Nemaska Exploration Inc.: $2,000,000 Private Placement

05 May 2010

QUEBEC CITY, QUEBEC, CANADA--(Marketwire - May 5, 2010) - (TSX VENTURE:NMX) - NEMASKA EXPLORATION INC. ("Nemaska" or the "Company") is pleased to announce that it has entered into an agreement with Sandfire Securities Inc. ("Sandfire") for a private placement of up to 2,222,223 common share units (Units) at a price of $0.45 per Unit for gross proceeds of $1,000,000 and of up to 2,000,000 flow-through units (FT Unit) at a price of $0.50 per FT Unit for aggregate gross proceeds of $1,000,000. The gross proceeds from the Units offering shall not be less than the gross proceeds from FT Units offering. The offering is being made by Sandfire, as "Lead Agent", on a reasonable efforts basis and is expected to close on or about May 26, 2010. The offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

Each Unit will be comprised of one (1) common share of the Company and one (1) Warrant. Each FT Unit will be comprised of one (1) flow-through common share of the Company and one half (1/2) of one share purchase warrant. Each full warrant is exercisable for two (2) years from the closing, at an exercise price of $0.60 (the "Warrant").

The Warrants shall be subject to an acceleration clause if the Company's stock price, as listed on the TSX Venture Exchange, closes at or above $1.20 for at least twenty (20) consecutive trading days. In this event, the Warrants must be exercised or will expire thirty (30) calendar days after notice is mailed to Warrant holders.

The Company has agreed to grant Sandfire an over-allotment option, which will allow Sandfire to offer additional Units for additional aggregate gross proceeds of approximately $500,000 and FT Units for additional aggregate gross proceeds of approximately $500,000, if exercised by Sandfire prior to the closing of the offering.

The net proceeds from the Units offering will be used for general working capital purposes. The gross proceeds from the FT Units offering will be used for exploration and development of the Company's Quebec properties. The Company's expenditures will qualify as "Canadian exploration expenses" (CEE) under the Income Tax Act (Canada) and will be renounced to investors for the 2010 taxation year.

The Company has agreed to pay Sandfire a cash commission equal to 8 % of gross proceeds of the Offering and issue Compensation Warrants equal to 9 % of the FT Units and of the Units, exercisable for two (2) years following Closing at par with the Offering Price.

About Nemaska Exploration
Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region in Quebec. Its main assets are the Lac Arques (about 32,000 hectares), Whabouchi (about 1,600 hectares) Lac Levac and Lac des Montagnes properties (about 32,000 hectares) all 100 % owned. These properties are contiguous and cover about 70 km of the Lac des Montagnes green belt polymetallic formation and 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). They 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 Company does not assume the obligation to update any forward‐looking statement.