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Next Gen Metals Non-Brokered Private Placement Oversubscribed

Next Gen news 001810

 

August 12, 2010 Vancouver, Canada. Next Gen Metals Inc. (CNSX: N) ("Next Gen" or the "Company") wishes to announce that further to the non-brokered private placement of up to $500,000 announced July 19, 2010, and the closing of the first tranche of the private placement announced on July 30, 2010 for gross proceeds of $435,750, the private placement has been oversubscribed. The private placement has been increased from 3,333,334 units to 5,200,000 unit ("Units"), for total gross proceeds of $780,000, under the same terms and conditions as set out in the July 19, 2010 news release. Net proceeds will be used for the exploration of the Company's projects and for general working capital. Finder's fees may be payable.

The private placement and finders fees are subject to regulatory approval.

About Next Gen Metals Inc.

Next Gen Metals Inc. "Next Gen" or the "Company" is a diversified mineral exploration company with a focus on gold, silver and base metals projects in North America. Next Gen is developing the Silver Chalice Property, located in Alaska and the recently acquired Fate Gold Project located in the Abitibi Greenstone Belt of Northwest Québec, one of the most famous gold and base metals regions in the world.

Next Gen is the newest company to join the International Metals Group and is listed on the CNSX under the symbol "N". The new Board of Directors is comprised in part with directors from the International Metals Group (www.internationalmetalsgroup.com) who, along with the new management group, have a combined 150 years or more of experience in all aspects of managing public companies related to the resource industry.

For further information in regards to Next Gen Metals, please visit our website at www.nextgenmetalsinc.com

On behalf of the Board of Directors

"Harry Barr"

Harry Barr
President & CEO
Next Gen Metals Inc.


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

Note: this release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

Except as required by law, the Company undertakes no obligation to update any forward-looking statements.

 
 

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