TORONTO, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX-V: NIC ) announces that ITOCHU Corporation has withdrawn from the joint venture on the MAN Alaska property.
Over the past five years the MAN project has benefitted greatly from ITOCHU's participation. With their funding support, Pure Nickel has been able to complete significant exploration programs without raising capital on the markets and thus diluting shareholders.
Notwithstanding the progress that has been made at MAN, particularly the identification of the highly prospective Eureka Ni-Cu-PGE Zone, ITOCHU has decided to withdraw from the MAN project and focus on the strategic investment management of their global portfolio of assets. Full ownership of the property will revert to Pure Nickel. This allows Pure Nickel to partner with other companies as it continues to advance the property.
A conference call to discuss the withdrawal from the joint venture and future strategy with respect to the property is scheduled for today at 11 am ET. You can join the call by dialling 1-866-223-7781 or 1-416-340-2218. Please call in 15 minutes prior to the call to secure a line. You will be put on hold until the conference call begins.
A live audio webcast of the conference call will also be available through http://www.gowebcasting.com/5115 .
About the MAN project
The MAN Nickel (Ni) – Copper (Cu) – Platinum (Pt) – Palladium (Pd) – Cobalt (Co) – Gold (Au) – Silver (Ag) Alaska property is located at the junction of the Denali and Richardson highways in south-central Alaska, approximately 250 kilometres southeast of Fairbanks. The property consists of both state and federal claims, with a total area of approximately 47,000 hectares. Five discrete mafic-ultramafic intrusive complexes occur on the property, the largest of which, the Alpha complex, measures approximately 33 kilometres by 3 kilometres. In 2012 Pure Nickel Inc. identified an extensive zone of disseminated sulphide mineralization, the Eureka Zone, in the Alpha Complex, and this is the focus of the Company's exploration efforts at present.
About Pure Nickel Inc.
Pure Nickel Inc. is a mineral exploration company with a diverse collection of nickel, copper and platinum group element exploration projects in North America. In 2013 the Company was active at its flagship MAN property in Alaska. In addition, the Company has recently received permits for a drill program on its 100% owned Salt Chuck property in southeastern Alaska.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pure Nickel Inc. David McPherson T. (416) 644-0066 www.purenickel.com CHF Investor Relations Cathy Hume T. (416) 868-1079 x 231 www.chfir.com
