Pure Nickel and ITOCHU Announce 2013 Exploration Plans for the MAN Property
TORONTO, March 27, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) (the
"Company") is pleased to announce that its joint venture partner on the MAN
Alaska project, ITOCHU Corporation of Tokyo, Japan, has confirmed funding of
approximately US$3.5 million for the 2013 exploration season. Additional
details will be provided following a MAN project Management Committee meeting.
Mr. David McPherson, President and CEO of Pure Nickel, stated, "The MAN
project continues to hold great promise, and we look forward to working with
our partner, ITOCHU, to unlock the potential of the property in this our sixth
season of working together."
Exploration activity in 2013 will consist primarily of a drill program
targeting the western part of the Alpha complex, where drilling in 2010 and
2012 intersected highly anomalous Ni-Cu-PGE mineralization. The 2013 budget
calls for a 2200m drill program utilizing one helicopter supported drill rig.
The program is expected to commence in the last week of May, and will be
completed by mid-August.
Jon Findlay, Ph.D, P.Geo. is the designated Qualified Person for this project.
About the MAN Alaska property
The MAN Nickel (Ni) – Copper (Cu) – Platinum Group Element (PGE) Alaska
property is located at the junction of the Denali and Richardson highways in
south-central Alaska, approximately 250 kilometers southeast of Fairbanks. The
property consists of both state and federal claims, with a total area of
approximately 40,380 hectares. Five discrete mafic-ultramafic intrusive
complexes occur on the property, the largest of which, the Alpha complex,
measures approximately 33 kilometers by 3 kilometers.
The MAN property is being explored under a joint venture agreement with ITOCHU
Corporation. ITOCHU has earned a 30% ownership interest, and has funded
approximately US$21 million of exploration work since 2008. ITOCHU may earn up
to a 75% interest by incurring US$40 million of exploration expenditures on
About ITOCHU Corporation
Headquartered in Tokyo, Japan, ITOCHU is a publicly listed multi-billion
dollar conglomerate, with a history spanning more than 150 years. The company
operates through 9 offices in Japan and 117 offices overseas. ITOCHU is
engaged in domestic trading, import/export, and overseas trading of various
products such as textiles, machinery, information and communications-related
products, metals and mineral resources, products related to coal, oil and
other energy sources, general merchandise, chemicals, and provisions and food.
The joint venture with Pure Nickel is through ITOCHU's 100% subsidiary held by
Metals & Mineral Resources Division, Metals & Minerals Company.
About Pure Nickel Inc.
Pure Nickel is a TSX-listed mineral exploration company with a premium
collection of properties in North America. The Company is currently active on
its two Alaskan properties, MAN and Salt Chuck.In 2012 the Company completed
an initial drilling program at Salt Chuck that resulted in a new high grade
gold discovery (see press release dated December 11, 2012). A follow-up drill
program to test the extents of the gold mineralization at Salt Chuck is
planned for 2013. In 2012 the Company completed a US$4.2 million exploration
program on the MAN property which was fully funded by ITOCHU Corporation. In
addition, the Company completed an initial resampling of historic core at its
William Lake Nickel project which resulted in the identification of
significant concentrations of PGE in the nickel sulphide mineralization.
Further resampling is planned for 2013 at William Lake. The Company continues
to actively pursue other, non-nickel properties in North America and overseas.
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
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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