Nemaska Exploration Inc. Announces Completion of a $1,992,500 Financing

30 June 2010

QUEBEC CITY, QUEBEC--(Marketwire - June 30, 2010) - NEMASKA EXPLORATION INC. («Nemaska» or the« Corporation») (TSX VENTURE:NMX) is pleased to announce that it has completed, as of today, a private placement of 1,650,000 units (each a "Unit and collectively the "Units") at a price of $0.40 per Unit for aggregate gross proceeds of $660,000 (the "Units Offering") and a private placement of 2,665,000 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 $1,332,500 (the "Flow-Through Offering").

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.

An aggregate number of 1,287,500 Units for aggregate gross proceeds of $515,000 and an aggregate number of 1,215,000 Flow-Through Units for aggregate gross proceeds of $607,500 have been sold to subscribers through NCP Northland Capital Partners Inc. ("NCP") and Industrial Alliance Securities Inc. ("IAS") acting as agents with NCP acting as sole bookrunner and as co-lead manager with IAS (the "Brokered Offering").

An aggregate number of 1,000,000 Flow-Through Units have also been subscribed by Pathway Quebec Mining 2010 Flow-Through LP ("MineralFields") for aggregate gross proceeds of $500,000 (the "MineralFields Offering").

NCP and IAS received an aggregate cash commission of $89,800 and an aggregate number of 225,225 compensation options (the "Compensation Options") of which an aggregate of 115,875 Compensation Options entitle NCP and IAS to subscribe to 115,875 Common Shares at a price of $0.40 per Common Share and an aggregate of 109,350 Compensation Options entitle NCP and IAS to subscribe to 109,350 Common Shares at a price of $0.50 per Common Share, the whole for a period of 24 months from the closing date.

Limited Market Dealer Inc. ("LMD"), acting as finder in connection with the MineralFields Offering received a cash finder's fee of $30,000 and an aggregate number of 90,000 finder's options (the "Finder's Options") entitling LMD to subscribe to a number of up to 90,000 Common Share at a price of $0.50 per Common Share for a period of 24 months from the closing date.

In addition, the Corporation has completed a first tranche of a private placement on a non-brokered basis (the "Non-Brokered Offering") whereby the Corporation has issued an aggregate number of 450,000 Flow-Through Units for aggregate gross proceeds of $225,000 and an aggregate number of 362,500 Units for aggregate gross proceeds of $145,000. The second tranche of the Non-Brokered Offering is expected to close on or before July 8, 2010.

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

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 Némiscau 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.

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.