TORONTO, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) (the "Company") reports that Caracle Creek International Consulting Inc. has commenced an independent National Instrument 43-101 Technical Report on the Tower Property. The report is anticipated to be completed before the end of November 2012 and will include geological modelling and resource estimation on the high grade T-1 Copper Deposit which is located in central Manitoba. The deposit is host to high grade copper, gold, zinc and silver mineralization and is located within 500m of a major highway, power lines and the recently discovered T-2 Copper Zone. A total of forty-one (41) drill holes (including eight historic holes) totalling almost 17,000m have been completed on the T-1 Copper Deposit. Eighteen (18) of the drill holes (45%) intersected high copper grades exceeding 3.0%, results have been previously announced in earlier news releases and some are highlighted in the table below:Copper % 7.6 7.6 7.0 6.1 5.3 5.2 4.6 4.5 4.0 3.9 3.6 3.7 3.6 3.4 3.3 3.3 3.2 3.1
*down hole drill widths
David McPherson, President and CEO of Pure Nickel commented, "We are very pleased to see this new work initiated on Tower. With its proximity to infrastructure and excellent drilling results to date, we look forward to seeing continued development of this asset."
Pure Nickel granted Rockcliff Resources Inc. the option to earn a 70% interest in the property by paying $150,000 in incremental payments and incurring aggregate exploration expenditures totalling $4,000,000 over four years. Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff can earn an additional 20% in the property by spending an additional $2,000,000 in exploration expenditures and paying a total of $60,000 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. Ken Lapierre P.Geo., of Rockcliff Resources Inc., is the designated Qualified Person for this project.
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. The Company is currently active on two properties: its flagship MAN property, which is fully funded under an option agreement with Itochu Corporation of Tokyo, Japan and the Salt Chuck property in the Alaskan panhandle. The Company is also re-evaluating historic core from its William Lake property to determine copper and platinum group metal (PGM) contents in known nickel mineralization. In addition, the Company is actively pursuing other, non-nickel properties in North America and overseas.
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.