Great Lakes Nickel signs Option Agreement with Rio Tinto

TORONTO, Nov. 18, 2011 /CNW/ - Great Lakes Nickel Limited ("GLN" or the Corporation") is pleased to announce that it signed an agreement today with Rio Tinto Exploration Canada Inc. ("RTEC") regarding an option by RTEC to acquire a 100% undivided interest in certain mining properties located in Pardee Township, Ontario (the "Pardee Property").  The basic terms of the agreement are that RTEC may exercise the option upon paying $5,500,000 to the Corporation over the course of seven (7) years, at which time it will grant the Corporation a 2% net smelter returns royalty.  During the option period, RTEC will have the right to make all exploration and development decisions and the Corporation will provide to RTEC all project data that it holds or has the right to receive.  RTEC may elect to withdraw from the Pardee Property at any time after making the first payment under the option, with no interest earned and no further rights and obligations.  RTEC will be required to maintain the Pardee Property in good standing during the option period.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward looking statements". All statements other than statements of historical fact included in this release, without limitation, statements regarding future plans and objectives of GLN, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from GLN's expectations are such things such as regulatory approvals and receipt of mining permits and leases.

SOURCE Great Lakes Nickel Limited

For further information:

Michael Bourassa
Fasken Martineau DuMoulin LLP
Email: mbourassa@fasken.com
416-865-5455

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Great Lakes Nickel Limited

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