Mr. Glenn Mullan of Golden Valley Mines reports

NUNAVIK NICKEL MINES CLOSES $250,000 PRIVATE PLACEMENT FINANCING; GOLDEN VALLEY MINES PURCHASES 800,000 UNITS ($80,000) UNDER PRIVATE PLACEMENT BY NUNAVIK NICKEL MINES

Nunavik Nickel Mines Ltd. has closed a non-brokered private placement financing, pursuant to which it has issued 2.5 million units at a per-unit price of 10 cents for gross proceeds of $250,000. Each unit consists of one common share in the capital of Nunavik Nickel and one-half of one non-transferrable share purchase warrant, with each whole warrant entitling the purchase of one common share at a per-share price of 12 cents until Jan. 30, 2017.

Golden Valley Mines Ltd. was a subscriber under the offering, having purchased 800,000 units for proceeds to Nunavik Nickel of $80,000. Nunavik Nickel has been a majority owned subsidiary of Golden Valley since the reorganization of Golden Valley's assets that was effected in July, 2011. Golden Valley now holds 7,763,634 common shares of Nunavik Nickel, or approximately 61.7 per cent of Nunavik Nickel's issued and outstanding common shares. As Golden Valley is an insider of Nunavik Nickel, and further, a director of Nunavik Nickel also participated in the offering, related-party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- protection of minority securityholders in special transactions applied. Nunavik Nickel relied on Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(b) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, as the distribution of securities was for cash consideration and the fair market value of the securities distributed under the private placement did not exceed $2.5-million.

In connection with the private placement and in satisfaction of finder's fees on subscription proceeds of $33,000, Nunavik Nickel has paid a cash finder's fee of $3,300 and has issued a non-transferrable finder's fee warrant entitling the purchase of 41,250 common shares of Nunavik Nickel at a per-share price of 10 cents until Jan. 30, 2017, to an individual who is non-arm's length to Nunavik Nickel.

All securities issued by Nunavik Nickel under the private placement, including common shares underlying and issuable on exercise of the warrants and the finder's fee warrant, are subject to a hold period until May 31, 2015, in accordance with applicable securities legislation. The proceeds raised from this offering will be used by Nunavik Nickel for general corporate purposes.

We seek Safe Harbor.