Pure Nickel Reports Operating Highlights and Results for the Nine Months Ended August 31, 2011

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[{"type":"text","content":"\nPure Nickel Reports Operating Highlights and Results for the Nine Months Ended August 31, 2011\n\nPure Nickel Inc. (NIC: TSX, OTCBB: PNCKF) today released its operating highlights and financial results for the quarter ended August 31, 2011.\nOperating highlights \nMAN Alaska Property Operations at the MAN Alaska property were underway during the third quarter. The drill program concluded on September 6, 2011 and 2,580 metres in 11 holes were completed. Assays from the program are pending. In addition to the drill program, ground-based mapping and sampling of the northern portion of the MAN Alaska property was conducted by both Pure Nickel and ITOCHU geologists.\nOur exploration partner on the MAN Alaska property, ITOCHU Corporation, can earn an interest in the property of up to 75% by incurring US$40 million of exploration expenditures by 2013. To date ITOCHU has earned a 30% interest in the property. Larry Hulbert, D.Sc., P.Geo is the designated Qualified Person for this project. \nMilford Utah Property In July, Pure Nickel announced that it had reached a letter of intent with respect to the Milford property. The letter of intent paves the way for a group including Skye Mineral Partners to ultimately acquire the project in the course of it emerging from bankruptcy. Terms under the letter of intent include: subject to the exit of Western Utah Copper Company (WUCC) from bankruptcy, a series of payments aggregating $3.5 million over a twelve-month period, and the granting by the Skye group to Pure Nickel of a 1% Net Smelter Return (NSR) in all properties acquired by Skye and its partners from WUCC and Nevada Star. The NSR is subject to a royalty cap of US$8 million. Note that the terms of the final agreement may differ from those contemplated in the letter of intent. \nManibridge Manitoba Property Pure Nickel today announces that during the quarter ended August 31, 2011, the 2007 Manibridge Manitoba joint venture agreement with Crowflight Minerals (now CaNickel Mining Limited) was terminated. The original agreement was designed to explore and develop properties controlled by both companies. An initial jointly funded exploration program was conducted in 2008 and the drill results were very encouraging. Subsequent to the program, market conditions were not conducive to the advancement of the joint venture and it was mutually agree...

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