Drilling Commences at Tower VMS Property
TORONTO: January 31, 2012. Pure Nickel Inc. (TSX: NIC) (the "Company") is pleased to announce that its option partner, Rockcliff Resources Inc. (TSXV: RCP), has commenced drilling on the Tower VMS property located in Central Manitoba. A minimum of 5,000m of drilling will test the T-3 anomaly, an 800m long priority one VMS target, and the Tower Copper Deposit, a continuous +600m long VMS zone associated with high grade copper and gold, zinc and silver.
Drilling has begun at the T-3 anomaly where Rockcliff's recently completed DPEM geophysical survey identified the priority one target, 800m west and one km north of the Tower Deposit. It also identified areas within the anomaly with higher conductance. The higher conductance areas are interpreted to be associated with thicker areas of massive sulphides. Drilling has targeted these areas within the anomaly.
The second area to be tested is the Tower Copper Deposit where high grade copper rich mineralization has been outlined across a strike length of +600m and to a vertical depth of 300m. The deposit remains open in all directions. Rockcliff's previous drilling in 2010-2011 on the deposit defined a continuous VMS zone rich in copper, gold, zinc and silver. Drilling intersected high grade copper mineralization including 8.2m grading 7.6% copper, 2.0g/t gold, 1.7% zinc and 35.4g/t silver (hole 8) and 4.9m grading 6.1% copper, 1.6g/t gold, 2.0% zinc and 35.9g/t silver (hole 21) as reported in Pure Nickel Inc.'s Press Releases dated March 1 and May 17, 2011. Drilling will focus along strike and at depth of the known mineralization. To view the new Tower Property Presentation and several DataMine maps on the Tower Deposit and the T-3 anomaly please refer to the Rockcliff Resources website at www.rockcliffresources.com.
To earn a 70% interest in the Tower property, Rockcliff must pay $150,000 in incremental payments to Pure Nickel Inc. over four years and will be required to aggregate exploration expenditures totalling $4,000,000 over four years; $2,000,000 over two years to earn a 50% working interest and a further $2,000,000 to earn a further 20% working interest. For additional information please refer to the February 21, 2008 news release.
Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc. is a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, and is responsible for information in this press release.
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 $3.0 million cash on hand and another $2.5 million to be received within 12 months, 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.
For further information:
The Howard Group Investor Relations
T. (888) 221-0915
CHF Investor Relations
T. (416) 868-1079
Pure Nickel Inc.
President and CEO
T. (416) 644-0066