Ungava Mines Inc.
OTC Bulletin Board : BYNAF

September 25, 2007 13:22 ET

Canadian Royalties Inc. Calls for Arbitration Claiming it is Entitled to Transfer of 10% Interest in Expo Ungava Property

MONTREAL, QUEBEC--(Marketwire - Sept. 25, 2007) - Ungava Mines Inc. the "Corporation" (OTCBB: BYNAF) announces that its subsidiary, Ungava Mineral Exploration Inc. "UMEI", has recently received notice of arbitration from Canadian Royalties Inc. "CRI". The notice states that a dispute exists because UMEI has failed to transfer 10% interest in the Expo Ungava Property pursuant to the terms of the Option Agreement of January 12, 2001, as requested by CRI. The immediate transfer CRI has called for would increase its interest from 70% to 80% in the Property. UMEI is participating in the arbitration process and intends to resist CRI's claim for immediate vesting of the 10% interest in the Property.

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors which may cause the Company's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.

Issued and Outstanding: 92,688,998 Common Shares

Contact Information

  • Ungava Mines Inc.
    Dr. Allan Miller
    (613) 231-5656