TORONTO, ONTARIO--(MARKET WIRE)--Apr 25, 2008 -- Ungava Mines Inc. ("Ungava") (OTC BB:
UGVMF.OB -
News) is pleased
to advise that Canadian Royalties Inc. ("Canadian") (Toronto:
CZZ.TO -
News) has reported substantial progress recently in its drive
to further explore and put the co-owned Expo Ungava Property
into production. Ungava has a 30% interest in the Expo Ungava
Property (net 20%) which Canadian has under option.
Mequillon Ni-Cu-PGE Deposit
In March 2008, Canadian released a Preliminary Economic
Assessment on the Mequillon Deposit which indicated that
there existed open pit and underground resources which could
extend the life of the intended mine significantly.
Open Pit Net Textured Sulphide Resource @$42.50/tonne NSR cut-off grade
---------------------------------------------------------------------------
Ni Cu Co Au Pt Pd PGE NSR
Classification Tonnes (%) (%) (%) (g/t) (g/t) (g/t) (g/t) ($/t)
---------------------------------------------------------------------------
Indicated 1,447,000 0.73 1.00 0.04 0.21 0.71 2.56 3.48 $123
---------------------------------------------------------------------------
Underground Net Textured Sulphide Resource @$75.00/tonne NSR cut-off grade
---------------------------------------------------------------------------
Ni Cu Co Au Pt Pd PGE NSR
Classification Tonnes (%) (%) (%) (g/t) (g/t) (g/t) (g/t) ($/t)
---------------------------------------------------------------------------
Indicated 3,927,000 0.75 1.10 0.04 0.23 0.69 2.68 3.60 $128
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Inferred 3,085,000 0.82 1.12 0.04 0.18 0.65 2.57 3.40 $135
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Total Net Textured Sulphide Resource
---------------------------------------------------------------------------
Ni Cu Co Au Pt Pd PGE NSR
Classification Tonnes (%) (%) (%) (g/t) (g/t) (g/t) (g/t) ($/t)
---------------------------------------------------------------------------
Indicated 5,374,000 0.74 1.07 0.04 0.23 0.70 2.65 3.58 $127
---------------------------------------------------------------------------
Inferred 3,085,000 0.82 1.12 0.04 0.18 0.65 2.57 3.40 $135
---------------------------------------------------------------------------Estimates of future metal prices used in this PEA were Nickel
$US8.00/lb, Copper $US2.00/lb, Platinum $US1,100/oz and
Palladium $US300/oz.
Allammaq Ni-Cu-PGE Deposit
On April 15, 2008 Canadian released a first resource estimate
for the Allammaq Deposit on the Expo Ungava Property. The
deposit is composed of two shallow zones, the deeper of
which is 40 metres thick in its central portion. The zones
have been traced for 150 metres in width and 250 metres
in strike length and is open in both dimensions. The Allammaq
Deposit and the Mesamax Deposit three kms away, are geologically
connected. Delineation drilling of the Allammaq Deposit
in 2008 is a top priority for Canadian so that this resource
may be included in the mine plan in the revised bankable
feasibility study.
The Allammaq Deposit has resources as follows:
--------------------------------------------------------------------
Ni Cu Co Au Pt Pd NSR
Classification Tonnes (%) (%) (%) (g/t) (g/t) (g/t) ($/t)
--------------------------------------------------------------------
Indicated 2,065,000 1.30 1.52 0.05 0.13 0.73 3.14 $115
--------------------------------------------------------------------
Inferred 461,000 1.97 1.84 0.08 0.13 0.81 2.67 $115
--------------------------------------------------------------------The Allammaq resources are estimated on the basis of the
same metal prices in the Mequillon Deposit PEA referred
to above.
Other
Canadian has indicated that it is now ordering equipment
for a mill with a capacity of 4,500 TPD. Previously the
mill capacity had been indicated at 3,500 TPD. This is a
very positive development and should have a dramatic effect
on revenue and earnings from the mine. Canadian has also
recently indicated that it considers itself on schedule
and within the $465 million budget to build the mine and
that required debt financing of about $250 million should
be arranged by the end of September, 2008 which will require
the completion of a revised bankable feasibility study.
Commercial production from the mine is scheduled to commence
in 2010. Also expected in 2008 is a new resource estimate
for the Expo Deposit and 25,000 metres of diamond drilling.
For more information about Ungava Mines Inc. visit www.ungavamines.com
Safe Harbor
Statements made in this release that are not historical
in nature constitute forward looking statements within the
meaning of the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking can be identified
by the use of words such as "expects", "plans", "will",
"may", "anticipates", "believes", "should", "intends", "estimates",
and other words of similar meaning. These statements are
subject to risks and uncertainties that cannot be predicted
or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without
limitation, risks associated with the uncertainty of future
financial results, additional financing requirements, development
of new products, the effectiveness, profitability and marketability
of such products, the ability to protect proprietary information,
the impact of current, pending or future litigation and
regulation on the industry, the effect of general economic
and business conditions. All forward-looking statements
included in this release are made as of the date of this
release and Ungava Mines Inc. assumes no obligation to update
any such forward-looking statements.
Issued and Outstanding: 92,866,976 Common Shares