Pure Nickel Reports Operating Highlights and Fiscal Year-End Results for the Year Ended November 30, 2011

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Feb. 1, 2012 /CNW/ - Pure Nickel Inc. (TSX: NIC) (the\n \"Company\") today released its operating highlights and its financial\n results for the year ended November 30, 2011. (All dollar amounts\n herein are in Canadian funds unless otherwise indicated.)\n\n\n2011 Operating Highlights\n\n\nThe Company's working capital at year end was strong at $5.5 million.\n\n\nThe Company announced it had reached a final settlement on its Milford\n Utah copper properties; terms of the agreement included a cash payment\n of US$3.5 million over 12 months, US$1.0 million already received. In\n addition the Company was granted a 1% NSR (capped at US$8.0 million).\n\n\nThe Company announced that its partner on the MAN Alaska property\n confirmed its continued participation in the joint venture agreement\n and committed to fund the 2011 exploration program.\n\n\nThe MAN Alaska 2011 exploration program completed 2,580 metres of\n drilling in 11 holes and 151 line kilometres of detailed ground\n magnetometer surveys.\n\n\nPure Nickel's option partner on the Tower Property continued a second\n phase of drilling, completing 18 holes with many intersections of high\n grade copper-gold mineralization.\n\n\nMilford Utah Copper Properties\nThe Company reported that it had signed a final settlement agreement\n with Skye Mineral Partners and CS Mining LLC (\"Skye\") with respect to\n its Milford Utah properties. Terms of the agreement consist of a series\n of payments from Skye to Pure Nickel including:\n\n\nPayment of US$1.0 million immediately upon signing - Funds have been\n received.\n\n\nPayment of US$1.0 million 180 days after signing.\n\n\nPayment of US$1.5 million 12 months after signing.\n\n\nIn addition, Skye has granted to Pure Nickel a 1% Net Smelter Royalty\n (NSR) on all properties acquired by Skye and its partners. The NSR is\n subject to a royalty cap of US$8.0 million.  As part of the agreement,\n both parties have filed documentation dismissing pending litigation,\n claims and counter claims against each other.\n\n\nMAN Alaska\n\n\nThe MAN Alaska property was one of the main exploration focuses in 2011.\n In early 2011, our project partner Itochu Corporation formalized the\n funding of our exploration program at the MAN Alaska property.  During\n the year, US$4.1 million ($4.2 million) was expended on the prog...

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