NEX METALS EXPLORATION LIMITED — Capital/Financing Update 2009

Oct 29, 2009

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30 October 2009
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NEX METALS EXPLORATIONS

Purchases Additional Leases in the Kookynie Goldfield Kookynie Gold Project Update

The board of Nex Metals Explorations Ltd (ASX; NME) (“Nex”) is pleased to announce the following update on the Kookynie Gold Project.

Nex Metals has purchased an additional 4 Mining Leases and 8 Prospecting Leases in the Kookynie Goldfield.

Location Diagram Showing Leases Purchases October 2009

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The tenements were purchased from private holders Messrs McPherson and Wiltshire, and are largely contiguous with existing Nex Metals leases.

Details of the Leases Purchased

Mining Lease 40/94 Mining Lease 40/2 Mining Lease 40/331 Mining Lease 40/332 Prospecting Licence 40/1128 Prospecting Licence 40/1130 Prospecting Licence 40/1131 Prospecting Licence 40/1132 Prospecting Licence 40/1146 Prospecting Licence 40/1242 Prospecting Licence 40/1243 Prospecting Licence 40/1246

A number of tenements in the package have reported historical production as per the following table.

Table Of Historical Production from newly acquired leases

Lease Name	Tons Produced	Ounces Produced	Average Grade Aug/t
Britannia	15,951	13,839	26.9
Homeward Bound	205	674	102.25
Star	147	60	12.69
Eldorado	110	105	29.68
Pride of Kookynie	18	12	20.73
Birmingham	25	9	11.19
Pearly Button	314	86	8.51

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Details of Agreement.

Cash: $40,000 ($10,000 deposit, $30,000 after 4 months).

0.5% gross royalty on all minerals except gold. $15/troy ounce for gold. Issue of 435,000 shares at $0.23.

JORC CODE COMPLIANCE STATEMENT

The information in this release that relates to Exploration and Geological Work and Concepts is based on information compiled by Edd Prumm, who is a member of the Australian Institute of Mining and Metallurgy and is a consultant of the Company. Mr Prumm has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Prumm consents to the inclusion in the report of the matters based on information in the form and context in which it appears.