TORONTO, April 20 /CNW/ - Pure Nickel Inc. (TSX:NIC) (OTCBB:PNCKF) is
extremely pleased to report that its partner ITOCHU Corporation has
confirmed its continued participation in the MAN program for 2011.
Accordingly, ITOCHU will continue to fund exploration this season at
the MAN Alaska property. It is anticipated that the program will
initially focus on the discrete Platinum Group Element horizons
discovered during the 2010 exploration season.
Mr. David McPherson, President and CEO of Pure Nickel stated, "We are
honored that ITOCHU continues to demonstrate confidence in the property
and our management and exploration teams. We are looking forward, with
great anticipation, to the coming exploration season."
Exploration for the coming season will utilize one drill and be mainly
focused on the Alpha Complex where extensive platinum and palladium
cyclicity patterns have been recognized. Drill holes are anticipated to
be much shallower this season. Other potential targets are currently
under discussion. More detailed information on the exploration program
will be provided in the next several weeks.
About the MAN Property
The MAN property is currently under a joint venture agreement with a
fully controlled subsidiary of ITOCHU Corporation of Tokyo. ITOCHU
could earn up to 75% by incurring $40 million of exploration
expenditures on the Man property by 2012. To date ITOCHU has earned a
30% interest in the property by funding US $14 million on exploration
since 2008. Pure Nickel will continue to earn a 10% management fee and
remain as operator. Larry Hulbert, D.Sc., P.Geo is the designated
Qualified Person for this project.
About ITOCHU Corporation
Headquartered in Tokyo, Japan, ITOCHU is a publicly listed multi-billion
dollar over 150 year-old conglomerate, with multiple divisions operated
through 9 offices in Japan and 117 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. In addition, ITOCHU has made
multifaceted investments in insurance agencies, finance, construction,
real estate trading, and warehousing as well as operations and
businesses incidental or related to those fields. The joint venture
with Pure Nickel is through ITOCHU's 100% subsidiary held by Metals &
Minerals Division, Energy, Metals & Minerals Company
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection
of mineral exploration projects in North America.
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
The TSX Exchange does not accept responsibility for the adequacy or
accuracy of this release.
SOURCE Pure Nickel Inc.
For further information:
The Howard Group Investor Relations
T. (888) 221-0915
CHF Investor Relations
T. (416) 868-1079
Pure Nickel Inc.
President and CEO
T. (416) 644-0066