Nunavik Nickel Mines Ltd.

Nunavik Nickel Mines Ltd.

May 17, 2012 15:47 ET

Nunavik Nickel Mines Ltd./Results: Annual General Meeting of Shareholders and Corporate Update

VAL-D'OR, QUÉBEC--(Marketwire - May 17, 2012) - Nunavik Nickel Mines Ltd. (TSX VENTURE:KZZ) (hereinafter "Nunavik Nickel" or the "Company") announces the results of its Annual General Meeting of Shareholders (the "Meeting") held on May 16, 2012, in Montreal, Quebec. At the Meeting, shareholders approved all resolutions put before them by management, including the election of all director nominees, the appointment of the auditor, and the approval of the previously adopted stock option incentive plan, as required annually by the policies of the TSX Venture Exchange.

Results of the Meeting

Elections of Directors

The shareholders elected Messrs. Pita Aatami, Glenn J. Mullan, Michael H. Wilson, and Dr. C. Jens Zinke. Each shall service the Company as directors until the next annual general meeting of shareholders Messrs. Aatami and Wilson are considered to be independent pursuant to applicable securities legislation.

Mr. Andrew T. Pepper did not stand for re-election this term and the directors and management in conjunction with Mr. Mullan, CEO, take this opportunity to thank Mr. Pepper for his contributions over his tenure as a director of the Company.

With the departure of Mr. Pepper, the board is now joined by Mr. Aatami. Mr. Aatami has been a tireless symbol of Inuit progress in Northern Quebec, having shaped policies that have both uplifted and strengthened social, economic, and political progress for the Inuit community that will serve for generations. The broad range of his policy leadership in Northern Quebec in business, education, politics, social progress, and community development, and the broad impact of the causes he has championed and of his approach to championing those causes makes him a most valuable addition. Mr. Aatami is a recipient of the Order of Quebec (2009) and has served on Makivik Corporation (Executive Committee, Director, and 1998-2012 as President), First Air (Board member and President (1995)), Air Inuit, and Halutik Enterprises in various executive capacities, and/or as a member of the Board of Directors.

Appointment of the Auditor

The shareholders re-appointed Raymond Chabot Grant Thornton LLP, Chartered Accountants as the Company's auditor for the ensuing year.

Annual Approval of the Nunavik Stock Option Incentive Plan

The shareholders voted in favour of the resolution pertaining to the annual approval of the Company's stock option incentive plan.

Corporate Update

Officer Appointment

Chief Executive Officer: Glenn J. Mullan
Chief Financial Officer and Secretary: Daniel Poisson

Board Committees

The Board of Directors has crystallized its standing board committees; they include the Audit Committee, the Corporate Governance and Compensation Committee, and the Technical Committee. With the exception of the Technical Committee, all of the Company's committees are comprised of a majority of independent directors.

About Nunavik Nickel Mines Ltd.: Nunavik Nickel Mines Ltd. holds title to the Fortin Property, the Marymac Prospect, the Shoot Out Prospect (East and West combined) and the Donnybrook and Overtime Claims, which were previously held by Golden Valley Mines Ltd., and may acquire and generate other nickel ventures in Canada and elsewhere.

Forward Looking Statements:

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Golden Valley believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Golden Valley's management on the date the statements are made. Except as required by law, Golden Valley undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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