Nearctic Nickel Mines Inc.
PINK SHEETS : UGVAF

December 14, 2007 17:21 ET

Nearctic Nickel Mines Inc.: Arbitration Update

MONTREAL, QUEBEC--(Marketwire - Dec. 14, 2007) - Nearctic Nickel Mines Inc. (the "Corporation") (PINK SHEETS:UGVAF) wishes to advise that the scheduled December 10, 2007 session before the Arbitrator did not deal with the Company's Motion to Dismiss, rather it dealt with the admissibility of an Amended Statement of Claim presented by Canadian Royalties Inc. "CRI".

After argument, it was decided that the Amended Statement of Claim would be admitted, subject to the Company's right to submit a Motion for Particulars.

The Motion for Particulars will be heard by the Arbitrator December 18-19, 2007. The Company's pending Motion to Dismiss may be amended after December 19, 2007. The Company's Motion to Dismiss is now scheduled to be heard January 8-9, 2008.

CRI's Amended Statement of Claim and the Arbitrator's Judgment on its admissibility will be annexed to the Material Change Report to be filed in connection with this Press Release.

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