GeoMegA Closes Private Placement Including Cree Mineral Exploration Board

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MONTREAL, QUEBEC--(Marketwire - June 1, 2012) - Further to its news release of May 14, 2012, Geomega Resources Inc. ("GeoMegA") (GMA.V - News) announces the closing of its non-brokered private placement with the Cree Mineral Exploration Board and an institutional fund consisting of 375,000 units (the "Units") at a subscription price of $0.55 per Unit for gross proceeds of $206,250.

Each Unit consists of one common share (a "Common Share") and one-half of a share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional common share at a price of $1.00 per share (a "Warrant Share") at any time until 5:00 p.m. (Montreal time) on or before December 2, 2013.

The Common Shares and the Warrants acquired by the subscribers are subject to a hold period of four months plus one day and may not be traded until October 1, 2012, except as permitted by applicable securities legislation.

The proceeds from the Offering will be used to fund the development of the Montviel Rare Earths/Niobium project through the Preliminary Economic Assessment (PEA).

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 Rare Earths/Niobium Project is located approximately 45 km west of the Cree First Nation of Waswanipi and 100 km north of Lebel-sur-Quevillon in the southern, developed, part of Quebec's "Plan Nord"(North of 49th parallel). The Plan Nord is an $80 billion economic, social and environmental development plan of Northern Quebec over a period of 25 years. Montviel's initial NI 43-101 compliant resource calculation at abase cut-off grade of 1% total rare earths oxides (TREO), released on September 29, 2011, totalled 183.9 Mt averaging 1.45% TREO in the Indicated resources category and 66.7 Mt averaging 1.46% TREO in the Inferred resources category. Montviel, one of the largest TREO resource outside China, has the potential for a significant near term role in the growing magnet sector due to its proximity to infrastructure and available labour. The PEA, ongoing with G Mining Services inc., will focus on the rare earths/niobium enrichment zone.

Regulation 43-101 Disclosure

Alain Cayer, Geo., MSc., Vice-President Exploration, is the Qualified Person pursuant to Regulation 43-101 who supervised the preparation of the technical information presented in the section entitled "About the Montviel Rare Earths/Niobium Project" of this news release.

About GeoMegA

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 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.

29,274,113 common shares of GeoMegA are currently issued and outstanding.

Simon Britt

Chief Executive Officer

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.

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