Quebec Court of Appeal Dismisses Appeal of Homologation of the Sheppard Arbitration Award of April 1, 2009

TORONTO, ONTARIO--(Marketwire - March 6, 2012) - Nearctic Nickel Mines Inc. (the "Company"), reports that it has received a Judgment of the Québec Court of Appeal dismissing the Company's appeal from the Judgment of Superior Court Judge Fraiberg homologating the Sheppard Award dated April 1, 2009 which found that Canadian Royalties Inc. was entitled to the vesting of a further 10% interest in the Expo Ungava Property. The Fraiberg Judgment was the subject of the Company's October 4, 2010 Press Release and October 5, 2010 Material Change Report. The Court of Appeal hearing was held on March 18, 2011 and was the subject of the January 17, 2011 Press Release and January 18, 2011 Material Change Report. The Judgment of the Court of Appeal will be appended to the Material Change Report to be filed in connection with this Press Release.

The management of the Company, together with their advisers are studying the Judgment to ascertain if there are grounds to seek leave to appeal the Judgment to the Supreme Court of Canada.

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.