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TSX:NIC

News Releases

February 21, 2008
Pure Nickel Options Tower Property to Rockcliff Resources Inc.

TORONTO -- Pure Nickel Inc. (TSX: NIC, OTCBB: PNCKF) is pleased to announce that it has entered into an option agreement with Rockcliff Resources Inc. (TSX-V: RCR), whereby Rockcliff Resources may earn up to a 70% interest in the Tower VMS property located within the southern extension of the prolific Thompson Nickel Belt, Manitoba.

The property comprises 35 mining claims and is highly prospective for nickel mineralization including the Tower VMS Zone, a multi-zoned system rich in copper, zinc, gold and silver. The zone was first discovered in 2000 by testing a presumed nickel-sulphide geophysical target and has been intersected in multiple holes. The best intersection obtained to date is 5.30% Cu, 2.01% Zn, 0.85 g/t Au, and 22.0 g/t Ag over 3.78 m. The zone is open at depth and along strike. More information about historical drilling can be found in the William Lake NI 43-101 technical report released on November 20, 2007 and available on sedar and at www.purenickel.com.
Rockcliff Resources plans to initiate a program of diamond drilling and geophysics to determine the size of the Tower VMS Zone and to determine the potential of the off-hole conductors proximal to the Tower Zone.
"We are very pleased to have partnered with Rockcliff Resources. This will accelerate exploration on the Tower property and is in line with our strategy of leveraging our properties through strategic partnerships," said David McPherson, President and CEO of Pure Nickel.

General terms of the option agreement are as follows:

  1. Payment of $30,000 by Rockcliff Resources to Pure Nickel on signing and on each anniversary date, if the option is renewed.
  2. Grant of warrants to Pure Nickel to purchase 1,250,000 shares of Rockcliff Resources at $1.50 per share with a term of 2 years.
  3. An initial earn-in of 50% vested by:
    1. drilling at least 2,000m in year one, with all qualifying holes penetrating beyond the Precambrian-Paleozoic boundary; and,
    2. spending a total of $2,000,000 within the first two years.
  4. Upon completing the $2,000,000 expenditure, making all of the rental and option payments and the filing of assessment work, Rockcliff Resources will be entitled to exercise an option to form a joint venture, with Pure Nickel and Rockcliff Resources each deemed to have each spent $2,000,000 to that point.
  5. Within 60 days after forming the joint venture, Rockcliff Resources will have an exclusive and irrevocable option to fund the exploration for 24 months and earn an additional 20% interest by spending an additional $2,000,000.

About Pure Nickel Inc.:

Pure Nickel is a mineral exploration company with a diverse collection of advanced nickel sulphide and PGE projects in Canada and Alaska. The Company's 2008 exploration program is underway on multiple properties and is fully funded.

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, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company'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 profitability 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 Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For further information:

The Howard Group
Jeff Walker
Toll Free: 1-888-221-0915
Email info@howardgroupinc.com
Website www.howardgroupinc.com

Pure Nickel Inc.
David McPherson
President & CEO
T. (416) 644-0066
F. (416) 644-0069
Email: info@purenickel.com
Website: www.purenickel.com

 



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