Nearartic Nickel Mines Inc., formerly Ungava Minerals Corp. Takes Control
of Byron Americor Inc.
TORONTO, Sept. 11 /CNW/ - Byron Americor Inc., ("Byron") NASDAQ OTCBB
"BYNAF" is pleased to announce that it has purchased 100% of Ungava Mines Inc.
from Nearartic Nickel Mines Inc., formerly Ungava Minerals Corp. ("UMC"). In
two transactions with UMC, Byron issued an aggregate of 90,000,000 shares and
10,000,000 Byron share purchase warrants to UMC. The Byron warrants held by
UMC are each exercisable at a price of CDN $0.75 at any time until August 31,
2012, to acquire Byron common shares. Byron now has 92,688,998 common shares
As part of the transaction to acquire Ungava Mines Inc., and its
subsidiary, Ungava Mineral Exploration Inc. ("UMEI"), Byron was issued
5,000,000 UMC warrants each exercisable at the price of $0.75 CDN at any time
until August 31, 2012 to acquire a UMC common share.
Byron through its subsidiary, UMEI currently has a 30% interest carried
to production, in a certain property, in the Raglan South Nickel Project of
Canadian Royalties Inc., located 20 km south of Xstrata's (Falconbridge's)
Raglan mine. Xstrata shares trade on the L.S.E., Zurich ("XTA"), Frankfurt
("XTR") Exchanges, and the OTCBB ("XSRAF") market in the U.S.A.
The property in which UMEI has an interest is being put into production
by Canadian Royalties Inc. ("CZZ" TSX) pursuant to a Bankable Feasibility
Study ("BFS") recently prepared by SNC Lavalin Inc. The capital costs of
putting the Raglan South Nickel Project into production is estimated at CDN$
465 million. In the Summary of Financial Analysis Results contained in the
BFS, the capital cost payback period (years of operation) is 1.9 years, based
on $10.00 Nickel and $2.00 copper.
Upon Canadian Royalties Inc. securing a banker's commitment to finance
the property into production on a non-recourse basis, UMEI's interest will be
reduced to 20% and UMEI will be thereafter obligated to fund 20% of subsequent
exploration and development activity on the property or suffer dilution.
The Raglan South Project is located in Northern Quebec; the sulphide
deposits have been described as being "--- the best quality and most rare",
(Ian Pearce, CEO, Xstrata, May, 2007) and the Raglan area has been described
as "-- one of the world's great nickel belts." (Financial Post August 8, 2007)
Particulars regarding the property in which UMEI has an interest may be
viewed on Byron's S.E.C. Edgar site or UMC's Sedar site by referring to the
2006 Technical Report and the 2007 Profitability Reviews prepared by John D.
For further information:
For further information: Ross McGroarty, Chairman, 2907-2045 Lakeshore
Blvd. W., Toronto, ON, M8V 2Z6, Canada, Tel: (416) 594-0528, Fax: (416)
594-6811, Email: email@example.com