Nunavik Nickel Project
Development of an nickel-copper mine - production, 2010
Message: Supreme Court of Canada Rejects Ungava Minerals'..............
| February 2, 2009 |
| Supreme Court of Canada Rejects Ungava Minerals' Application re $50,500,000 Law Suit Against Canadian Royalties' Directors Bruce Durham and Glenn Mullan |
| MONTREAL, QUEBEC--(Marketwire - Feb. 2, 2009) - Canadian Royalties Inc. (TSX:CZZ) announces that it has been advised by two of its directors, Messrs. Bruce Durham and Glenn Mullan, that Ungava Minerals Exploration Inc.'s ("UMEI") Application to the Supreme Court of Canada (Application for Leave) was rejected, with costs in favour of Bruce Durham and Glenn Mullan. UMEI's Application to have its matter presented to the Supreme Court of Canada was made in a final attempt to overturn a decision of the Quebec Court of Appeal that had upheld a decision of the Quebec Superior Court, dismissing UMEI's law suit against Durham and Mullan. UMEI is a company associated with Ungava Minerals Corp. (now named Nearctic Minerals) and its Application to the Supreme Court is correlated with Ungava Minerals' direct and indirect efforts to challenge Canadian Royalties' interests in the Expo-Ungava Property. Over the years, Ungava Minerals, UMEI, and its related entities, have been unsuccessful in achieving that objective. In respect of this recent loss by UMEI at the Supreme Court, it had, in 2006, launched an action against Durham and Mullan in the Quebec Superior Court seeking $50,500,000 in damages (see Press Release of Ungava Minerals Corp./Nearctic Nickel Mines Inc. dated August 11, 2006). Durham and Mullan were successful in having this 2006 action against them dismissed by the Quebec Superior Court on April 24, 2007, and again by the Court of Appeal of Quebec on July 16, 2008. Glenn J. Mullan, President and CEO of Canadian Royalties, states that "it is anticipated that the success achieved by Bruce Durham and Glenn Mullan in this matter may have significant carry-over benefits to Canadian Royalties". About Canadian Royalties and the Nunavik Nickel Project Canadian Royalties has identified Indicated resources totaling 19,437,000 tonnes grading 0.97% Ni, 1.18% Cu, 0.56 g/t Pt, and 2.27 g/t Pd, in addition to 4,102,000 tonnes of Inferred resources at its Nunavik Nickel Project, located 20 kilometers south of Xstrata Nickel's Raglan Mine in Nunavik, Quebec. Canadian Royalties has received its Environmental Certificate of Authorization and Mine Leases for the Expo, Mesamax, Ivakkak and Mequillon sites. |
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