TORONTO, April 8 /CNW/ - Pure Nickel Inc. (TSX: NIC) (OTCBB: PNCKF)
today released its operating highlights for the quarter ended February
28, 2011, and its financial results for the three months then ended.
First quarter operating highlights
Pure Nickel continues to plan the 2011 program which is expected to
commence the beginning of June, pending ITOCHU's decision to continue
funding exploration. Agreements with service providers and exploration
permits are being readied and the team is looking forward to
investigating the new platinum group horizons which were identified
during the 2010 program. Larry Hulbert, D.Sc., 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. Rockcliff Resources Inc. is proceeding to
earn-in to the Tower VMS claims and since the start of the quarter have
announced the results from the first thirteen holes of a planned 24
hole program. Highlights from the holes to date are tabulated below.
Ken Lapierre, P.Geo., President & CEO of Rockcliff Resources Inc. and
Mark Smethurst, VP Exploration of Rockcliff Resources Inc., are
Qualified Persons under the definition of National Instrument 43-101.
3.4% copper, 1.2g/t gold, 0.7% zinc and 18.6g/t silver across 2.65m including
10.5% copper, 3.6g/t gold, 2.0% zinc and 56.1g/t silver across 0.85m
3.6% copper, 0.5g/t gold, 1.4% zinc and 19.0g/t silver across 2.6m including
6.4% copper, 0.8g/t gold, 2.3% zinc and 33.9g/t silver across 1.40m
7.0% copper, 2.0g/t gold, 1.3% zinc and 32.2g/t silver across 2.65m including
11.5% copper, 2.7g/t gold, 2.0% zinc and 49.7 silver across 1.00m (Hole
3.3% copper, 0.3g/t gold, 0.8% zinc and 17.6g/t silver across 7.45m including
9.8% copper, 0.9g/t gold, 2.2% zinc and 51.5g/t silver across 2.4m (Hole
3.2% copper, 1.1g/t gold, 0.6% zinc and 17.5g/t silver across 4.6m including
4.6% copper, 1.7g/t gold, 0.9% zinc and 29.8g/t silver across 2.2m (Hole
7.6% copper, 2.0g/t gold, 1.7% zinc and 35.4g/t silver across 8.2m including
9.8% copper, 2.8g/t gold, 2.2% zinc and 45.9g/t silver across 5.3m (Hole
5.2% copper, 0.8g/t gold, 1.2% zinc and 23.0g/t silver across 3.7m including
10.9% copper, 1.6g/t gold, 2.2% zinc and 48.7g/t silver across 1.2m
7.6% copper, 0.6g/t gold, 1.8% zinc and 32.0g/t silver across 2.6m including
10.7% copper, 0.9g/t gold, 2.5% zinc and 44.8g/t silver across 1.7m
3.4% copper, 0.3g/t gold, 0.5% zinc, 14.2g/t silver across 2.1m including
4.7% copper, 0.3g/t gold, 0.7% zinc, 19.7g/t silver across 1.5m (Hole
4.6% copper, 1.2g/t gold, 1.2% zinc, 22.0g/t silver across 2.9m including
7.5% copper, 2.1g/t gold, 1.9% zinc, 35.9g/t silver across 1.6m (Hole
4.0% copper, 0.3g/t gold, 0.8% zinc, 15.3g/t silver across 3.3m including
5.2% copper, 0.4g/t gold, 1.1% zinc, 20.1g/t silver across 2.5m (Hole
Results for the three months ended February 28, 2011
Pure Nickel reported that its net loss was in line with expectations:
$360,000 ($0.005 per share) for the three months ended February 28,
2011, compared to a net loss of $394,000 ($0.006 per share) for three
months ended February 28, 2010. For further information refer to Pure
Nickel's consolidated interim financial statements and the accompanying
management discussion and analysis on the company's website at www.purenickel.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov/edgar/searchedgar/companysearch.html. (All dollar amounts herein are in Canadian funds unless otherwise
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
CHF Investor Relations
Senior Account Manager
T. (416) 868-1079
Pure Nickel Inc.
President and CEO
T. (416) 644-0066