GeoMegA Closes its Brokered Flow-Through Private Placement

Thu Nov 22, 2012 2:11pm EST

* Reuters is not responsible for the content in this press release.

  MONTREAL, QUEBEC, Nov 22 (MARKET WIRE) --
Geomega Resources Inc. ("GeoMegA" or the "Company") (TSX VENTURE:GMA)
announces, pursuant to its news release issued on November 6, 2012, it
has closed its brokered flow-through private placement (the "Placement")
with Industrial Alliance Securities Inc. and Marquest Capital Markets
(the "Agents") consisting of 4,620,000 flow-through shares (each, a
"Flow-Through Share") at a price of $0.50 per Flow-Through Share for
gross proceeds of $2,310,000.

    The Company will use the proceeds of the Placement for exploration and
development on its Montviel property in Quebec.

    The Flow-Through Shares acquired by the subscribers are subject to a hold
period of four months plus one day and may not be traded until March 23,
2013 except as permitted by applicable securities legislation and the
rules of TSX Venture Exchange.

    The Corporation has paid the Agents a cash commission on the sale of the
Flow-Through Shares of $161,700 and has issued 231,000 non-transferable
agent's options. Each agent's option entitles the holder to purchase one
common share at a price of $0.50 per share until May 22, 2014.

    There may be an additional closing to follow up to the maximum $4,025,000
offering stated in the November 6, 2012 news release. 

    GeoMegA currently has 33,934,113 common shares issued and outstanding.

    This press release is not an offer or a solicitation of an offer of
securities for sale in the United States. The securities have not been
and will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration. 

    About the Montviel Rare Earths/Niobium project

    The Montviel project benefits from public infrastructure and available
labour in the immediate area. The project site is located approximately
100 km north of Lebel-sur-Quevillon (pop. 2,800) and 45 km west of the
Cree First Nation of Waswanipi (pop. 1,800) in the urbanised southern
part of Northern Quebec. Montviel has permanent access with a high
capacity logging road connecting to provincial highway 113. The updated
NI 43-101 resources calculation is expected in December 2012. 

    A Preliminary Economic Assessment by G Mining Services Inc. is expected
in the first quarter of CY2013. All infrastructures required for mining
and processing of the ore should be located on site. Anticipated project
energy will be provided by a 45 km long power line connected to the
Hydro-Quebec distribution network.

    About GeoMegA (ressourcesgeomega.ca)

    GeoMegA, which owns 100% of the Montviel Rare Earths/Niobium project, is
a Quebec mineral exploration company focused on finding economically
viable deposits of minor metals, such as Rare Earth Elements, in Quebec.
GeoMegA is committed to meeting Canadian mining industry standards and
distinguishing itself with its expertise, know-how and its support and
respect for local communities and the environment.

    /s/ "Simon Britt" 

    Simon Britt 

    Chief Executive Officer

    Cautions Regarding Forward-Looking Statements 

    This news release contains forward-looking statements regarding our
intentions and plans. The forward-looking statements that are contained
in this news release are based on various assumptions and estimates by
the Company and involve a number of risks and uncertainties. As a
consequence, actual results may differ materially from results forecast
or suggested in these forward-looking statements and readers should not
place undue reliance on forward-looking statements. We caution you that
such forward-looking statements involve known and unknown risks and
uncertainties, as discussed in the Company's filings with Canadian
securities agencies. Various factors may prevent or delay our plans,
including but not limited to, contractor availability and performance,
weather, access, mineral prices, success and failure of the exploration
and development carried out at various stages of the program, and general
business, economic, competitive, political and social conditions. The
Company expressly disclaims any obligation to update any forward- looking
statements, except as required by applicable securities laws.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Simon Britt
President and CEO
GeoMegA
450 465-0099
info@ressourcesgeomega.ca

Copyright 2012, Market Wire, All rights reserved.

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