NQ Exploration Inc.

NQ Exploration Inc.

March 30, 2009 10:22 ET

NQ Exploration Inc.: Property Portfolio Update

LAVAL, QUEBEC--(Marketwire - March 30, 2009) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to issue an update on the state of its property portfolio following the recent completion of the rationalization and optimization program introduced in the fall of 2008. When it was formed in November 2007, the Company owned 100% interests in 19 properties totalling 3,959 claims (1,997 km2). Since that time, 2,852 claims have been or are slated to be dropped, and 248 new claims have been acquired. As a result, the Company now holds 12 properties totalling 1,355 claims (559 km2).

The Company's land holdings were optimized as shown below, based on the results of 2008 field work and the reinterpretation of all available data.

total number New total
Properties of claims Claims dropped Claims acquired number of claims
Aylmer 28 16 - 12
Candlestick 110 20 - 90
Carheil - - 32 32
Conviac 441 243 - 198
Duncan 262 141 108 229
Eastmain North 502 387 16 131
Gand 1 76 - - 76
Le Moyne 78 58 20 40
Morand 177 - - 177
Pine Hill 161 151 58 68
Pine Hill North 77 - 8 85
Star Lake 241 30 6 217
TOTAL 2,153 1,046 248 1,355

It should be noted that the Company owned a minority interest of only 5.26% in the original claims of the Carheil property. It acquired the outstanding interests in the fall of 2008 to hold a 100% interest, and added 23 new claims.

Based on disappointing results obtained in 2008, sparse results from earlier work and/or a lack of strategic interest, the Company decided to drop eight properties, namely the Castle (963 claims), Corvet South (247 claims), Eastmain (178 claims), Gauchet (18 claims), Jobert (58 claims), Pontax 1 & 2 (126 claims), Sakami (151 claims) and Wapamisk (65 claims) projects.

NQ Exploration Inc. still holds minority interest in the Chantal (2% NSR), Rapide-des-Cedres (12.5% non-contributing), Themines North (5% non-contributing) and Opawica (24.4%) projects. It is negotiating with some of its partners on these properties in an effort to optimize its interest and land position.

NQ Exploration Inc. implemented its rationalization program in the interest of redefining its global strategy in light of the current economic and financial situation. The Company is aiming to leverage its most promising properties while focusing on the search for advanced projects, mainly in the Abitibi and James Bay regions. The Company expects to organize at least one financing for this purpose in 2009.


NQ Exploration Inc. is a new mining exploration company with a solid portfolio of 15 mining properties in the James Bay region of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold, base metal and uranium deposits.


This press release contains forward-looking statements subject to risks and uncertainties. Consequently, there is no assurance that such statements will prove to be accurate, and actual results and future events may differ considerably from those anticipated by such statements. Such risks and uncertainties are described in the quarterly management discussions and analyses and documents filed with regulatory authorities by NQ Exploration Inc. NQ Exploration Inc. does not undertake to publicly update or revise forward-looking statements on the basis of new information or future events or for any other reason.

The TSX Venture Exchange does not assume any responsibility for the adequacy or accuracy of this press release.

Contact Information