Nearctic Nickel Mines Inc.

December 04, 2007 17:12 ET

Nearctic Nickel Mines Inc. Announces Arbitration Update

MONTREAL, QUEBEC--(Marketwire - Dec. 4, 2007) - Nearctic Nickel Mines Inc. (the "Corporation") (PINK SHEETS:UGVAF) announces that an Arbitrator to hear the case has been selected and that it has recently received Canadian Royalties Inc.'s Claim. It has responded by delivering a Motion to Dismiss. Both the Claim and the Motion will be annexed to the Material Change Report which will follow upon this Press Release.

The Motion to Dismiss asserts grounds on which the Arbitrator should find the Claim illfounded and therefore that the Arbitrator is without jurisdiction to hear the Claim. The Motion will be heard December 10, 2007. If the Motion is not successful, the Corporation will file a Defence to the Claim after examining witnesses, all in accordance with the timetable for the arbitration established by the Arbitrator's Decision, which will also be annexed to the Material Change Report. A two week trial is scheduled for April, 2008.

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
    (613) 231-5656