TORONTO, April 19, 2012 /CNW/ - Pure Nickel Inc. (TSX: NIC) (the "Company") today reported that its option partner on the Tower Property, Rockcliff Resources Inc. ("Rockcliff"), has exercised its option to earn a 50% interest in the property and will continue to earn an additional 20% interest over the next two years.
Rockcliff has exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 in exploration and paying a total of $60,000 to Pure Nickel over the next 2 years. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
The Tower property located in Central Manitoba hosts the high grade Tower VMS (copper rich) Deposit which is open along strike and at depth as well as several additional surface and airborne untested geophysical targets with VMS potential. Ken Lapierre P.Geo., is the designated Qualified Person for this property.
David McPherson, Pure Nickel President and CEO commented, "We are pleased to see the Tower property advancing through the exploration efforts of our partner Rockcliff. Exploration results to date have been excellent and we look forward to continued success as Rockcliff pursues an aggressive drill program."
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of Nickel, Copper and Platinum Group Element exploration projects in North America. With approximately $4.9 million working capital, Pure Nickel is in a strong position to advance its property portfolio.
Forward Looking Statements
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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