Nearctic Nickel Mines Inc.

December 09, 2010 16:56 ET

Nearctic Wins Leave to Appeal the Sheppard Award and Speedy Hearing

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) - Nearctic Nickel Mines Inc. (the "Company") and its indirect subsidiary, Ungava Minerals Exploration Inc. ("UMEI"), are pleased to announce that they have been granted leave by the Quebec Court of Appeal, to appeal the decision of Justice Fraiberg of the Quebec Superior Court which granted the Motion of Canadian Royalties Inc. to homologate the arbitration Award released by C.A. Sheppard dated April 1, 2009 and refused to annul same. The Sheppard Award was referred to in the Company's April 3, 2009 Press Release and is appended in full to the Company's Material Change Report dated April 8, 2009. The Judgment of Justice Fraiberg dated September 22, 2010 and the Company's Motion material seeking leave to appeal and the Judgment of Morissette J.A. dated December 8, 2010, will be appended to the Material Change Report to be filed following upon this Press Release. 

The Appeal is to be heard on March 18, 2011. UMEI, 100% owned by the Company's subsidiary, Ungava Mines Inc., remains the registered owner of a 30% interest in the Expo Ungava Property currently being put into commercial production by Canadian Royalties Inc. and its parent, Jien Canada Mining Ltd. 

With regret we also announce that Glen Gasparini, a long serving director of the Company and Ungava Mines Inc., has recently passed away. He will be missed. 

Caution Concerning Forward-Looking Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as may be required by applicable securities laws, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Issued & Outstanding
29,211,290 Common Shares

Contact Information

  • Nearctic Nickel Mines Inc.
    David Hynes
    Director
    905-361-2020