NQ Exploration Inc.: Initial Resource Estimate for the Carheil Project

LAVAL, QUEBEC--(Marketwire - Jan. 24, 2013) - NQ Exploration Inc. ("NQ") (TSX VENTURE:NQE) is pleased to release the results of an initial resource estimate carried out on its 100% owned Carheil property.

At the request of NQE's management, Micon International Limited of Toronto (Micon) conducted a resource estimate for the mineralization contained in the Ag1 polymetallic zone discovered by NQE through its recent drilling programs on its Carheil Property. The resource estimate is included in a NI43-101 technical report dated December 15^th 2012.

According to Micon's 43-101 compliant report, the Ag1 zone is a polymetallic zone with enriched values of lead, zinc, copper and gold in addition to the silver that remains unexplored to the northwest and open at depth in the Nordest area. NQE controls approximately 8 km of strike of the favourable stratigraphy; however, this potential remains hypothetical since the lithological units do not outcrop and very limited drilling was done west of the Nordest area.

Micon carried out a resource estimated of the Ag1 and Ag2 zones based on their silver content exclusively. Anomalous base metals as well as gold were not taken into consideration at this stage of development of the project given the absence of metallurgical studies on the mineralized material. Specific gravity measurements were not carried out by NQ personnel. Micon had no other option than to use the lowest possible value for this type of rock: 2.7 t/m³. Given the fact that the zones contain significant base metals (lead and zinc), it is understood that this value underestimates tonnage and silver content.

The following table gives a summary of Micon's resource estimate. Micon divided the resource into indicated and inferred categories reflecting the density of drilling along the deposit. It is estimated that the Ag1 zone contains 1,466,000 oz. of silver in the Indicated category while the Inferred resource for that structure totals 4,475,000 oz. Ag. The Ag2 zone contains an additional 277,000 oz. Ag in the Inferred category.

Carheil Project Mineral resource Summary for Nordest Area, as of 30 November 2012

Category	Mineralized Zone	Grade Group (g/t Ag)	Volume (m3)	Density t/m3	Tonnes	Average Silver Grade (g/t Ag)	Contained Silver (oz)
Indicated	Ag1	>100	63,000	2.7	170,000	185.9	1,014,000
		50-100	77,000	2.7	209,000	67.4	452,000
Total:		50.0	140,000	2.7	379,000	120.5	1,466,000
Inferred	Ag1	>100	135,000	2.7	364,000	160.1	1,874,000
		50-100	403,000	2.7	1,088,000	74.4	2,601,000
	Subtotal	50.0	538,000	2.7	1,452,000	95.9	4,475,000
	Ag2	>100	7,000	2.7	20,000	101.2	65,000
		50-100	34,000	2.7	92,000	72.0	212,000
	Subtotal	50.0	41,000	2.7	112,000	77.2	277,000
Total	Ag1 + Ag2	50.0	579,000	2.7	1,564,000	94.6	4,755,000

Note : Resource tonnes and ounces have been rounded and may not total to the rounding.

Block grades for silver were interpolated into the individual blocks of the mineralized domains/envelopes using the search parameters described in the table below and the True Inverse Distance (ID2) function of the GEMS software. The mineral resources include all mineralized blocks within one to three times the variogram range and are estimated with a minimum of two drill holes. The areas and contiguous blocks that were estimated in Passes 1 were classified in the Indicated category and the blocks estimated in Passes 2 and 3 that did not meet the criteria of the Indicated category are classified in the Inferred category. Generally, the Indicated resource area has been drilled on a 50 m by 50 m and the Inferred resource areas have been drilled on 100 m by 100 m grid or larger. The estimated resources are presented in Table 1.1 at 50 and 100 g/t silver cut-off grades.

Summary of Search/Interpolation Parameters for the Carheil Nordest Area

Variable	Pass 1	Pass 2	Pass 3
x (m)	90	180	360
y (m)	60	120	240
z (m)	6	12	24
Minimum number of samples	3	2	1
Maximum number of samples	12	12	12
Maximum samples/drill hole	4	6	12

In the Nordest area, the Ag1 polymetallic zone remains poorly tested to the northwest and open at depth. NQE controls approximately 8 km of strike of the favourable stratigraphy; however, this potential remains hypothetical since lithologies do not outcrop and very limited drilling was done west of the Nordest area. Therefore, NQE has proposed to conduct geophysical surveys in order to follow the sulphide rich felsic-intermediate horizon along strike which hosts, near its top, the Ag1 polymetallic zone. Based on results of the geophysical survey, NQE then proposes that it will conduct stratigraphic drilling along the westward projection of the horizon. However, the strongest geophysical response might not correspond to the stringer mineralization typical of the Ag1 polymetallic zone. Thus NQE is proposing to conduct a two phase exploration program with a budget of $4,000,000.

Amongst a number of recommendations, Micon reports the following:

NQE's Carheil Project has the potential to contain mineralization that will yield significant silver and potentially lead, zinc, copper and gold. Micon agrees with the general direction of NQE's initial and proposed exploration programs for the Project and makes the following additional recommendations:

• The mineralization is open along strike and depth. Drilling should continue along the known mineralized trends and better define the mineralization at Ag1, Ag2 and other small satellite veins.
• The potential for other areas of mineralization should be assessed along the diorite rhyolite contact, west of line 400E from the local exploration grid that could become satellite lenses to the primary Ag1 vein.

NQ is satisfied with this preliminary assessment of its Carheil project noting that most of the property remains virtually unexplored. The company intends to continue the definition of the Ag1 and Ag2 veins as well as explore for other lenses along the favourable stratigraphy.

Bill Lewis, senior geologist for Micon and Pierre O'Dowd, geologist and Vice President, Exploration of NQ Exploration Inc., have reviewed the technical content of this press release. Mrs. Lewis and O'Dowd are qualified persons under Regulation 43-101 respecting standards of disclosure for mineral projects.

ABOUT NQ EXPLORATION INC.

NQ Exploration Inc. is a mining exploration company with a solid portfolio of 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.