Nemaska Exploration Announces that its Subsidiary, Monarques Resources Inc. has Filed a Preliminary Prospectus for a Minimum Offering of $2M

20 April 2011

QUEBEC CITY, CANADA--(Marketwire - April 20, 2011) - NEMASKA EXPLORATION INC. ("Nemaska" or the "Corporation") (TSX VENTURE:NMX)(OTCBB:NMKEF)(FRANKFURT:NOT) confirms that its recently formed subsidiary, Monarques Resources Inc. ("Monarques") has obtained a receipt for its preliminary prospectus for an offering of a minimum of $2,000,000 comprised of 2,500,000 units at a price of $0.40 per Unit and 2,000,000 common shares in the capital of Monarques, to be issued as "Flow-Through Shares", at a price of $0.50 per Flow-Through Share. The aggregate value of the subscription to Units shall be equal or greater than the value of the subscription for Flow-Though Shares received. Each Unit consists of one Common Share at a price of $0.40 per Common Share and one-half (1/2) of one common share purchase warrant. Each Warrant will entitle its holder to purchase one Common Share at a price of $0.45 at the latest any time prior to 5:00 p.m. (Eastearn time) on the date that is 18 months following the closing date. This offering is made through Industrial Alliance Securities Inc. and Dundee Securities Ltd. acting as agents, on a best efforts basis, in the provinces of Quebec, Ontario, Alberta and British Columbia. You can obtain a copy of the preliminary prospectus from Industrial Alliance Securities Inc. 2200 McGill college Avenue, suite 350, Montreal (Quebec) H3A 3P8 or from Dundee Securities Ltd. 1 Adelaide East, suite 2200, Toronto (Ontario) M5C 2V9. 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 Corporation has also applied to list its shares on the TSX Venture Exchange.

Monarques has agreed to conditionally purchase all rights, titles and interests owned by Nemaska in the Lac Arques, Lac des Montagnes and Lac Levac properties for a purchase price of $7,500,000 by issuing, as at the closing date of its initial public offering, an aggregate of 18,750,000 Common Shares at a price of $0.40 per Common Share. Of the 18,750,000 Common Shares, Nemaska intends to distribute 3,685,645 Common Shares to its shareholders as a dividend. The closing date of the records to determine the shareholders allowed to receive the proposed dividend will not be known until the closing of Monarques' initial public offering has been completed.

About Nemaska

Nemaska Exploration inc. is an exploration and development company involved in the James Bay region of Quebec. Nemaska intends to concentrate exclusively on the development of its Whabouchi lithium deposit, for which a preliminary economic assessment has been filed on January 19, 2011. Following the closing of Monarques' initial public offering, Nemaska will remain an important shareholder of that company. The Whabouchi deposit is 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. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward‐looking statement.

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.