Nearctic Nickel Mines Inc.

October 04, 2016 11:59 ET

Action Against Quebec Ministry of Energy and Natural Resources Survives Motion to Dismiss

MONTREAL, QUEBEC--(Marketwired - Oct. 4, 2016) - Nearctic Nickel Mines Inc. (the "Company") announces that it and its indirect Quebec subsidiary, Ungava Mineral Exploration Inc., ("UMEI"), have received a Judgment of the Quebec Superior Court in which a motion to dismiss the damages action, announced in the Company's press release dated September 2, 2015, was itself dismissed. It was decided on a summary evaluation basis, that the claims made by UMEI were neither abusive nor prescribed by the statute of limitation. It was also decided that proceedings in this damages case would be suspended pending the final outcome in the pending motion for revocation of the homologation of the arbitration decisions, as mentioned in the Company's September 9, 2015 press release.

The Company will file the Judgment of the Honorable Mr. Justice P. Nollet as an annex to the Material Change Report to be filed in connection with this press release.

Issued and Outstanding

28,263,276 Common Shares

This news release contains forward-looking statements within the meaning of "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.

Contact Information

  • Nearctic Nickel Mines Inc.
    Glen Erikson
    President
    (905) 274 3164