NGEx Closes CDN$27 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2011) - NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") reports that the private placement financing announced on October 11, 2011 has closed. The Company sold on a non-brokered private placement basis an aggregate of 9,000,000 common shares (the "Private Placement Shares") at a price of $3.00 per share for gross proceeds of CDN$27 million (the "Transaction").

The Private Placement Shares are subject to a four month hold expiring February 29, 2012. A 4% finders' fee was payable on a portion of the Transaction. Proceeds of the Transaction will be used primarily towards ongoing exploration programs as well as for general working capital purposes.

On behalf of the board

Wojtek Wodzicki, President and CEO