Nemaska Exploration Files a Preliminary Prospectus for an Offering of a Minimum of $4M and a Maximum of $9M and Announces the Nomination of Ms. Judy Baker as Director

26 November 2009
QUEBEC CITY, QUEBEC--(Marketwire - Nov. 26, 2009) - NEMASKA EXPLORATION INC. (Nemaska or the Corporation) announces that it has received a receipt for its preliminary prospectus filed with the Quebec, Ontario, Alberta and British Columbia securities commissions, concerning an offering of Common shares for a Minimum of $4M (Minimum offering) and a maximum of $9M (Maximum offering) (collectively the Offering). The Corporation has also applied to list its shares on the TSX Venture Exchange. A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in certain jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from CTI Capital Securities Inc. at 1 Place Ville-Marie, Suite 1635, Montreal, Quebec, H3B 2B6. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

The Offering consists of A and B units. Each A Unit, at a price of $1,000, consists of 400 common shares at a price of $0.50 per Common Share and 1,250 Flow-Through Shares at a price of $0.64 per Flow-Through Share and of 825 Common Share purchase warrant. Each Warrant entitles its holder to purchase one Common Share at a price of $0.80 for a period of 24 months following the closing of the Offering. Each B Unit, at a price of $500, consists of 1,000 Common Shares and 1,000 Common share purchase warrants. Each Warrant entitles its holder to purchase one Common Share at a price of $0.80 for a period of 24 months following the Closing Date.

Following the closing of the Offering, the objectives of the Corporation are to complete during the winter of 2010, 5,000 m of diamond drilling on the Whabouchi Property and to be able to make a resources calculation during the spring 2010. The Corporation also intends to start, in February 2010, a 7000 m diamond drilling campaign on the Nisk-1 deposit, located on the Lac Levac property, below the 330 m level to establish the continuity of the mineralized zone at depth. This campaign should be finished by the end of the winter of 2010 and lead to a new resources calculation to be completed during the fall of 2010. The result of that new resources calculation will set the next steps of that project, namely a pre-feasibility study and a second metallurgical test.

These are the Corporation's two main commercial objectives in case of the Minimum Offering. On the other hand, in the case of the Maximum Offering, during the summer of 2010 and the summer of 2011, the Corporation will do prospection and field work to generate additional potential targets for diamond drilling and to generate more information on the potential of the Lac Arques and Lac Levac properties.

The corporation take this opportunity to announce the nomination of Ms. Judy Baker to its board of directors. Ms. Baker is presently acting as President of American lithium Minerals Inc. an exploration company involved in lithium exploration in United Sates of America. Previously she acted as President, Chief Executive Officer and Director of Canada Lithium Corp. (CLQ-V). Ms. Baker was instrumental in restructuring that company and strategically positioning it in the lithium industry. Ms. Baker holds an Honours B.Sc. Geological Engineering in Mineral Resources Exploration and a M.B.A., and has 17 years of experience in the mining and mineral exploration sector including equity analysis, fund management; and exploration and mining company activity.

About Nemaska Exploration

Nemaska Exploration Inc., a reporting issuer in Quebec since November 2008, is a mineral exploration company involved in the James Bay region in Quebec. Its main assets, 100 % owned, are the Lac Arques (about 30,000 hectares) and part of the Whabouchi property, where is located the Lac des Montagnes lithium showing (about 860 hectares). In addition the Company has the option to acquire 100 % interest in the Lac Levac and Lac des Montagnes properties and the other portion of the Whabouchi property belonging to Golden Goose Resources Inc. (about 32,000 hectares). These properties are contiguous and cover about 70 km of the Lac des Montagnes green belt polymetallic formation and are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (375 km). They are located near the Cree community of Nemaska and the Nemiscau airport.

Neither 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.

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.