Nemaska Exploration Plans to Transfer Its Non Lithium Related Assets to a Subsidiary and Nominates Yves Caron as Vice-President Exploration

17 March 2011

QUEBEC CITY, CANADA--(Marketwire - March 17, 2011) -(TSX VENTURE:NMX)(OTCBB:NMKEF)(FRANKFURT:NOT) - NEMASKA EXPLORATION INC. ("Nemaska" or the "Corporation") Nemaska announces that it has created a wholly owned subsidiary, Monarques Resources Inc. ("Monarques"), with the intention of transferring all of its non lithium related assets, in exchange for shares. Monarques intends to raise its own capital to fund the exploration work on its properties. The transfer of the Lac Levac, Lac des Montagnes and Lac Arques properties is subject to regulatory authorities' approval and conditional on the closing of a financing of a minimum of $1.8M. After the transfer, Nemaska will become a pure lithium company retaining its advanced stage Whabouchi project and its highly prospective Sirmac property as well as its holding in Monarques.

The Lac Levac (about 9,200 hectares), Lac Arques (about 39,470 hectares), and Lac des Montagnes (about 12,740 hectares) properties are contiguous and cover about 85 km of the Lac des Montagnes green belt polymetallic formation in the James Bay region in the Province of Quebec. 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 Lac Levac property holds the Nisk-1 nickel-copper-PGE deposit on which resources have been released and confirmed by a NI 43-101 report.

"Nemaska is in a unique position of controlling 100 percent of about 85 km of a polymetallic greenstone belt in the Lower James Bay Region, Province of Quebec. The Whabouchi lithium project has been our main focus since the company's initial public offering and we have advanced it at a rapid pace. We believe the best way for Nemaska shareholders to realise the exploration potential of the mineral assets of the remaining properties is to create a new company that is focused on exploring them. Funds raised by Monarques will be spent on exploring a number of high priority targets including the Nisk 1 nickel deposit," commented Mr. Guy Bourassa, President and CEO of Nemaska.

Nemaska also announces the nomination of Mr. Yves Caron as Vice President Exploration. Mr Caron will act as Vice President Exploration for both Nemaska Exploration and Monarques Resources. Geologist with a Master's Degree in Earth Science, Mr. Caron has over 20 years of experience in mining exploration. Mr. Caron has served from project geologist to project manager and consultant geoscientist with numerous organizations and has designed and led important exploration campaigns for different commodities including diamond, uranium, gold and base metals. Most recently, he has acted as senior project manager with North American Palladium Ltd. at the Sleeping Giant mine. Mr. Caron is also director of the Company since October 2008.

"We are very glad to have Mr. Caron join and lead our technical team. With his extensive experience in mining exploration, Mr. Caron will bring a significant expertise to both companies. We are committed to building a permanent exploration team and to continue exploration work on all of our properties." added Mr. Bourassa.

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.