Nemaska's Whabouchi Lithium Project Continues To Produce Wide High-Grade Drill Results

QUEBEC CITY, QUEBEC--(Marketwire - March 24, 2011) - Nemaska Exploration Inc. («Nemaska» or the« Corporation») (TSX VENTURE:NMX)(OTCBB:NMKEF)(FRANKFURT:NOT) is pleased to announce the initial results from 12 holes of its current 48 holes (10,000 metre) drill program on its 100% owned Whabouchi project. The Company has drilled 36 holes (7,600 metres) to date at Whabouchi and is expecting to complete the program by the end of April 2011. These results confirm the impressive width of the main mineralized zone as well as its grade and confirm the presence of parallel zones to the South. Highlights include: 76.7 m at 1.73% Li₂O, 77.3 m at 1.67% Li₂O, 72.7 m at 1.61% Li₂O, 42.5 m at 1.80% Li₂O and 28.2 m at 2.18% Li₂O.

"The high-grade and exceptional width of these results are as expected and are part of an infill drill program that was recommended by independent consultants in a preliminary economic assessment of our project earlier this year," commented Mr. Guy Bourassa, President and CEO. "The results support our current NI 43-101 resource estimate prepared by Mr. André Laferrière, M.Sc., P. Geo. of SGS Geostat in May 2010, and should result in an increase in the measured, indicated and inferred categories. " He continued, "Unlike many lithium hard rock deposits, Whabouchi is a large straight-forward ore body with a homogeneous grade. So far, these key features have enabled us to fast track our exploration to date and rapidly move the project towards feasibility and production. With a strategic Chinese investor already involved we are also on track to market spodumene concentrate to Asian markets."

The intersections from the first 12 holes are reported in the table below:

Section	Hole	From (m	)	To (m	)	Core length (m	)	True width (m	)	Li2O %	Be ppm	Rb ppm
6+75 E	WHA-10-67	90.8		146.3		55.5		52.0		1.55	163	1310
6+75 E	WHA-10-68	176.9		184.8		7.9		7.2		1.58	124	2236
6+75 E		192.2		200.9		8.7		7.9		1.45	112	619
6+75 E		209.7		230.1		20.4		18.6		1.65	139	1134
6+50 E	WHA-10-69	169.4		232.7		63.3		52.7		1.21	112	385
6+25 E	WHA-10-70	110.9		180.0		69.1		58.8		1.16	92	629
6+00 E	WHA-10-71	136.5		142.3		5.8		4.0		1.48	166	1010
6+00 E		157.0		234.0		77.0		53.0		1.36	122	1333
5+75 E	WHA-10-73	87.9		91.7		3.8		2.8		1.63	115	890
5+75 E		104.3		120.4		16.1		11.9		1.70	164	1298
5+75 E		136.5		174.6		38.1		28.2		2.18	163	954
5+75 E	WHA-10-74	173		176.0		3.0		2.7		1.20	158	1133
5+75 E		186.7		266.0		79.3		72.7		1.61	148	1108
5+50 E	WHA-10-75	103.4		107.0		3.6		3.2		1.83	157	1106
5+50 E		113.7		202.0		88.3		77.3		1.67	133	971
5+00 E	WHA-10-76	79.0		85.4		6.4		5.5		1.60	124	2071
5+00 E		103.9		107.0		3.1		2.7		1.62	112	1384
5+00 E		112.7		202.0		89.3		76.7		1.73	135	1096
3+75 E	WHA-10-77	8.0		10.0		2		1.8		1.62	144	1163
3+75 E		24.5		30.5		6		5.3		1.36	134	1123
3+75 E		65.5		75.0		9.5		8.4		1.56	148	1102
3+75 E		118.0		162.9		44.9		39.7		1.87	138	1312
3+75 E		169.8		176.0		6.2		5.5		2.31	145	608
3+25 E	WHA-10-78	16.2		29.0		12.8		10.6		1.85	128	1276
3+25 E		65.5		74.6		9.1		7.5		1.65	109	1331
3+25 E		126.0		177.3		51.3		42.5		1.80	131	1173
4+25 E	WHA-10-79	28.2		31.4		3.2		2.6		1.68	198	683
4+25 E		109.6		162.0		52.4		41.9		1.55	134	1805

The Company has reported the intersection lengths as well as the best estimates of the true widths given the current understanding of the geology. The drill holes are aiming 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.

All samples have been shipped to the Table Jamésienne de Concertation Minière ("TJCM") in Chibougamau, Quebec, for preparation process: inventory, drying, weigh, crushing, split and pulverization. The pulverized portions were then sent by secured courier to either the laboratory of SGS Mineral Services in Don Mills, Ontario ("SGS"), or to the ALS Chemex facilities in North Vancouver, British-Colombia ("ALS"), for lithium, beryllium and rubidium analysis by Inductively Coupled Plasma methods. These laboratories are recognized by the industry and accredited ISO/MEC 17025 by the Standards Council of Canada. In addition to the quality assurance and quality control ("QA/QC") employed by SGS and ALS, Nemaska Exploration develops a rigorous QA/QC protocol to its operations, including the insertion of analytical standard samples, duplicates and coarse silica blanks on a systematic basis. To determine the QC warning, ±2x Std.Dev., and QC failure ±3x Std.Dev. were used. QC results did not highlight any significant analytical bias.

The technical sections of this press release have been prepared by Yvan Bussières, P. Eng and reviewed by Yves Caron, M.Sc., P. Geo., qualified persons as defined in National instrument 43-101.

About Nemaska

Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec. Its main assets are the Whabouchi (about 1,716 hectares), Lac Levac (about 9,200 hectares), Lac Arques (about 39,470 hectares), and Lac des Montagnes (about 12,740 hectares) properties, all 100 % owned. These properties are contiguous and cover about 85 km of the Lac des Montagnes green belt polymetallic formation. They 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) and are located near the Cree community of Nemaska and the Némiscau airport.

The statements herein that are not historical facts are forward‐looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward‐looking statement.