NQ Exploration Inc.
TSX VENTURE : NQE

NQ Exploration Inc.

October 25, 2011 10:55 ET

NQ Intersects 84 g/t AgEq Over 18.7 Metres at its Carheil Project

LAVAL, QUEBEC--(Marketwire - Oct. 25, 2011) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to report more results from the summer drilling program at its Carheil project (100% NQ). Hole CA2011-22 intercepted the Ag1 zone at a vertical depth of about 380 metres, where a 18.7-metre wide zone grading 84 g/t AgEq was intersected. This zone contained an enriched zone grading 466 g/t AgEq over 1.5 metres.

Hole CA2011-20 intercepted the Ag1 zone at a vertical depth of 200 metres, with an AgEq grade of 83 g/t over 6.0 metres, including 120 g/t AgEq over 1.5 metres. The parameters used to calculate silver equivalent (AgEq) are shown in the notes below the results table. The holes also returned an interesting interval of 109 g/t AgEq over 3 metres that corresponds to the OrAg1 zone.

Hole CA2011-24 intercepted the Ag1 zone at a vertical depth of 600 metres, the deepest intersection to date. The hole returned a grade of 300 g/t AgEq over 2.0 metres, including a 1.0 metre section at 2.71% Cu, 6.89% Zn, 203 g/t Ag and 0.49 g/t Au (543 g/t AgEq). This result confirms that the Ag1 zone remains open at depth. This interval is over 100 metres away from the nearest intersections (CA2009-09 and CA2011-13).

Hole CA2011-25 intercepted the zone at about 275 metres vertical depth, in the western part of the Ag1 zone, returning a grade of 115 g/t AgEq over 1.5 metres.

Hole CA2011-26 intercepted the Ag1 zone at about 350 metres vertical depth, in its eastern part. This hole confirmed both that the Ag1 zone pinches out to the east (as does the host rhyolitic unit), and that the gold-bearing zone seen in holes CA2009-09 and CA2011-13 also occurs here, as a 1.5-metre section grading 3.93 g/t Au.

Hole CA2011-27 intercepted the Ag1 zone at some 210 metres vertical depth, about 40 metres west of CA2011-20 and 70 metres above Hole CA2011-25. A grade of 164 g/t AgEq was obtained over 3.0 metres within a 9.0-metre envelope grading 102 g/t AgEq.

Hole # From To Length Cu Pb Zn Ag Au AgEq
m m m % % % g/t g/t
CA2011-20 174.00 180.00 6.00 0.08 0.03 0.64 58.0 0.18 83
177.00 178.50 1.50 1.15 89.0 0.26 120
229.30 232.30 3.00 0.01 0.41 90.9 0.25 109
CA2011-22 350.30 369.00 18.70 0.00 0.11 0.27 77.6 0.03 84
including 356.30 357.80 1.50 0.01 0.41 1.01 447.0 0.12 466
CA2011-24 685.80 687.80 2.00 1.38 0.21 4.43 106.9 0.30 300
including 686.80 687.80 1.00 2.71 0.32 6.89 203.0 0.49 543
CA2011-25 271.50 277.50 6.00 40.0
including 276.00 277.50 1.50 0.01 0.08 0.40 82.9 0.49 115
CA2011-26 352.50 354.00 1.50 0.06 0.11 1.47 18.0 0.20 60
363.00 363.50 1.50 0.01 0.01 0.53 3.2 3.93 216
CA2011-27 204.00 213.00 9.00 0.01 0.16 1.36 73.7 0.04 102
including 204.00 207.00 3.00 0.01 0.37 3.24 99.6 0.02 164
1 The lengths shown are core lengths. On the basis of current information, true widths would be 75 to 85% of these lengths.
2 The AgEq designation refers to silver equivalent, which is calculated using the following parameters: 1 oz/ton = 34.28 g/tonne; Copper = US $3.29/lb, Zinc = US $0.84/lb; Lead = US $0.86/lb, Gold = $1,646/oz, Silver = $31/oz. This value is used as a guide for exploration, and does not take into account the metallurgical recovery of the metals. It shows the value of all metals combined in terms of g/t Ag. Metal prices = market price on October 18th, 2011.

Silver equivalent (AgEq)= (((%Cu*20*$3,29)+(%Pb*20*$0,86)+(%Zn*20*$0,84)+(g/tAg/34,28)*$31+(g/tAu/34,28)*$1646)/$32)*34,28

David Grondin, president of NQ Exploration explains how these results influence the Carheil Project; "The Ag1 zone appears to be remarkably continuous, over 600 metres on a vertical axis and still open at depth, geometrically simple and sub-conformable to the stratigraphy, in fact it appears as a unique mineralized panel dipping moderately south, with a silver-rich core within an anomalous envelope several metres thick".

The Company has tested an XRF device that can read approximate grades of a rock sample (Ag, Cu, Pb, Zn) quickly (15 seconds). The device has proved to generate remarkably accurate results, which makes it very useful for making decisions in the field (whether or not to continue drilling a given hole, for instance). The Company has therefore decided to acquire such a device, and its personnel have already been trained in its use. This will enable the Company to determine immediately whether drill core is mineralized, instead of waiting eight weeks to receive assay results, as it does now.

Assays were performed by the ALS Chemex laboratory in Val-d'Or. All samples are assayed using two methods: 1 – for gold, first by fire assay with an FA-AA23 finish, then for results over 1 g/t rerun by fire assay with AU-GRA21 gravity finish; 2 – for 35 elements using multi-acid ICP (ME-ICP61), then for results over 50 ppm silver rerun using fire assay Ag-GRA21, and/or over 10,000 ppm Cu/Mo/Pb/Zn rerun using the ore grade method (OG46) with aqua regia digestion and ICP-AES finish. Due to the exceptionally high number of samples awaiting laboratory testing, assay delivery times have temporarily risen to over 50 days.

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 and base metal 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.

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