Pure Nickel Inc. Provides Update on the MAN Property, Alaska
TORONTO, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX-V:NIC)
announces that ITOCHU Corporation has withdrawn from the joint venture on the
MAN Alaska property.
Over the past five years the MAN project has benefitted greatly from ITOCHU's
participation. With their funding support, Pure Nickel has been able to
complete significant exploration programs without raising capital on the
markets and thus diluting shareholders.
Notwithstanding the progress that has been made at MAN, particularly the
identification of the highly prospective Eureka Ni-Cu-PGE Zone, ITOCHU has
decided to withdraw from the MAN project and focus on the strategic investment
management of their global portfolio of assets. Full ownership of the property
will revert to Pure Nickel. This allows Pure Nickel to partner with other
companies as it continues to advance the property.
A conference call to discuss the withdrawal from the joint venture and future
strategy with respect to the property is scheduled for today at 11 am ET. You
can join the call by dialling 1-866-223-7781 or 1-416-340-2218. Please call in
15 minutes prior to the call to secure a line. You will be put on hold until
the conference call begins.
A live audio webcast of the conference call will also be available through
About the MAN project
The MAN Nickel (Ni) – Copper (Cu) – Platinum (Pt) – Palladium (Pd) – Cobalt
(Co) – Gold (Au) – Silver (Ag) Alaska property is located at the junction of
the Denali and Richardson highways in south-central Alaska, approximately 250
kilometres southeast of Fairbanks. The property consists of both state and
federal claims, with a total area of approximately 47,000 hectares. Five
discrete mafic-ultramafic intrusive complexes occur on the property, the
largest of which, the Alpha complex, measures approximately 33 kilometres by 3
kilometres. In 2012 Pure Nickel Inc. identified an extensive zone of
disseminated sulphide mineralization, the Eureka Zone, in the Alpha Complex,
and this is the focus of the Company's exploration efforts at present.
About Pure Nickel Inc.
Pure Nickel Inc. is a mineral exploration company with a diverse collection of
nickel, copper and platinum group element exploration projects in North
America. In 2013 the Company was active at its flagship MAN property in
Alaska. In addition, the Company has recently received permits for a drill
program on its 100% owned Salt Chuck property in southeastern Alaska.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
CONTACT: Pure Nickel Inc.
T. (416) 644-0066
CHF Investor Relations
T. (416) 868-1079 x 231
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