Pure Nickel Reports Operating Highlights and Fiscal Year-End Results for the Year Ended November 30, 2012

Pure Nickel Reports Operating Highlights and Fiscal Year-End Results for the
Year Ended November 30, 2012

TORONTO, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) (the
"Company") today released its operating highlights and its financial results
for the year ended November 30, 2012. (All dollar amounts herein are in
Canadian funds unless otherwise indicated.)

Operating Highlights

  *The Company announced a new gold discovery at its Salt Chuck Alaska
    property. A six hole drill exploration program encountered intersections
    of 29.1 g/t Au over 2.58 metres and 1.2 g/t Au over 5.49 metres.
  *On January 30, 2013, the Company signed an agreement with CS Mining, LLC
    and Skye Mineral Partners, LLC (jointly referred to as CS Mining) under
    which it was agreed that US$0.5 million held in escrow would be released
    to the Company immediately, and CS Mining will pay the Company US$0.5
    million on February 28, 2013, and the balance of US$1 million on June 30,
    2013.Overdue payments will bear interest at 1% per month, and CS Mining
    also agreed to reimburse the Company $7,500 for legal costs.
  *The Company announced that its partner on the MAN Alaska property, ITOCHU
    Corporation, confirmed its continued participation in the joint venture
    agreement and committed to fund the 2012 exploration program.
  *The MAN Alaska 2012 exploration program completed 2,233 metres of
    drilling, 48 line kilometres of IP (Induced Polarization), soil
    geochemical surveys and detailed mapping.
  *Pure Nickel's option partner, Rockcliff Resources Inc., completed 12 drill
    holes on the Tower Property expanding the T-1 copper deposit and
    discovering a new copper zone (T-2).Rockcliff Resources filed an NI
    43-101 compliant independent mineral resource estimate on the Tower
    Property, Manitoba.

Salt Chuck Property, Alaska

The 2012 drilling program identified high grade gold mineralization in a
previously unknown gold-bearing structure in the western part of the property,
an area known locally as North Pole Hill. High grade intersections include
127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.

The program was designed to test coincident multi-element (Au-Cu-Pd) soil
geochemical and IP anomalies identified over the Salt Chuck mafic/ultramafic
intrusion. The North Pole Hill anomalies were hypothesized to reflect the
presence of the same style of remobilized magmatic Cu-Au-Pd-Ag mineralization
found at the historic Salt Chuck mine, located 2 km to the southeast. The fact
that significant mineralization was encountered in these drill holes supports
an interpretation that the geochemical and IP anomalies at North Pole Hill
reflect remobilization of primary magmatic sulphides in an east-west trending
structure. The anomalies extend east-west over a distance of 1.5 km to the
limits of the surveys. A second soil geochemical anomaly splays off from the
east-west anomaly and trends southward for 1.7 km, again to the limits of the
surveys.

The Salt Chuck property is located on Prince of Wales Island on the Alaskan
Panhandle. The property consists of 146 contiguous federal lode mining claims.
The Salt Chuck mine produced approximately 300,000 metric tonnes of ore,
reported by US government summaries (1948) to be 0.95 % copper, 1.96 g/t
palladium, 1.12 g/t gold and 5.29 g/t silver. The mine was the largest
producer of palladium in the USA during its era of production.Jon Findlay,
Ph.D. P.Geo. is the designated Qualified Person for this project.

Milford Copper Properties, Utah

In 2012, the Company amended the settlement agreement with Skye Mineral
Partners and CS Mining LLC ("Skye") with respect to its Milford Utah
properties. The Company agreed to a partial payment of US$0.5 million (funds
were received on June 4, 2012) with US$0.5 million being placed in escrow.
Subsequent to year-end an additional amendment has been agreed to which has
resulted in the US$0.5 million to be released from escrow and deposited into
the Company's account and CS Mining to pay the Company US$0.5 million on
February 28, 2013, and the balance of US$1 million on June 30, 2013. Overdue
payments will bear interest at 1% per month.

MAN Property, Alaska

In early 2012, our project partner ITOCHU Corporation formalized the funding
of our exploration program at the MAN Alaska property for 2012.During the
year, US$4.2 million was expended on the program. The 2012 work program
included soil geochemical surveys (3,010 samples collected), detailed mapping,
48 line kilometres of IP geophysical surveys and 2,233 meters of diamond core
drilling. The program was designed to identify areas of potential magmatic
Ni-Cu-PGE sulphide mineralization at surface or at shallow depths. Drilling
was used to test soil geochemical and/or IP anomalies for the presence of
sulphides in bedrock.

The work identified several new sulphide occurrences on the Alpha complex,
with a number of soil geochemical and IP anomalies still to be tested. Of the
eight drill holes completed, seven targeted soil or IP anomalies, and one hole
was drilled to investigate magmatic stratigraphy. Minor amounts of magmatic
sulphide mineralization were encountered in most of the drill holes, but assay
results from these intervals were generally not significant. In hole
PNI-12-063, however, highly anomalous Ni-Cu-PGE mineralization was intersected
across a significant interval. The hole targeted partially coincident IP and
soil geochemical anomalies in the southern part of the Alpha complex, and
returned an intersection of 80.95 meters apparent width grading 35 ppb Au, 106
ppb Pt, 174 ppb Pd (315 ppb Au+Pt+Pd), 0.17% Cu and 0.25% Ni from 146.55
meters to 227.5 meters.

A limited gold prospecting program was also completed during the summer to
attempt to locate the lode source of the many placer gold occurrences in the
area. Results were encouraging, with one sample of glacially transported
material assaying 14.0 g/t Au and 4.6% Ni. The bedrock source of this sample
is unknown, but additional gold prospecting will be undertaken in 2013 in an
attempt to trace the source.

The 2012 field season demonstrated the successful application of multifaceted,
field based work programs in locating sulphide mineralization at or near
surface. Numerous geochemical and geophysical targets remain to be tested in
2013.

ITOCHU has earned a 30% interest in the property and has funded approximately
US$21 millionof exploration costs since 2008. ITOCHU may earn up to a 75%
interest by incurring US$40 millionof exploration expenditures on the
property by 2013. Jon Findlay, Ph.D, P.Geo. is the designated Qualified
Person for this project.

Tower Property, Manitoba

The Tower property is contiguous with Pure Nickel's William Lake claims in the
Thompson Nickel Belt, and is currently under option to Rockcliff Resources
Inc. In 2012, Rockcliff Resources exercised its option to earn a 50% interest
in the property by making the required expenditures of $2,000,000 on
exploration and making $90,000 in option payments to Pure Nickel over the past
two years. Rockcliff can earn an additional 20% in the property by spending an
additional $2,000,000 in exploration and $60,000 in option payments over the
next two years.

In 2012, Rockcliff Resources continued its drilling program completing 12
holes. The holes expanded the T-1 copper deposit, discovered the T-2 copper
zone and tested the T-3 anomaly.Subsequent to Pure Nickel's year end
Rockcliff Resources filed an NI 43-101 compliant independent mineral resource
estimate on the Tower Property, in central Manitoba. The report, entitled
Independent Technical Report, Tower Property, Grand Rapids, Manitoba, and
dated January 20, 2013 can be found on SEDAR (www.sedar.com) with other
Rockcliff Resource's filings.

Property Divestiture

The Company continues to evaluate the properties in its portfolio and an
analysis is performed taking into account the claim maintenance costs and
property potential for exploration success and decisions regarding divestiture
are made. In 2012 Pure Nickel relinquished certain claims that form part of
the Rainbow property in Nunavut.

Results for the Year Ended November 30, 2012

Pure Nickel reported that at November 30, 2012, it had net working capital of
$3.4 million.The Company reported that its net loss was in line with
expectations: $1.3 million ($0.02 per share) for the year ended November 30,
2012, compared to a net loss of $1.4 million ($0.02 per share) for the prior
year. Total cash flows used in operating activities were $0.3 million in
2012, compared to $3.9 million in the prior year. For the three months ended
November 30, 2012, the net loss was $0.3 million ($0.004 per share), compared
to $0.3 million ($0.004 per share) for the same quarter in the prior year.For
further information please refer to Pure Nickel's consolidated financial
statements and the accompanying management's discussion and analysis on the
Company's website at www.purenickel.com, and on SEDAR at www.sedar.com.

About Pure Nickel Inc.

Pure Nickel is a TSX listed mineral exploration company with a premium
collection of properties in North America. The Company has been actively
exploring its two Alaskan Properties, MAN and Salt Chuck. In 2012 the Company
announced a gold discovery at Salt Chuck and completed a US$4.2 million
exploration program at MAN, which was fully funded by their option partner. In
addition, the Company is actively pursuing other, non-nickel properties in
North America and overseas.

Forward Looking Statements

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: CHF Investor Relations
         Cathy Hume
         T. (416) 868-1079 x 231
         Email: cathy@chfir.com
         Website: www.chfir.com
        
         The Howard Group Investor Relations
         Jeff Walker
         T. (888) 221-0915
         Email: info@howardgroupinc.com
         Website: www.howardgroupinc.com
        
         Pure Nickel Inc.
         David McPherson
         President and CEO
         T. (416) 644-0066
         Email:  info@purenickel.com
         Website: www.purenickel.com
 
Press spacebar to pause and continue. Press esc to stop.