring on December 7, 2007.

Namex is a Canadian junior that actively explores for platinum group metals, nickel, copper, gold, silver, zinc and lead exclusively in North America. For further information, see Namex's due diligence site: www.namex-explorations.com.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the benefit of U.S. persons except in certain transactions exempt from the registration requirements of such Act. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

This release was prepared by the Company's management, who take full responsibility for its contents. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. The Company disclaims any obligation to update forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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