Thursday, 25 March 2010

Pure Nickel Receives Increased Funding For MAN Alaska

Pure Nickel
(TSX: NIC)(OTCBB: PNCKF)
Basic Shares: 67.8 million
Fully Diluted: 75.5
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It's the moment that NIC shareholders has been waiting for.

ITOCHU, the multi-billion dollar conglomerate who has funded exploration on Pure Nickel's MAN, Alaska property over the past two years, has agreed to increase its commitment for 2010’s exploration program. ITOCHU has increased the exploration budget to $7.5 million from its original $4 million commitment.

Encouraging results from 2009 drilling at MAN has peeked ITOCHU’s interest in the property and in recognition of this has also agreed to increase spending throughout 2011 and 2012 to the sum of $8 million each year. The combined total is $23.5 million and will be spent over three years instead of the initial agreement of four years.

Shareholders and those interested can join a conference call hosted by President of NIC, Dave McPherson to discuss plans for 2010 and beyond at MAN.
The call will take place on Friday, March 26th, at 10:00 am Eastern Time.
The number to call if you are in North America is 1-888-241-0323 or internationally 1-647-427-3410.
The conference ID number is 65399986.

More from The Howard Group after the call tomorrow, stay tuned.