News Releases

First nations invest in Montviel

GéoMégA announces $206,250 Private Placement

For immediate distribution

MONTREAL, May 14, 2012 – Geomega Resources Inc.  (TSX.V: GMA) (“GéoMégA” or the “Company”) announces a non-brokered private placement (the “Offering”) of units for proceeds of $206,250 with the Cree Mineral Exploration Board and an institutional fund. The Cree Mineral Exploration Board (“CMEB”) was created following the signing of the Paix des Braves between the Crees of Eeyou Istchee and the Government of Québec.

“The CMEB’s main objective is to facilitate mineral exploration on our Lands to create opportunities for the Cree People that are respectful of our environment and values, this investment is also strategic for us, since it encourages the diversification of minerals explored on our lands” comments Mr. Jack R. Blacksmith, Chairman of the Cree Mineral Exploration Board.

“The Crees of Eeyou Istchee are important stakeholders in the Montviel project and Quebec’s Plan Nord. Their participation in the Offering solidifies our relationship with the acceptance of GéoMégA on the territory. ” comments Simon Britt, CEO of GéoMégA.

GéoMégA will issue 375,000 units (the “Units”) at a price of $0.55 per Unit. 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 for a period of eighteen (18) months following the closing of the Offering.

The proceeds from the Offering will be used to fund the development of Montviel through the Preliminary Economic Assessment and for working capital purposes.

The Offering is scheduled to close on or about May 24, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month and one day hold period from the date of closing of the Offering.

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-Quévillon 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 a base 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.

About GéoMégA
GéoMégA, which owns 100% of the Montviel Rare Earths/Niobium project, is a Québec mineral exploration company focused on finding economically viable deposits of Minor Metals in Québec. GéoMégA 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.

28,899,113 common shares of GéoMégA are currently issued and outstanding.

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.

/s/ “Simon Britt”
Simon Britt
Chief Executive Officer

For more Information contact:
Simon Britt
President and CEO
450 465-0099

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.