Thursday, 8 October 2009

Pure Nickel In Strong Cash Position

Pure Nickel (TSX: NIC)(OTCBB: PNCKF)
Basic Shares: 67.8 million
Fully Diluted: 75.5

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Pure Nickel brought the market up to date with recent news on its Q3 financials and an overview of activity throughout the summer.

On the financial side the company reported that it had a strong cash position of $7.4 million. Having conserved its cash through the economic downturn the company is in a great position going into 2010. Importantly, it enjoys the financial benefits of having a JV partner (ITOUCHU) on NIC's Alaska project.

In that vein, the biggest project for the year has been continuing exploration on its massive nickel and Platinum Group Elements (PGE) property in Alaska called MAN. The company is awaiting assay results from the summer drill program but is also in the process of reviewing additional technical data gathered over the last several months.

Although MAN has been getting the majority of attention due to its potential, the company is far from being a one trick pony. It has multiple properties including SR1 in Quebec. This past July further work resulted in identification of additional mineralization in various parts of the property. This project was originally acquired from Xstrata, (formally Falconbridge) in 2007.

See full news release here........