Ungava Minerals Corp.
OTC Bulletin Board : UGVAF

February 03, 2006 10:23 ET

Ungava Announces Exploration of Strategic Alternatives

TORONTO, ONTARIO--(CCNMatthews - Feb. 3, 2006) - Ungava Minerals Corp. (the "Company")(OTCBB:UGVAF) announced today that its Board of Directors has authorized the exploration of the Company's strategic alternatives to maximize shareholder value. These alternatives could include a merger, sale or strategic alliance, including a possible sale of the Company or its subsidiary which owns the 20% interest in the Expo-Ungava property currently being developed by Canadian Royalties Inc. Ungava said there can be no assurance that any transaction will occur or, if one is undertaken, its terms or timing.

"Following a review of the Company's business, assets and current strategic position, the Board of Directors has determined that it is now appropriate to explore ways of enhancing shareholder value," stated Lorne H. Albaum, President.

The Company also stated that it does not expect to disclose developments with respect to the exploration of strategic alternatives and there can be no assurances that any particular alternative will be pursued or that any transaction will occur, or on what terms. The Company does not plan to release additional information about the status of the review of alternatives until its Board of Directors has approved a definitive transaction or the process is otherwise completed.

Ungava Minerals Corp. is a mineral exploration company. The Company has an interest in an exploration property in the Raglan area of northern Quebec having an area of about 170 square kilometres which is prospective for copper, nickel and platinum group metals.

This announcement does not constitute an offer of any securities for sale.

Issued and Outstanding: 18,296,610 Common Shares

Contact Information

  • Ungava Minerals Corp.
    Lorne H. Albaum
    (416) 304-1932