Ungava Minerals Corp.

April 02, 2007 11:22 ET

Ungava Minerals Corp.: Corporate Update

MONTREAL, QUEBEC--(CCNMatthews - April 2, 2007) - Ungava Minerals Corp. ("UMC") (PINK SHEETS:UGVAF) announces that it has organized a subsidiary, Ungava Mines Inc. ("Mines"), in Ontario and has transferred its wholly-owned Quebec subsidiary, Ungava Mineral Exploration Inc. ("UMEI"), to Mines on a tax-free rollover basis. Mines is currently a wholly-owned subsidiary of UMC. It is expected that Mines will raise equity and flow-through financing shortly. Mines will, from March 1, 2007, be responsible for all costs of pending and future litigation involving UMEI's property interest, Canadian Royalties Inc. and all related parties, as well as for all costs of the pending and future litigation in Ontario against James Mungall, the University of Toronto and other parties responsible for trespasses onto UMEI's property over the years.

UMC has declared a dividend of Mines common shares whereby one Mines share will be distributed for each two UMC shares held. The distribution date will be fixed in the future.

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 that 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: 25,596,610 Common Shares

Contact Information

  • Ungava Minerals Corp.
    Dr. Allan Miller