Wednesday, 27 March 2013

Pure Nickel And Partner ITOCHU – Another Year Of Arm In Arm On MAN Alaska Project

MAN Alaska
Pure Nickel
Basic Shares: 68.1 million
Fully Diluted: 73.1 million

Pure Nickel has just announced that it will be moving forward with its joint venture partner, the Japanese multi-billion dollar conglomerate, ITOCHU, with a US$3.5 million planned 2013 exploration season at the MAN property in Alaska.

The massive property known as MAN, in south-central Alaska, has not been without its exploration challenges, but investors may find solace in the fact that management of both companies believe that the property’s 2013 target holds great promise.  This year’s focus is to drill the western part of the Alpha complex where nickel, copper and various platinum group elements were found in past exploration seasons.  This year’s budget allows for a 2,200 metre drill program which should begin in the last week of May and run until mid-August.

This year marks the sixth season that Pure Nickel and ITOCHU are chasing riches at MAN together and ITOCHU has earned a 30% ownership interest and, as well, has funded roughly US$21 million in exploration there to date.

Yesterday, Pure Nickel’s share price hit an all time low of $0.025  and traded pre-news today at $0.03, reflecting the overall market sentiment for junior exploration companies.  With a pre-news market cap of approximately $2 million and a yearend reported cash balance of $3.4 million, investors may now find comfort in ITOCHU’s interest in funding the property for another year of exploration.