Dumont Plans financing for its polymetallic black shale projects

(DNI : TSX-Ven, DG7 : Frankfurt)

TORONTO, Oct. 29 /CNW/ - Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) announces its intention to conduct a non-brokered private placement financing, subject to regulatory approvals, consisting of up to 10 million units at a price of 2.5 cents per unit, for gross proceeds of up to $250,000, 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 per share for a period of twelve months from closing. Proceeds of the financing will be applied toward ongoing work on Dumont's polymetallic black shale Properties in Alberta, and toward meeting short term operating working capital requirements. Insiders might participate in the financing. Insiders might participate in the financing.

The above financing is in addition to intentions to also conduct flow through financing announced on October 1, 2009.

    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: 174,888,010

%SEDAR: 00010711E

SOURCE DNI Metals Inc.

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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