LAVAL, QUÉBEC--(Marketwire - April 10, 2012) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to announce that it has signed an agreement to sell its interest in the Star Lake property, located in the James Bay area of Quebec, 120 km southeast of the town of Radisson. The property consists of 89 contiguous map-designated claims that cover a total area of 46.01 km2. The Company owns an undivided interest of 61.33% in the said property and, subject to certain conditions, the property may be subject to a net smelter return of 2%, the half of which may be refund by the Company for an amount of $1,000,000.
The Star Lake property has been sold to Minerva Financial Corporation, a private company, in consideration of 2,000,000 class "A" shares of the private company valued at $0.10 per share, for a transaction value of $200,000. The transaction is subject to the approval of the Boards of Directors of both companies and conditional to the approval of the TSX Venture Exchange.
Star Lake is a grassroots prospect with U, Cu and Au potential. It lies in the Opinaca metasedimentary geological subprovince, which is part of the Superior province. The region is dominated by Archean biotite migmatites and biotite paragneiss (metamorphosed sediments) of the Laguiche Group. The property lies about 50 km north of Goldcorp's Éléonore gold project, where the mineralization is hosted by the Laguiche Group.
The Lac Marjolet uranium showing was discovered in the 1970s. At that time, grades of 0.18% U3O8 and 0.072% ThO2 were obtained in pegmatites at the centre of the property. Lake-bottom sediments also returned anomalous gold values. Various geochemical, geophysical and geological surveys carried out between 2005 and 2008 confirmed the presence of uranium-bearing pegmatite fields 500 to 3,000 metres long by 200 to 400 metres wide along a 10-kilometre corridor. The target metallogenic model is that of the Rossing mine in Namibia (high tonnage, low grade). However, the discovery of a major fault on the property indicates that the property may also have potential for an Athabaska Basin and Otish Mountain type environment (high-grade uranium associated with a geological discontinuity).
Pierre O'Dowd, geologist and Vice President, Exploration of NQ Exploration, has reviewed the technical content of this press release. Mr. O'Dowd is a qualified person under Regulation 43-101 respecting standards of disclosure for mineral projects.
ABOUT NQ EXPLORATION INC.
NQ Exploration Inc. is a mining exploration company with a solid portfolio of 11 mining properties in the James Bay and Abitibi regions 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.
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.
Contact Information:
President and Chief Executive Officer
(514) 206-7727
www.explorationnq.com