TORONTO, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) reports that its partner on the Tower Property announced the filing of a NI 43-101 technical report on an indicated and inferred resource estimate for the T-1 copper deposit at the Tower Property, Manitoba. Rockcliff Resources Inc. issued a press release on January 22, 2013 stating that a report entitled "Independent Technical Report, Tower Property, Grand Rapids, Manitoba" dated January 20, 2013 was available for viewing on www.sedar.com. For the convenience of our shareholders the report is also available for viewing on http://www.purenickel.com/s/Tower-Property-Manitoba.asp.
Rockcliff Resources Inc. today announced that line cutting and a DPEM (deep penetrating electromagnetic) geophysical survey had commenced on the Tower property and that a drilling program will follow.
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 will earn an additional 20% in the property by spending an additional $2,000,000 (in progress) in exploration expenditures and paying a total of $60,000 over the next 2 years. Once completed, Rockcliff will control a 70% interest in the property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
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. In 2012 the Company was active at its flagship MAN property in Alaska, which is fully funded under an option agreement with Itochu Corporation of Tokyo, Japan. The Company also completed a drill program at its Salt Chuck property in the Alaskan panhandle, where a new gold discovery was recently announced on December 11, 2012.
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.
CONTACT: For further information: CHF Investor Relations Cathy Hume T. (416) 868-1079 x 231 Email: firstname.lastname@example.org Website: www.chfir.com The Howard Group Investor Relations Jeff Walker T. (888) 221-0915 Email: email@example.com Website: www.howardgroupinc.com Pure Nickel Inc. David McPherson President and CEO T. (416) 644-0066 Email: firstname.lastname@example.org Website: www.purenickel.comSource:Pure Nickel Inc.