Fletcher Nickel extends time for payment of preference share dividend

    TSX: F

    TORONTO, Feb. 20 /CNW/ - Fletcher Nickel Inc (TSX: FL) advises that the
date for payment of the dividend on its preference shares series A has been
extended from February 14th, 2009 to April 14th, 2009. The extension is the
result of an agreement between Fletcher Nickel and New Texmont Mines Ltd., the
holder of all of the preference shares series A, pursuant to which Fletcher
Nickel paid $5,000 to New Texmont Mines to defer the payment of the dividend
totaling $100,000. The purchase agreement pursuant to which Fletcher Nickel
purchased its 85% interest in the Texmont Leases (the "Texmont Interest")
provides that if Fletcher Nickel fails to make a dividend payment to New
Texmont when due, New Texmont may require the Texmont Interest to be
transferred back to it.

    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. 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, including that results of
the metallurgical test work encouraging the examination of the economics of
open-pit mining at relatively large throughput volumes, may not be positive or
conclusive. 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 therein.

    %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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