Ungava Minerals Corp.

March 17, 2005 15:25 ET

Ungava Minerals Corp. Will Not Appeal


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: UNGAVA MINERALS CORP.

OTC Bulletin Board SYMBOL: UGVAF

MARCH 17, 2005 - 15:25 ET

Ungava Minerals Corp. Will Not Appeal

TORONTO, ONTARIO--(CCNMatthews - March 17, 2005) - Ungava Minerals Corp.
(OTCBB:UGVAF) announced that it will not appeal the Award was delivered
by the arbitrator on December 20, 2004, in the third arbitration
proceeding between Ungava Minerals Corp. ("Ungava") and Canadian
Royalties Inc. ("CRI").

Having reviewed the Award and received the advice of its counsel, Ungava
has decided not to seek a judicial remedy.

"Notwithstanding that we continue to believe that the arbitrator's key
findings were erroneous," said Lorne Albaum, President of Ungava, "we
look forward to putting this dispute behind us and to pursuing our
relationship with CRI in a co-operative manner."

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

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ungava Minerals Corp.
    Lorne H. Albaum
    President
    (416) 304-1932