Business
ITOCHU and Pure Nickel Confirm Funding for the 2012 Exploration Season
TORONTO, March 1, 2012 /CNW/ - Pure Nickel Inc. (TSX:NIC) is extremely pleased to report th...
About this update from Galleon Gold Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 1, 2012 /CNW/ - Pure Nickel Inc. (TSX:NIC) is extremely\n pleased to report that its partner ITOCHU Corporation has confirmed\n funding for the MAN Alaska project for 2012. The exploration budget is\n approximately US$4.9 million.  Full details of the program will be\n released in the early spring.\n\n\nMr. David McPherson, President and CEO of Pure Nickel stated, \"It is\n gratifying to receive this acknowledgement of support from our partner\n ITOCHU Corporation.  This will be the 5th season where we will benefit from their direct involvement.  ITOCHU is\n an excellent partner. \"\n\n\nThis year's program will include a combination of drilling and ground\n work.\n\n\nIn addition to the funding announcement, Pure Nickel is pleased to\n announce that Dr. Jonathan Findlay Ph.D., P.Geo. will assume\n responsibility for the MAN project and will act as our chief technical\n liaison with ITOCHU. Dr. Findlay has over 20 years of field experience\n in nickel, copper and platinum group element exploration. Dr. Findlay\n will be the Qualified Person on the project.\n\n\nAbout the MAN Property\n\n\nThe MAN property is currently under a joint venture agreement with a\n fully controlled subsidiary of ITOCHU Corporation of Tokyo. ITOCHU\n could earn up to 75% by incurring US$40 million of exploration\n expenditures on the Man property by 2014.  To date ITOCHU has earned a\n 30% interest in the property by funding US$17 million on exploration\n since 2008. Pure Nickel will continue to earn a 10% management fee and\n remain as operator.\n\n\nAbout ITOCHU Corporation\n\n\nHeadquartered in Tokyo, Japan, ITOCHU is a publicly listed multi-billion\n dollar over 150 year-old conglomerate, with multiple divisions operated\n through 9 offices in Japan and 117 overseas. ITOCHU is engaged in\n domestic trading, import/export, and overseas trading of various\n products such as textiles, machinery, information and\n communications-related products, metals and mineral resources, products\n related to coal, oil and other energy sources, general merchandise,\n chemicals, and provisions and food. The joint venture with Pure Nickel\n is through ITOCHU's 100% subsidiary held by Metals & Minerals Division,\n Energy, Metals & Minerals Company.\n\n\nAbout Pure Nickel Inc. \n\n\nPure Nickel is a mineral explora...