NQ Exploration Inc.
TSX VENTURE : NQE

NQ Exploration Inc.

May 06, 2009 11:49 ET

NQ Exploration to Become Owner of a 100% Interest in the Opawica Property

LAVAL, QUEBEC--(Marketwire - May 6, 2009) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to announce that it has entered into an agreement with Kinross Gold Corporation ("Kinross") and Inmet Mining Corporation ("Inmet") to acquire Kinross and Inmet's interests in the 24 claims of the Opawica property, located 80 km southwest of Chapais, Quebec. Previous work, including 41 drill holes, outlined a gold-bearing zone 350 metres long to a depth ranging from 100 to 200 metres. In addition to high-grade potential at depth, the property also has untested potential for a low-grade-high-tonnage surface deposit, as the mineralized zone lies within an anomalous gold-bearing envelope over 40 metres wide and spatially associated with porphyry-type dikes.

The following table shows some of the best assay results from previous drilling:



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Hole Grade/Width
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23-11 87.5 g/t Au over 1.5 metres
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23-05 23.7 g/t Au over 0.75 metres
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Q0-2 2.5 g/t Au over 6.1 metres
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23-04 5.1 g/t Au over 2.0 metres
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Q0-5 6.9 g/t Au over 3.8 metres
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Q0-9 3.6 g/t Au over 4.7 metres
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The property lies within one of the major NE-SW deformation corridors in the region that hosts a number of gold showings and two former producers, the Lac Shortt mine, one kilometre to the north, and the Bachelor Lake mine, 20 kilometres to the west. Metanor Resources Inc. is presently reactivating the Bachelor Lake mine, whose mill is already in operation. No mineral resource has been estimated for the Opawica property; no drilling has been done on the property since 1983.

At the closing date, NQ will issue a total of 300,000 common shares and grant a royalty of, in the aggregate, 1% of Net Smelter Returns on all ore mined from the lands covered by the 24 property claims, half (0.5%) of which can be bought back for US$750,000, to Kinross and Inmet in consideration for the acquisition of their interests in all 24 property claims. The acquisition is subject to regulatory approval, including the approval of the TSX Venture Exchange. The parties expect to close the transaction in May 2009.

Jacquelin Gauthier, a geological engineer, Vice President, Exploration for the Company, and a qualified person under National Instrument 43-101 on Standards of Disclosure for Mineral Projects, has reviewed and approved the technical content of this news release. Mr. Gauthier will supervise the work to be done on the project.

ABOUT NQ EXPLORATION INC.

NQ Exploration Inc. is a new mining exploration company with a solid portfolio of 15 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.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements subject to risks and uncertainties. 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 news release.

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