Ungava Minerals Corp.

July 06, 2007 14:08 ET

Ungava Minerals Corp. Releases Technical Report and Profitability Review

MONTREAL, QUEBEC--(Marketwire - July 6, 2007) - Ungava Minerals Corp. (the "Corporation") (PINK SHEETS:UGVAF) has received Profitability Review II ("Review") dated July 5, 2007 which accompanies the Technical Report on the Expo Ungava JV Property prepared for the Corporation by J.D. Charlton, P. Geo and dated October 11, 2006 and his Profitability Review dated January 26, 2007. In the Review Mr. Charlton considers the open pit resources on the property co-owned by the Corporation and Canadian Royalties Inc. ("CRI") as described in the Technical Report ("Report") dated June, 2007 prepared for CRI by SNC Lavalin Inc. Mr. Charlton values the metals to be recovered from the mining operation described in the Report at USD $10.00/lb. Ni, USD $2.20/lb. Cu, USD $1,000/oz. Pt and USD $270/oz. Pd. Mr. Charlton accepts the capital and operating cost figures projected in the Report for purposes of projecting project cash flow. Based on his price projections for metals to be mined, which exceed the metal prices projected in the Report, Mr. Charlton concludes that the mineable tonnage referred to in the Report, which includes the Ivakkak open pit and underground mineral resources in which the Corporation has no interest, will produce project cash flow of CAD $1,125,152,000 on gross metal value of CAD $2,198,215,000, excluding Co and Au credits. Mr. Charlton estimates the net present value of the project's cash flow at CAD $314, 000,000 if discounted at 8%. The Profitability Review II will be attached to the Material Change Report to be filed in connection with this Press Release.

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 which 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
    (613) 231-5656