Nemaska Exploration Inc. Announces Completion of a $500,000 Financing

QUEBEC CITY, QUEBEC, Jul 08, 2010–NEMASKA EXPLORATION INC. (“Nemaska” or the”Corporation”) (TSX VENTURE: NMX) is pleased to announce that it has completed, as of today, a non-brokered private placement of 1,250,000 units (each a “Unit and collectively the “Units”) at a price of $0.40 per Unit for aggregate gross proceeds of $500,000 (the “Non-Brokered Offering”). The Non-Brokered Offering is the second round of a first non-brokered offering of 362,500 Units for aggregate gross proceeds of $145,000 and 450,000 flow-through units (each a “Flow-Through Unit” and collectively the “Flow-Through Units”) at a price of $0.50 per Flow-Through Unit for aggregate gross proceeds of $225,000. Pursuant to the first and the second rounds, the Corporation issued an aggregate number of 1,612,500 Units for aggregate gross proceeds of $645,000 and of 450,000 Flow-Through Units for aggregate gross proceeds of $225,000. The first and second rounds are part of an offering of 2,665,000 Flow-Through Units for aggregate gross proceeds of $1,332,500 and 2,900,000 Units for aggregate gross proceeds of $1,160,000 which was previously announced in a news release dated June 30, 2010.

Each Unit is comprised of one common share in the capital of the Corporation (each a “Common Share” and collectively the “Common Shares”) and one common share purchase warrant of the Corporation (each a “Warrant” and collectively the “Warrants”). Each Flow-Through Unit is comprised of one Common Share issued as a “flow-through share” and one-half of one Warrant. Each whole Warrant entitles the holder thereof to subscribe to one Common Share at a price of $0.60 per Common Share for a period of 24 months from the closing date, subject to an acceleration provision if the price of the Common Shares of the Corporation listed on the TSX Venture Exchange Inc. is equal to or above $1.20 for a period of 20 consecutive trading days. In this event, the Warrants must be exercised or will expire thirty calendar days after notice is mailed to the holders of Warrants.

All securities comprised in the Units and the Flow-Through Units are subject to a restricted period of four months and a day.

The Corporation expects to be able to file shortly all required documentation to satisfy the conditional acceptance of the TSX Venture Exchange Inc.

About Nemaska Exploration

Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec. 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 Nemiscau 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.

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.

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