TORONTO, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) (the "Company") today released its operating highlights and its financial results for the year ended November 30, 2012. (All dollar amounts herein are in Canadian funds unless otherwise indicated.)
- The Company announced a new gold discovery at its Salt Chuck Alaska property. A six hole drill exploration program encountered intersections of 29.1 g/t Au over 2.58 metres and 1.2 g/t Au over 5.49 metres.
- On January 30, 2013, the Company signed an agreement with CS Mining, LLC and Skye Mineral Partners, LLC (jointly referred to as CS Mining) under which it was agreed that US$0.5 million held in escrow would be released to the Company immediately, and CS Mining will pay the Company US$0.5 million on February 28, 2013, and the balance of US$1 million on June 30, 2013. Overdue payments will bear interest at 1% per month, and CS Mining also agreed to reimburse the Company $7,500 for legal costs.
- The Company announced that its partner on the MAN Alaska property, ITOCHU Corporation, confirmed its continued participation in the joint venture agreement and committed to fund the 2012 exploration program.
- The MAN Alaska 2012 exploration program completed 2,233 metres of drilling, 48 line kilometres of IP (Induced Polarization), soil geochemical surveys and detailed mapping.
- Pure Nickel's option partner, Rockcliff Resources Inc., completed 12 drill holes on the Tower Property expanding the T-1 copper deposit and discovering a new copper zone (T-2). Rockcliff Resources filed an NI 43-101 compliant independent mineral resource estimate on the Tower Property, Manitoba.
Salt Chuck Property, AlaskaThe 2012 drilling program identified high grade gold mineralization in a previously unknown gold-bearing structure in the western part of the property, an area known locally as North Pole Hill. High grade intersections include 127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.