Nevada Exploration Inc. Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 29, 2015) - Nevada Exploration Inc. ("NGE" or the "Company") (TSX VENTURE:NGE)(OTCQX:NVDEF) is pleased to announce that it has closed, subject to TSX Venture Exchange final approval, a non-brokered private placement whereby NGE has issued 1,323,000 Units at a price of $0.275 CAD per Unit, for total proceeds of $363,825 CAD. Insiders of the Company subscribed for an aggregate of 436,000 Units, totalling $119,900 CAD.

Each Unit consists of one common share and one half of one non-transferable common share purchase warrant entitling the holder to purchase one common share at an exercise price of $0.50 for a period of two years, subject to an accelerated expiry provision described below (the "Warrants"). All shares issued are subject to a four month hold period expiring April 30, 2016, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities. The proceeds of this tranche will be used for general working capital.

If on any 20 consecutive trading days after the issuance of the Units, the closing sales price (or closing bid price on days when there are no trades) of the common shares of the Company quoted on the TSX Venture Exchange is greater than $0.75 per Share, then the Company shall have the right to accelerate the Warrant expiry date to the 30th day after the date on which the Company gives notice to the Warrant holders in accordance with the certificates representing the Warrants.

The securities issued by NGE have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration, or an applicable exemption therefrom, under the 1933 Act and the securities laws of all applicable states. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.

About Nevada Exploration Inc.

NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.

NGE is aggressively applying the latest in covered deposit exploration technology to identify, acquire, and advance new exploration properties in Nevada's highly prospective yet underexplored covered basins. NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada's covered basins where traditional exploration techniques are challenged.

Using its industry-leading exploration technology, NGE has assembled a large portfolio of new gold projects, and has established itself as a major player in this world-class jurisdiction. NGE's business model is to leverage its properties and technology to create shareholder value through generative exploration and development.

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.

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws, including, without limitation, expectations, beliefs, plans, and objectives regarding projects, potential transactions, and ventures discussed in this release.

In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

In addition, there are known and unknown risk factors which could cause the Company's actual results,
performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.

A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

Contact

Nevada Exploration Inc.
Investor Relations
+1 (604) 601 2006
info@nevadaexploration.com
www.nevadaexploration.com