NGEx Resources Inc. (TSX:NGQ)(NASDAQ OMX:NGQ) is pleased to report that it has closed its previously announced private placement.

The Company sold an aggregate of 12,500,000 common shares at a price of CAD $1.00 per Common Share for gross proceeds of CAD$12.5 million on a non-brokered, private placement basis. A 5% finders’ fee is payable on a portion of the Private Placement.

Net proceeds of the Private Placement will be used towards ongoing work programs in Chile and Argentina as well as for general corporate purposes.

The Common Shares sold in the Private Placement are subject to a hold period of four months plus one day under applicable securities law.

Two insiders of the Company, directly or indirectly, purchased a total of 2,500,000 Common Shares under the Private Placement constituting a “related party transaction” as defined under Multilateral Instrument 61-101. These transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Common Shares issued to nor the consideration paid by such persons would exceed 25% of the Company’s market capitalization.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the U.S., or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any U.S. state securities laws and may not be offered or sold in the U.S. or to the account or benefit of a U.S. person or a person in the U.S. absent registration or an applicable exemption from the registration requirements.

About NGEx

NGEx is a Canadian mineral exploration company with exploration projects in Chile and Argentina. The Company’s focus is on advancing the development of its two, large copper-gold deposits, Los Helados and Josemaría, located in Chile’s Region III and adjacent San Juan Province, Argentina. The Company owns a 100% interest in the Josemaria project and is the majority partner and operator for the Los Helados project. Los Helados is subject to a Joint Exploration Agreement with its joint exploration partner in Chile, Pan Pacific Copper.