Business
Nearctic Nickel Mines Inc.
Nearctic Nickel Mines Inc.
About this update from Cleghorn Minerals Ltd.
[{"type":"text","content":"\n\n\n\nSep. 11, 2009 (Canada NewsWire Group) -- TORONTO, Sept. 11 /CNW/ -- Nearctic Nickel Mines Inc. (Pink Sheets: NNMIF) and its subsidiary, Ungava Mineral Exploration Inc. (\"UMEI\") have received the Canadian Royalties Inc. (\"CRI\") Defence, Cross-Demand and Answer to the motion to annul the Sheppard arbitration Decision of April 1, 2009. It has two interesting aspects. First, CRI suggests that the Feasibility Study prepared for it by SNC-Lavalin was based on the assumption that CRI would gain access to Donaldson Airport owned by Falconbridge/Xstrata for the transport of personnel and mine building material to the Expo Ungava Property. This suggests that CRI thinks it raised $75 million in 2007 and $137 million in 2008 on the assumption that it would get access to the Expo Ungava Property through the shared use of that airport.What the Feasibility Study actually states in part in this regard, is the following:\"Section 18.2. At the time of writing this report, CRI has concluded an agreement for the joint use of the Donaldson Airport. CRI will provide for expanding the current infrastructure in order to support the increase in traffic, as detailed in Section 7.\"Second, CRI's Defence fails entirely to address the decisive issue that the arbitrator openly remade the Option Agreement by deleting Article 2.1(d), which was the provision under which CRI could be vested with a 10% interest, bringing its interest in the Expo Ungava Property to 80%, and inserting a 10% vesting provision found in a superseded Letter of Intent. CRI's pleadings will be attached to the Material Change Report to be filed in respect of this press release.A date for hearing of the motion to annul the Sheppard Decision has not yet been set.UMEI remains the registered owner of a 30% interest in the Expo Ungava Property.Caution Concerning Forward-Looking StatementsThe 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 indicate...