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.) Operating Highlights
- 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.