Nemaska Exploration Confirms the Closing with Tianqi Group and Filing on SEDAR of Its Preliminary Economic Assessment on Whabouchi Project

17 March 2011

QUEBEC CITY, QUEBEC--(Marketwire - March 17, 2011) -(TSX VENTURE:NMX)(OTCBB:NMKEF)(FRANKFURT:NOT) - NEMASKA EXPLORATION INC. (Nemaska or the Corporation) confirms that the closing of the$ 3,7M$ private placement with a subsidiary of Chengdu Tianqi Industry, announced initially under escrow on March 4, has been completed and that the Company has received payment for the placement.

Nemaska also confirms that the technical report on the preliminary economic assessment for the production of spodumene concentrate from the Whabouchi project, of which the results have been announced by press release on January 19, has been filed on SEDAR. This preliminary economic assessment has been prepared by the independent firm Equapolar Consultants Limited.

About Nemaska

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. 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.