Nemaska Reports Drill Results From Nisk 1 Nickel-Copper Deposit and Provides Exploration Update

03 August 2010

QUEBEC CITY, QUEBEC--(Marketwire - Aug. 3, 2010) - Nemaska Exploration Inc. («Nemaska» or the "Company») (TSX VENTURE:NMX) is pleased to provide an update on the exploration program currently underway on its 60,000 hectare polymetallic Lac des Montagnes formation land package in the Nemiscau, James Bay region of Quebec. The Lac des Montagnes formation hosts ultramafic intrusions in which the Ni-Cu-PGE, Nisk-1 deposit and Valiquette showing (Ni-Cu) are contained.

Guy Bourassa, President and CEO of Nemaska commented, «Due to the rapid development of our lithium project (Whabouchi), the exploration activities on the rest of our property have had less profile though they remain an important and compelling component of Nemaska. Our land position on the Lac de Montagnes formation is unmatched by any other company and as such we are in a position to explore a number of interesting targets this summer. At the moment, we have about 20 people in the field gathering numerous samples that have been sent to the lab for analysis. To date our exploration work has produced some excellent results and we plan to further develop these assets. »

Exploration work, summer 2010.

Since the beginning of June 2010, Nemaska has carried out a prospecting, mapping, sampling and stripping program on a large number of showings and anomalies identified by the 2008 and 2009 heliborne magnetic and electromagnetic surveys.2 diamond drill holes were also completed on the Nisk-1 deposit. This program will continue until the end of September and will be followed by diamond drilling on the most promising targets.

Nisk-1 nickel deposit: (Lac Levac property): 2 diamond drill holes totalling 1,194m have been completed to determine the continuity at depth, along the interpreted plunge trend, of the known mineralized zone which has an NI 43-101 compliant measured and indicated resource of 2 million tonnes grading 1.06% Ni, 0.55% Cu, 0.07% Co and 1.03 g/t Pd. Hole TF-71-10 has intersected 6.5 m at 1.17% Ni, 1.94% Cu, 0.05% Co and 1.84 g/t Pd at a vertical depth of 350 metres. A in-hole Pulse EM electromagnetic survey indicates that this intersection is at the border (edge conductor) of a strong conductive zone showing the possible continuity of the mineralization in an area that has yet to be drilled. Hole TF-70-10 did not reach the planned target due to excessive deviation. However the Pulse EM survey shows an «off hole» type of conductor near this hole. Follow up work on the deposit is under review.

Duval showing: This showing of disseminated to semi-massive sulphides has been identified during our field work. The Company is presently undergoing extensive prospecting and sampling which will be followed by geophysics, stripping and channel sampling in the month of August. Results from the sampling are expected on a regular basis starting in August 2010.

Lac Bourier sector: This area, located to the extreme North-East of the Lac Arques property, host strong electromagnetic anomalies over more than 7km of strike as well as an important magnetic anomaly over more than 9km of strike length. These anomalies were identified by a heliborne survey completed in 2009. Presently a team, consisting of six people, is prospecting the various conductors and magnetic anomalies in the field. Numerous showings mineralized with sulphides (pyrite, pyrrhotite and chalcopyrite) as well as magnetite have been discovered along these geophysical anomalies. Results from the sampling are expected on a regular basis starting in August 2010.

Whabouchi project: The metallurgical tests to produce lithium carbonate from spodumene concentrate are progressing at SGS Laboratory in Lakefield, Canada. The results are expected during the fall of 2010.

The technical sections of this press release have been prepared by Yvan Bussières, P. Eng. qualified person as defined in National instrument 43-101.

A detailed map of Nemaska properties with the location of the different showings within the properties can be found on the web site.

About Nemaska

Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec, Canada. Its main assets are the Whabouchi (about 2,240 hectares), Lac Levac (about 7,212 hectares), Lac Arques (about 35,270 hectares), and Lac des Montagnes (about 16,695 hectares) properties, all 100 % owned. These properties are contiguous and cover about 70 km of the Lac des Montagnes green belt polymetallic formation. They are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Némiscau airport.

The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.