Nevado Venture Capital Corporation Announces the Signing of Agreements in Principle for Mining Assets Constituting its Qualifying Transaction

MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2009) - Nevado Venture Capital Corporation (the "Corporation" or "Nevado") (TSX VENTURE:NVD.P) is proud to announce that it has entered into letters of intent for the purchase of five (5) properties comprising 764 mining claims (hereinafter, the "Properties") in the Thetford Mines and Baie-Comeau regions. This acquisition constitutes, along with a private placement of a maximum of $600,000, the Corporation's qualifying transaction (hereinafter, the "Qualifying Transaction"). The Corporation is a capital pool corporation listed on the TSX Venture Exchange (the "Exchange"). The Qualifying Transaction is as follow and a more detailed description of it is to be provided later on.

Proposed Qualifying Transaction

The acquisition of the Properties (the "Acquisition") and the Private Placement (as hereinafter defined) will constitute for the Corporation its arm's length Qualifying Transaction under Policy 2.4 of the Exchange's Corporate Finance Manual, and will be subject to a number of conditions, including but not limited to, the completion of a due diligence on the Properties, as well as Exchange acceptance and other necessary regulatory and corporate approvals. The Qualifying Transaction will not require the approval of Nevado's shareholders.

Pursuant to the Acquisition, the Corporation will acquire the following Properties:

- The Chester, Nicolet et Harvey Hill Properties are located in the city of Thetford Mines (the " Thetford Mines Properties ") and comprise a total of 208 mining claims. The Corporation will pay for the purchase of the Thetford Mines Properties an aggregate purchase price of (i) $20,000 in cash payable on the closing date of the Acquisition, (ii) the issuance of 750,000 Class "A" shares of the Corporation (the "Common Shares") at a value of $0.10 per share payable on the closing date of the Acquisition, and (iii) a 2% Net Smelter Return ("NSR") of which 1% is redeemable by the Corporation for a sum of $1,000,000, the other 1% will be negotiable subsequently;

- The Lablache property #1 (" Lablache Property #1), located in the north of the city of Baie-Comeau, comprises a total of 25 mining claims. The Corporation will pay for the purchase of the Lablache Property #1 an aggregate purchase price of (i) $3,000 in cash payable on the closing date of the Acquisition; (ii) the issuance of 500,000 Common Shares at a value of $0.10 per share payable on the closing date of the Acquisition, and (iii) a 2% Net Smelter Return ("NSR") of which 1% is redeemable by the Corporation for a sum of $1,000,000, the other 1% will be negotiable subsequently;

- The Lablache property #2 (" Lablache Property #2), located in the north of Baie-Comeau, comprises a total of 531 mining claims. In consideration of the purchase of Lablache Property #2, the Corporation will (i) reimburse a sum of $30,000 in cash payable on the closing date of the Acquisition; (ii) a 2% Net Smelter Return ("NSR") of which 1% is redeemable by the Corporation for a sum of $1,000,000, the other 1% will be negotiable subsequently; (iii) assume a debt of a maximum of $71,000 related to the Properties, and (iv) issue 1,000,000 Common Shares at a value of $0.10 per share payable at the closing date of the Acquisition.