Effective at the opening on November 23, 1998, Northern Canada Mines, Limited commenced trading on the Vancouver Stock Exchange. The company is classified as a "Venture" company and trades under the symbol "NML".  

The company is no longer directly involved in mining operations or exploration programs and no longer has any expertise in the mining industry. It does not carry on any other business operations and has no plans to recommence mining exploration activities.

The Shareholders of record of November 17, 1998 have been called to a Special Meeting of the Shareholders to be held on December 22, 1998. At the meeting, the Shareholders will be asked to consider a special resolution approving a "going private" transaction whereby the Company would amalgamate with its affiliates, Atlantic Coast Copper Corporation Limited, Key Anacon Mines Limited, First Maritime Mining Corporation Limited and Hunter Brook Minerals Limited. The shares of the minority public Shareholders (the "Public Shareholders") of the Company (Shareholders not part of the Irving Companies control group) would be exchanged for special redeemable preference shares. These shares would then be redeemed for a cash amount which would in effect be equal to $8.50 for each share of the Company held by the Public Shareholders.

In order for the Transaction to take place the following must occur:

1. The Amalgamation Resolution (providing for the Amalgamation) must be passed, with or without amendment, by at least two-thirds of the votes cast in respect thereof by holders of Common Shares present in person or represented by proxy at the Special Meeting and;

2. The Amalgamation Resolution must be passed, with or without amendment, by at least a majority of the votes cast in respect thereof by Public Shareholders present in person or represented by proxy at the Special Meeting.

It is expected that the Amalgamation will be effective January 1, 1999. If the Amalgamation is completed, it is intended that an application will be made to the Exchange to delist the company. An application would also be made to securities regulatory authorities across Canada for orders deeming the Amalgamated Corporation to no longer be a "reporting issuer" for purposes of the Securities Act (Ontario) and equivalent legislation in other jurisdictions, where upon the Amalgamated Corporation will no longer be subject to the ongoing disclosure and other obligations currently imposed upon the Corporation as a reporting issuer.

The company’s capitalization is 2,963,000 with no par value of which 1,523,300 common shares are issued and outstanding. Montreal Trust Company is the transfer agent.

For further information, please refer to the Company’s Management Information Circular dated November 16, 1998.