Dumont completes additional interim financing for Alberta polymetallic black shale projects

    DUMONT NICKEL INC. (DNI: TSX-Ven, DG7: Frankfurt)

    TORONTO, Jan. 31 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is
pleased to announce that it has completed the first tranche of a non-brokered
private placement of non-flow-through shares, with arm's length and non-arm's
length parties, for total proceeds of $122,000 pursuant to terms announced
December 30, 2008. The securities issued under the private placements are
subject to a four-month hold period expiring on June 1, 2009.
    The financing consisted of placement of 12,200,000 units at a price of
one cent per unit, each unit consisting of one common share and one common
share purchase warrant entitling the holder to purchase an additional common
share of the company at a price of five cents for a period of twelve months
from closing. Insiders of Dumont participated in the placements to an
aggregate of $22,000.
    Proceeds of the financing will be applied toward ongoing work on Dumont's
polymetallic shale Properties in Alberta, and toward meeting short term
operating working capital requirements.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

    DNI - TSX Venture
    DG7 - Frankfurt
    Issued: 120,648,010 (132,848,010 post financing)

    %SEDAR: 00010711E

For further information:

For further information: Dumont Nickel Inc. - Shahe Sabag, President &
CEO or Denis Clement, Chairman (416) 595-1195, email ir@dumontnickel.com. Also
visit www.dumontnickel.com

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