Pure Nickel: NI 43-101 Report on Indicated and Inferred Resource Estimate for
T-1 Copper Deposit, Tower Property, Manitoba
TORONTO, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) reports
that its partner on the Tower Property announced the filing of a NI 43-101
technical report on an indicated and inferred resource estimate for the T-1
copper deposit at the Tower Property, Manitoba. Rockcliff Resources Inc.
issued a press release on January 22, 2013 stating that a report entitled
"Independent Technical Report, Tower Property, Grand Rapids, Manitoba" dated
January 20, 2013 was available for viewing on www.sedar.com. For the
convenience of our shareholders the report is also available for viewing on
Rockcliff Resources Inc. today announced that line cutting and a DPEM (deep
penetrating electromagnetic) geophysical survey had commenced on the Tower
property and that a drilling program will follow.
Pure Nickel granted Rockcliff Resources Inc. the option to earn a 70% interest
in the property by paying $150,000 in incremental payments and incurring
aggregate exploration expenditures totalling $4,000,000 over four years.
Rockcliff has recently exercised the option to earn its 50% interest by
spending $2,000,000 on exploration expenditures and paying $90,000 to Pure
Nickel Inc. over the last two years. Both parties will now form a joint
venture and Rockcliff will earn an additional 20% in the property by spending
an additional $2,000,000 (in progress) in exploration expenditures and paying
a total of $60,000 over the next 2 years. Once completed, Rockcliff will
control a 70% interest in the property. An underlying 2% NSR on the property
is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of
nickel, copper and platinum group element exploration projects in North
America. In 2012 the Company was active at its flagship MAN property in
Alaska, which is fully funded under an option agreement with Itochu
Corporation of Tokyo, Japan. The Company also completed a drill program at its
Salt Chuck property in the Alaskan panhandle, where a new gold discovery was
recently announced on December 11, 2012.
Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, expectations, plans, and objectives of Pure Nickel are
forward-looking statements that involve various risks.The following are
important factors that could cause Pure Nickel's actual results to differ
materially from those expressed or implied by such forward-looking statements:
changes in the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
exploration activities and cash flows, and the uncertainty of access to
additional capital. There can be no assurance that forward-looking statements
will prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements.Pure Nickel undertakes
no obligation to update such forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is cautioned not
to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy
of this release.
CONTACT: For further information:
CHF Investor Relations
T. (416) 868-1079 x 231
The Howard Group Investor Relations
T. (888) 221-0915
Pure Nickel Inc.
President and CEO
T. (416) 644-0066
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