Wednesday, 20 April 2011

Pure Nickel Scores Ringing Endorsement From Japanese Partner

Pure Nickel
Basic Shares: 67.8 million
Fully Diluted: 75.5

The news is out that huge Japanese conglomerate ITOCHU remains in the game and will continue funding the joint venture at the MAN Alaska property.

This year's exploration program will initially focus on the Platinum Group Element horizons discovered last year. Although more detailed planning is taking place between the partners with regards to drill targets, the drill holes are anticipated to be much shallower this season than in the past as the platinum sits fairly close to the surface. Further information on the exploration program is expected to be announced in the next several weeks.

The MAN property is currently under a joint venture agreement with a fully controlled subsidiary of ITOCHU Corporation of Tokyo. ITOCHU could earn up to 75% by incurring $40 million of exploration expenditures on the MAN property by 2012. To date ITOCHU has earned a 30% interest in the property by funding US $14 million on exploration since 2008. Pure Nickel will continue to earn a 10% management fee and remain as operator.

See full news release here....