CANADIAN PENNY STOCKS TO WATCH

[december]

Nevada Exploration looks for drill rig for Fletcher


2007-03-09 08:41 ET - News Release

Mr. Daniel Pharand reports

NEVADA EXPLORATION INC. ANNOUNCES COMMENCEMENT OF TRADING, OPERATIONAL PROGRESSES AND GRANTING OF STOCK OPTIONS

Nevada Exploration Inc.'s common shares have commenced trading on the TSX Venture Exchange under the symbol NGE.

Wade Hodges, the president of NGE, said: "The completion of our financings and our listing on the TSX Venture Exchange is a significant milestone in the evolution of NGE as it has secured the funds needed to pursue our exploration program on our two wholly owned properties, to continue our extensive water sampling using our unique technology and equipment, and to add to our landholdings by using our water chemistry database to identify prospective targets."

As stated in its National Instrument 43-101 technical report, the primary exploration focus of NGE is aimed at the Fletcher Junction property where preliminary water sampling analysis results indicated anomalous concentration of gold in underground water. In order to pursue its drilling program on the Fletcher Junction property, NGE secured, concurrently with the listing of its common shares on the TSX-V, all the necessary permits required to proceed with the drilling program and is currently in the process of securing a drill rig. Concurrently with preparing to drill at Fletcher Junction, NGE is moving forward to acquire additional properties already identified using management's extensive Nevada-based exploration experience coupled with its proprietary water chemistry database and sampling protocol -- negotiations with landowners are in progress and a staking crew has been contracted.

NGE also announced the commencement in office of the new board of directors previously announced and the granting to them of a total of one million stock options. Each stock option entitles the holder to purchase one common share of NGE at a price of 60 cents per share until March 9, 2012. Such options shall vest as to one-third of the options, on March 9, 2008, as to the second one-third of the options, on March 9, 2009; and as to the final one-third of the options, on March 9, 2010. The options and any securities issued upon the exercise of the options are subject to a four-month hold period. The options were granted pursuant to stock option plan of NGE which reserves a total of stock options equivalent to 10 per cent of the issued and outstanding shares of NGE at any given time. Including the current grant, NGE has issued 1,825,000 stock options out of an authorized maximum of 4,991,666 stock options. The option grant is subject to regulatory approval.

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