LAVAL, QUEBEC--(Marketwire - May 2, 2011) -NQ Exploration Inc. (TSX VENTURE:NQE) announces the closing of a brokered private placement by Industrial Alliance Securities Inc. (the "Agent") for total gross proceeds of $2,075,000 (the "Placement").

Under the terms of this Placement, NQ issued a total of 3,593,750 flow-through shares (the "Flow-Through Shares") at a price of $0.16 per Flow-Through Share and 12,500,00 units (the "Units") at a price of $0.12 per Unit. Each unit consists of one common share and one warrant (a "Warrant"), each Warrant entitling the holder thereof the right to purchase one common share of NQ at the price of $0.16 per share for a period of 24 months from Closing, subject to an acceleration provision if the price of the common shares of NQ listed on the TSX Venture Exchange Inc. is above $0.30 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.

Under the Placement, NQ paid the Agent a cash commission of 8.5% of the Gross Proceeds and issued a total of 1,126,563 non-transferable broker warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder thereof the right to purchase one common share of NQ at a price of $0.12 per share for a period of 24 months from the Closing. The securities issued under this Placement will be subject to a four-month and one day hold period expiring on September 3, 2011.

A second closing of approximately $201,000 is scheduled to close on or about May 19.

The proceeds of the Offering combined, with existing working capital, will be used by NQ to conduct exploration programs in 2011 and for general working capital.

One insider of the company participated in the private placement for a total of $42,000 or 350,000 Units.


NQ Exploration Inc. is a new mining exploration company with a solid portfolio of 11 mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold and base metal deposits.

Neither the 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.

Contact Information:

NQ Exploration Inc.
David Grondin
President and Chief Executive Officer
(514) 206-7727