January 07, 2005 15:24 ET
NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: UNGAVA MINERALS CORP. OTC Bulletin Board SYMBOL: UGVAF JANUARY 7, 2005 - 15:24 ET Ungava Minerals Corp.: Award Delivered in Arbitration Against Canadian Royalties Inc. TORONTO, ONTARIO--(CCNMatthews - Jan. 7, 2005) - Ungava Minerals Corp. (OTCBB:UGVAF) announced that on December 20, 2004, an Award was delivered by the arbitrator in the third arbitration proceeding between Ungava Minerals Corp. ("Ungava") and Canadian Royalties Inc. ("CRI") with respect to CRI's Motion to Dismiss the third arbitration. CRI's motion was filed in lieu of filing a Statement of Defense in the arbitration. A copy of CRI's motion, together with the written submissions made on behalf of CRI and Ungava and the December 20, 2004 Award will be attached to the Material Change Report to be filed in respect of this Press Release. The Award appears to decide that "res judicata prevents the issues raised in the Third Arbitration from being relitigated." This apparently because Ungava seeks to re-litigate the issues already litigated in the first arbitration. The directors of Ungava are reviewing this Award with a view to determining what course of action to pursue. Ungava Minerals Corp. is a mineral exploration company. The Company has an interest in an exploration property in the Raglan area of northern Quebec having an area of about 170 square kilometres which is prospective for copper, nickel and platinum group metals. The Company is litigating to recover full ownership of the property. This announcement does not constitute an offer of any securities for sale. Issued and Outstanding: 18,296,610 Common Shares -30-
FOR FURTHER INFORMATION PLEASE CONTACT: Ungava Minerals Corp. Lorne H. Albaum President (416) 304-1932
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