Nearctic Nickel Mines Inc.
PINK SHEETS : UGVAF

September 25, 2007 13:26 ET

Motion to Deny UMEI Appeal of Res Judicata Decision Fails. Appeal Will Be Heard.

MONTREAL, QUEBEC--(Marketwire - Sept. 25, 2007) - Nearctic Nickel Mines Inc. (the "Corporation") (PINK SHEETS:UGVAF) is pleased to announce that a three judge panel of the Quebec Court of Appeal has unanimously decided that the Company's subsidiary, Ungava Mineral Exploration Inc. "UMEI", is to be allowed to appeal the decision of Judge Helene Langlois JSC, dismissing UMEI's Amended and Particularized Motion to Institute Proceedings as against Glen Mullan and Bruce Durham. The court found that UMEI's appeal should not be dismissed on the basis that it had no reasonable chance of success, or that it was improper, or dilatory. The Motion to Institute Proceedings, as originally filed, was appended to the Corporation's Material Change Report dated August 14, 2006. Nearctic recently transferred UMEI to Ungava Mines Inc. (OTCBB:BYNAF) its subsidiary.

The Corporation estimates that UMEI's appeal will be heard in about a year.

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:

28,263,276 Common Shares

Contact Information

  • Nearctic Nickel Mines Inc.
    Dr. Allan Miller
    President
    (613) 231-5656