Nemaska Announces Closing of $7,864,000 Financing

02 November 2010

QUEBEC CITY, QUEBEC--(Marketwire - Nov. 2, 2010) -

NOT FOR DISTRIBUTION IN UNITED STATES

NEMASKA EXPLORATION INC. (the "Corporation")(TSX VENTURE:NMX) is pleased to announce that it has closed a brokered private placement of 5,032,500 units (each a "Unit" and collectively the "Units") at a price of $0.40 per Unit for gross proceeds of $2,013,000 and a brokered private placement of 11,702,000 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 gross proceeds of $5,851,000 (collectively the "Offering") for a total aggregate gross proceeds of $7,864,000.

Each Unit is comprised of one common share in the capital stock of the Corporation (each a "Common Share" and collectively the "Common Shares") and one 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 Warrant. Each Warrant entitles the holder thereof to subscribe to one Common Share at a price of $0.55 per Common Share for a period of 24 months from the closing date of the Offering.

Of the 11,702,000 Flow-Through Units, 3,000,000 Flow-Through Units have been subscribed by Pathway Quebec Mining 2010 Flow-Through Limited Partnership, Pathway Quebec Mining 2010-11 Flow-Through Limited Partnership and MineralFields Quebec 2010 Super Flow-Through for aggregate gross proceeds of $1,500,000 (the "MineralFields Offering").

The Offering was placed by a syndicate of agents led by Dundee Securities Corporation as sole bookrunner and included Industrial Alliance Securities Inc. (the "Agents").

The Agents received an aggregate cash commission of $529,120 and an aggregate number of 898,760 compensation options (the "Compensation Options"). The Compensation Options provide the Agents with the right to subscribe for an aggregate number of 202,600 Common Shares at a price of $0.40 per Common Share and an aggregate number of 696,160 Common Shares at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.

Limited Market Dealer Inc. ("LMD") received a cash finder's fee of $120,000 and an aggregate number of 240,000 finder's options (the "Finder's Options") entitling LMD to subscribe for up to 240,000 Common Shares at a price of $0.50 per Common Share for a period of 24 months from the closing date of the MineralFields Offering.

All securities comprised in the Units and the Flow-Through Units as well as the Compensation Options and the Finder's Options are subject to a four-month hold period and one 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 INC.

Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec. Its main assets are the Whabouchi (about 1,716 hectares), Lac Levac (about 9,200 hectares), Lac Arques (about 39,470 hectares), and Lac des Montagnes (about 12,740 hectares) properties, all 100 % owned. These properties are contiguous and cover about 85 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.