URZ3 ENERGY CORP - NVDEF STOCK NEWS

Nevada Exploration Inc. announces retirement of Ms. Nancy Richter from the Board of Directors.

Nevada Exploration Inc. has closed its non-brokered private placement offering, issuing 13,000,000 units at a price of $0.11 per unit, for gross proceeds of $1,430,000. Each unit consists of one common share and one common share purchase warrant. The proceeds will be used for general working capital.

Nevada Exploration Inc. provides an update on data review and target generation. The company is engaging experts to compile, review, and verify their data collected over the past two decades. They will prioritize targets for the 2023 field season. The company is also reviewing their land position in Nevada and may rationalize claims based on target priority and cost. Drill NV, the drill contractor, has faced issues causing a stall in drilling on the South Grass Valley project. The company is unsure if Drill NV can conduct further drilling, which may impact their financial position. The terms of the Option to Joint Venture Agreement on the Kelly Creek Project have been amended, reducing the required expenditures for Austin Gold Corp. to earn an interest in the project. Personnel changes include Wade Hodges transitioning to a consulting role.

Nevada Exploration Inc. (TSX-V:NGE; OTCQB:NVDEF) has announced a consolidation of its common shares on a twenty-five (25) for one (1) basis, effective February 15, 2023, following approval from the TSX Venture Exchange. The company is led by an international team utilizing modern technology to explore Nevada’s gold resources, focusing on three district-scale Carlin-type gold projects, including the flagship South Grass Valley project. This consolidation aims to streamline the capital structure, which could enhance future financing options, pending successful completion and execution of ongoing exploration projects.

Nevada Exploration Inc. (OTCQB: NVDEF) announced a share consolidation, converting 25 pre-Consolidation common shares into 1 post-Consolidation share. This decision, approved by shareholders on January 24, 2023, aims to reduce the outstanding shares from 169,121,620 to 6,764,865, pending approval from the TSX Venture Exchange. The effective date for this consolidation is expected by mid-February 2023. The company focuses on exploring Nevada's gold potential, particularly the South Grass Valley project, strategically located near major gold mines.

Nevada Exploration Inc. (OTCQB: NVDEF) held its annual general and special meeting on January 24, 2023, with 56,988,783 shares represented, accounting for 33.697% of outstanding shares. All shareholder motions were approved, including:

• Appointment of six directors with approval rates between 88.499% and 98.271%.
• Appointment of an auditor, receiving 97.562% approval.
• Amended stock option plan approved at 91.993%.
• Share consolidation approved at 90.881%.

Nevada Exploration continues its systematic exploration efforts for gold within Nevada's valley basins, focusing on its flagship South Grass Valley project.

Nevada Exploration Inc. (OTCQB: NVDEF) reports significant progress in its South Grass Valley gold project, having successfully completed drillhole SGVC013A. The drillhole verified the location of a 149-meter-thick section of the Water Canyon structural corridor (WCSC) and intersected hydrothermal breccias suggesting proximity to mineralized fluids. The company plans to mobilize a deep-capacity drill rig for further depth drilling and has initiated drillhole SGVC014 to explore additional mineralization targets. The overall findings validate its exploration model and aim to define gold concentrations in the region.