TORONTO, March 1, 2012 /CNW/ - Pure Nickel Inc. (TSX:NIC) is extremely pleased to report that its partner ITOCHU Corporation has confirmed funding for the MAN Alaska project for 2012. The exploration budget is approximately US$4.9 million. Full details of the program will be released in the early spring.
Mr. David McPherson, President and CEO of Pure Nickel stated, "It is gratifying to receive this acknowledgement of support from our partner ITOCHU Corporation. This will be the 5th season where we will benefit from their direct involvement. ITOCHU is an excellent partner. "
This year's program will include a combination of drilling and ground work.
In addition to the funding announcement, Pure Nickel is pleased to announce that Dr. Jonathan Findlay Ph.D., P.Geo. will assume responsibility for the MAN project and will act as our chief technical liaison with ITOCHU. Dr. Findlay has over 20 years of field experience in nickel, copper and platinum group element exploration. Dr. Findlay will be the Qualified Person on the project.
About the MAN Property
The MAN property is currently under a joint venture agreement with a fully controlled subsidiary of ITOCHU Corporation of Tokyo. ITOCHU could earn up to 75% by incurring US$40 million of exploration expenditures on the Man property by 2014. To date ITOCHU has earned a 30% interest in the property by funding US$17 million on exploration since 2008. Pure Nickel will continue to earn a 10% management fee and remain as operator.
About ITOCHU Corporation
Headquartered in Tokyo, Japan, ITOCHU is a publicly listed multi-billion dollar over 150 year-old conglomerate, with multiple divisions operated through 9 offices in Japan and 117 overseas. ITOCHU is engaged in domestic trading, import/export, and overseas trading of various products such as textiles, machinery, information and communications-related products, metals and mineral resources, products related to coal, oil and other energy sources, general merchandise, chemicals, and provisions and food. The joint venture with Pure Nickel is through ITOCHU's 100% subsidiary held by Metals & Minerals Division, Energy, Metals & Minerals Company.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of mineral exploration projects in North America. With approximately $5.5 million working capital, Pure Nickel is in a strong position to advance its property portfolio.
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 statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
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