NGE Nevada Exploration Inc

Nevada Exploration Inc. ("NGE") (TSX VENTURE:NGE) and Baymount Incorporated
("BYM") have terminated the proposed transaction on NGE's Fletcher Junction Gold
Project, located in the Walker Lane in western Nevada, as contemplated by a
Letter of Intent announced on December 16, 2011.


The proposed transaction would have constituted a "Change of Business" for BYM
as defined under the rules and policies of the TSX Venture Exchange. BYM has
decided to not pursue a Change of Business at this time and instead to focus its
efforts on evaluating its existing assets and business activities.


Because the proposed transaction constituted a Change of Business transaction,
BYM required an updated, independent, technical report pursuant to National
Instrument 43-101. In anticipation for closing, NGE successfully obtained and
delivered to BYM an updated, independent technical report on the project.


Furthermore, since announcing the proposed transaction, NGE completed the final
stages of the US Forest Service permitting process to obtain a drilling permit
at Fletcher Junction.


With an updated technical report and a drill permit, NGE has begun discussions
with other possible exploration partners to complete the next phase of drilling
at Fletcher Junction.


To read more about NGE's Fletcher Junction Gold Project, please visit the
Fletcher Junction pages on NGE's website at:
http://www.nevadaexploration.com/properties/fletcher/overview/.


Share for Debt

Nevada Exploration Inc. has concluded the previously announced Shares for Debt
Agreement pursuant to which NGE has issued 200,000 Common Shares at a price of
$0.10 to reimburse an arm's length party for $20,000 of database and software
development services rendered in the ordinary course of business. The shares are
subject to a four month hold period expiring September 8, 2012.


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 "blind deposit" exploration
technology to identify, acquire, and advance new exploration properties in
Nevada's highly prospective, yet underexplored covered basins. Specifically, 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 portfolio
of nine new gold projects, and with over 20,000 hectares (75 sq mi), is evolving
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, joint ventures, and other exploration partnerships.


Cautionary Statement on Forward-Looking Information: 

This release contains certain "forward-looking statements" including, without
limitation, expectations, beliefs, plans and objectives regarding the potential
transactions and ventures discussed in this release. 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.

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