Pure Nickel's Option Partner Earns 50% Interest in Tower Property

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, April 19, 2012 /CNW/ - Pure Nickel Inc. (TSX: NIC) (the\n \"Company\") today reported that its option partner on the Tower\n Property, Rockcliff Resources Inc. (\"Rockcliff\"), has exercised its\n option to earn a 50% interest in the property  and will continue to\n earn an additional 20% interest over the next two years.\n\n\nRockcliff has exercised the option to earn its 50% interest by spending\n $2,000,000 on exploration expenditures and paying $90,000 to Pure\n Nickel over the last two years.  Both parties will now form a joint\n venture and Rockcliff will earn an additional 20% in the property by\n spending an additional $2,000,000 in exploration and paying a total of\n $60,000 to Pure Nickel over the next 2 years.   An underlying 2% NSR on\n the property is held by Xstrata Nickel, of which half can be purchased\n for $1,000,000.\n\n\nThe Tower property located in Central Manitoba hosts the high grade\n Tower VMS (copper rich) Deposit which is open along strike and at depth\n as well as several additional surface and airborne untested geophysical\n targets with VMS potential. Ken Lapierre P.Geo., is the designated\n Qualified Person for this property.\n\n\nDavid McPherson, Pure Nickel President and CEO commented, \"We are\n pleased to see the Tower property advancing through the exploration\n efforts of our partner Rockcliff. Exploration results to date have been\n excellent and we look forward to continued success as Rockcliff pursues\n an aggressive drill program.\"\n\n\nAbout Pure Nickel Inc. \n\n\nPure Nickel is a mineral exploration company with a diverse collection\n of Nickel, Copper and Platinum Group Element exploration projects in\n North America.  With approximately $4.9 million working capital, Pure\n Nickel is in a strong position to advance its property portfolio.\n\n\nForward Looking Statements\n\n\nSome of the statements contained herein may be forward-looking\n statements which involve known and unknown risks and uncertainties. \n Without limitation, statements regarding potential mineralization and\n resources, exploration results, expectations, plans, and objectives of\n Pure Nickel are forward-looking statements that involve various risks. \n The following are important factors that could cause Pure Nickel's\n actual results to differ materially fr...

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