Ungava Minerals Corp.

January 07, 2005 15:24 ET

Ungava Minerals Corp.: Award Delivered in Arbitration Against Canadian Royalties Inc.


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

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ungava Minerals Corp.
    Lorne H. Albaum
    President
    (416) 304-1932