Fletcher Nickel encounters 0.57% Nickel over 12 metres within 118 metres grading 0.29% Nickel at a 700-metre step out at Texmont

    TORONTO, July 16 /CNW/ - Fletcher Nickel Inc (TSX: FL) reports that
assays from diamond drill hole TEX08-49 returned a higher grade core section
of 12 metres grading 0.57% Ni within a 39 metre interval averaging 0.41% Ni
within a mineralized intersection of more than 118 metres grading an average
of 0.29%. An additional 17 metre mineralized intersection higher up in the
hole averaged 0.325% Ni within which a 3 metre interval graded 0.49% Ni. Hole
TEX08-49 is located on grid section 17+00N, 1+50E, 270/-50 about 700 metres
north of the Texmont shaft. Core length represents approximately 80% to 85% of
the true width of the steeply-dipping mineralized zone.
    This and other drill intersections reported previously on lines 14+00N
and 16+00N demonstrate considerable potential for the development of a
large-tonnage nickel deposit recoverable by open-pit mining at nickel grades
that compare favorably to those reported at Australia's Mt Keith Nickel Mine
operated by BHP in a similar geological setting. At Texmont, moreover, fresh
mineralized bedrock is either exposed or overlain by a thin veneer of gravel
till at a height of land.
    Fletcher's on-going north extension drilling program has now established
that disseminated pentlandite mineralization in the Texmont peridotite body
extends for 700 metres beyond that formerly known at the past producing
Texmont Nickel Mine and remains untested farther along strike. Current
drilling has also confirmed that induced polarization ("IP") anomalies are
associated with the Texmont disseminated mineralized envelope and extend
directly from the mine mineralization (itself a distinctive IP target) towards
the Texmont leases' boundary approximately 2 kilometres north of the former
mine shaft. Currently, the IP survey is being extended northward beyond its
current limit to survey the complete extent of the Texmont peridotite body.
    Fletcher Nickel's drill core is secured from the gated Texmont Mine site
to a locked warehouse in Timmins for geological logging, and mineralized
sections are split by diamond saw - half core is retained in the warehouse for
future examination and verification. Mineralized half-core is sampled,
numbered and bagged under the supervision of a qualified geologist, and the
samples are crushed at True North Mineral Laboratories in Timmins, and pulps
are sealed and shipped to Activation Laboratories Ltd in Ancaster (Actlabs),
Ontario for assay. Actlabs' quality assurance system is accredited to ISO/IEC
17025 standards with CAN-P-1579 (Mineral Analysis) for specific registered
tests by the Standards Council of Canada. Fletcher also inserts standards and
blanks into assay batches to confirm assay batch consistency. André Jean,
PGeo, the manager of exploration for Fletcher Nickel, is a qualified person
within the meaning of National Instrument 43-101 and has verified the data
disclosed in this release, including the sampling, analytical and test data
underlying the information. Geological logging, sampling and core handling
procedures were carried out under the supervision of Mr. Jean. Hadyn R.
Butler, P.Geo, is a qualified person within the meaning of National Instrument
43-101 and is retained as such as an independent exploration program
consultant by Fletcher Nickel. Mr. Butler supervised the preparation of the
disclosure in this release.

    Forward Looking Information: This news release contains or refers to
forward-looking information. All information other than statements of
historical fact that address activities, events or developments that Fletcher
Nickel believes, expects or anticipates will or may occur in the future are
forward-looking statements. Such forward-looking statements contained in this
news release include statements regarding potential exploration results and
mineralization at Fletcher Nickel's Texmont property. Such forward-looking
statements also include, without limitation, statements contained in this news
release regarding potential exploration results and the potential for the
delineation of a large tonnage nickel deposit recoverable by open pit mining
at nickel grades that compare favourably with those reported at Australia's
Mt. Keith Nickel Mine. These forward-looking statements reflect the current
expectations or beliefs of Fletcher Nickel based on information currently
available to Fletcher Nickel. These forward-looking statements are subject to
a variety of risks and uncertainties beyond Fletcher Nickel's ability to
control or predict that may cause actual events or results to differ
materially from those discussed in such forward-looking statements. Factors
that could cause actual events or results to differ materially from current
expectations include, among other things: future exploration results varying
significantly from estimates; exploration results being insufficiently
favourable to support the development of a large tonnage nickel deposit;
inability to delineate additional mineral resources or reserves; and other
factors. Any forward-looking statement, speaks only as of the date on which it
is made and, except as may be required by applicable securities laws, Fletcher
Nickel disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Although Fletcher Nickel believes that the assumptions inherent in
the forward-looking statements are reasonable, forward-looking statements are
not guarantees of future performance and accordingly undue reliance should not
be placed on these forward-looking statements due to the inherent uncertainty

    %SEDAR: 00025268E

For further information:

For further information: Bruce Hodgman, Communications Director, Direct:
(416) 642-3575 (ext: 103), info@fletchernickel.com

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