Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

March 14, 2008 17:05 ET

Brownstone Ventures Inc. Ownership in Nearctic Nickel Mines Inc.

TORONTO, ONTARIO--(Marketwire - March 14, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") announces it owns 3,714,766 common shares of Nearctic Nickel Mines Inc. ("Nearctic"), formerly Ungava Minerals Corp., (the "Common Shares") and rights to acquire an additional 2,666,666 common shares upon exercise of convertible securities (the "Convertible Securities"). These holdings represent approximately 20.6% of the total issued and outstanding common shares of Nearctic as of March 14, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In addition to Brownstone's holdings, Brownstone, together with its joint actors owns a total of 6,364,566 common shares, including the Common Shares and the Convertible Securities. If the Convertible Securities were exercised, the aggregate holdings of Brownstone and its joint actors would represent a total of 9,031,232 common shares of Nearctic, or approximately 29.2% of the total issued and outstanding common shares of Nearctic as of March 14, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

Brownstone or its joint actors could increase or decrease their investments in Nearctic depending on market conditions or any other relevant factor.

About Brownstone

Brownstone Ventures Inc. is a well-financed Canadian-based, energy focused investment company with direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah, 295km2 in the Assam/Arakan Basin, Northeast India and 253,000 acres in Rio Negro, Argentina. For additional information, please see Brownstone's website: www.brownstoneventures.com.

The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.

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