Namex Explorations Inc. Completes $130,000 Closing of Private Placement

Namex Explorations Inc. Completes $130,000 Closing of Private Placement

Private Placement Over Subscribed

Montreal, Quebec CANADA, January 09, 2012 /FSC/ - Namex Explorations Inc. (NME - TSX Venture), is an exploration company currently undergoing reorganization to regain trading status on the TSX Venture Exchange. The Company is pleased to announce that the Private Placement of June 17, 2011 is oversubscribed.  The Company will close on $130,000 of the non-brokered private placement. Commensurate with the closing the Company is issuing 2,600,000 common shares subject to regulatory approval. The hold period is four months and a day. The funds are allocated to working capital and continued exploration on the Miminiska gold property located in the Thunder Bay Mining Division of NW Ontario. Insider participation was $65,000.  No finder fee is payable.

The 5,184 hectare Miminiska gold property is subject to an Option Agreement with SLAM Explorations Ltd. (V.SXL). The property is situated in the eastern extension of the Uchi Greenstone Belt, the same belt that hosts the Goldcorp Red Lake mine. The Company has incurred the required exploration expense to qualify Miminiska gold prospect as a property of merit. This is an important milestone in regaining the Company's trading status.  

Namex carried out exploration programs in the summer to follow up on SLAM's trenching and drilling programs, which intersected 9.79 g/t gold over 3.8 m including 19.7 g/t Au over 1.5 m at a depth of 17 m and 9.47 g/t gold over 7.2 m including 64 g/t gold over 1.0 m at a depth of 147 m.  Aeromagnetic geophysical and MMI geochemical surveys conducted by Namex identified a coincident gold anomaly that extends over an area 1,000 m long by 300 m in width. The geochemical soil anomaly, which extends to the limits of the survey grid, is interpreted to be the response from multiple sub-parallel gold-bearing quartz veins. One of the MMI gold anomalies appears to coincide with the location of an historic drill hole that intersected a 12 m thick arsenopyrite-bearing quartz vein; no assays were reported from this drill hole.  

The Company's technical team has identified a number of high-priority drill targets for follow up work and is actively seeking funding to test these anomalies. Dr. George Gale, P. Eng is the Qualified Person under the guidelines of NI 43-101 and has reviewed this press release in its entirety.


About Namex Explorations Inc.

Namex is focusing on Canadian opportunities in the gold and base metals sectors in line with management's experience and expertise. For additional information, please visit us at www.namex-explorations.com.

Company Contacts

Namex Explorations Inc.

Dr. George Gale, P. Eng.             Grayme Anthony, P. Geo., MBA
President and CEO              CFO
Tel: 204-663-2254 or 514-935-2445    Tel: 705-523-3689
E-mail:info@namex-explorations.com   E-mail: info@namex-explorations.com

Forward-looking Statements

This release may include certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.

www.namex-explorations.com


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