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I know I know we are early investors it’s funny
Not many people know about this stock yet.
Is there a link to the good news?
Soo much good news where’s the volume?why isn’t anyone buying?
Agree ES isn't dumb and is still in just some of us thought we could move back to where we were before with Explor after amalgation.
.Galleon Gold Acknowledges the Passing of Director William ‘Steve’ Stearns Vaughan
TORONTO: September 21, 2020. Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) regrets to inform you of the passing of director William ‘Steve’ Stearns Vaughan on September 12, 2020. As a director of Galleon Gold and its predecessor company since 2006, Steve was a trusted and respected voice to the board and management. With a background in both geology and law, his wisdom, willingness to engage and support throughout the mining cycles was immeasurable.
Mr. R. David Russell comments, “We have lost a great friend and lawyer, having worked with Steve on many projects over the past two decades, there is no one I trusted more for candid advice and counsel.”
Born in Fredericton, N.B., Steve earned a B.Sc. degree in geology from the University of New Brunswick (UNB) in 1959, followed by a M.Sc. degree from McGill University in 1962 and an LLD (honoris causa) from UNB in 2015. He served as the head of the mining practice for a number of Toronto based law firms and earned his peer-ranked status as one of best mining lawyers in Canada and the world. His expertise has benefited countless clients involved in resource development in more than 65 countries and strengthened the legal administration of the global minerals industry. We wish to send our sincerest condolences to his wife Jayne and extended family.
Idk billionaire interest Mr Eric Sprott isn’t dumb w 23% interest imo still. Despite..RIP to our loss on the board.
The moon is still far away but things can change overnight
Daily volume of 5 million will send this to the moon ??
At the time of posting PNCKF wasn't trading above 10 cents. If one talks about 10cents (Canadian cents) followed by $1 (USD) when saying where the sp could be heading to, people could get confused. Right?
It doesn't look so easy anymore to reach $1 by mid-august
Easy to imagine that by mid-August it's $1/sh, then some retrace and consolidation perhaps [because the general stockmarket could restart a bear market then, per Bradley]..... However, then it goes its own way---it's onward $5/sh by end of November?
The $1 gets the traction to get to $5 so best financing can be done for mine production; or a buy-out by a major corporation. The desire is to get moving quickly towards production ASAP while this gold bullmarket is yet in its early stage. This is how companies make it happen. It's not just about digging holes and crushing rocks. It's about using the shares to generate financial backing; it's capitalism for a capital intensive industry.
When PNCKF was the company Pure Nickle, shares never went anywhere because the Canadians were apparently incapable of delayed gratification (typical of that degenerate culture); they wanted immediate paycheck for themselves. ... But now is a new Company with different mining properties. The shares have been reflecting a different approach, & etc.
DYODD.
Galleon Gold Expands Land Position at West Cache Gold Project, Timmins Ontario and Provides Corporate Update.
Galleon Gold Corp is pleased to announce that it has expanded its land position at the West Cache Gold Project, Timmins, Ontario. The Company has acquired 8 patent claims, in the Ogden Township, contiguous to the eastern boundary of the property. This private land has been held by the Dwyer family for over 100 years, it was originally purchased by Fredrick D. Dwyer as a gold prospect. Galleon Gold is very pleased that the family has entrusted the stewardship and exploration of this land to the Company. The West Cache Dwyer Land, will retain a 2.0 % NSR which can be purchased for $2,000,000.
Importantly, these claims are on strike and only 600 meters from the proposed open pit location identified in the Company’s current project development plans. With the acquisition of this private ground the Company has gained an additional 2 kilometers of strike potential along the Destor Porcupine Fault Structure corridor.
The Company announced on June 29, 2020 that it had commenced phase one of a core drilling program at the West Cache Gold Project. Prospective areas and drill targets on the Dwyer land will start to be identified for testing in the second phase of the drill program.
President and CEO, Mr. R. David Russell commented, “We are excited to be adding this parcel of land to the West Cache Gold Project. We have previously drilled core holes that have intersected mineralization very close to the eastern boundary of the West Cache property and the western Dwyer land boundary. This may prove to be a very strategic move by the Company. We believe that West Cache Gold has tremendous “Geological Blue Sky” potential and this new land augments this potential. With additional exploration drilling we believe we will be able to demonstrate that the structure that already hosts a gold resource will continue onto this new ground.”
today's property expansion announcement paves the yellow-brick road to the first touch of $1.00/sh ahead of some drill results, perhaps as early as August; time shall tell. One thing is clear, uncharacteristic of penny-stocks, the shares did not fall the exact of the rise. I.e., some of those who bought last week are strong-hands and imparting traction.
___________________________
Toronto, Ontario--(Newsfile Corp. - July 6, 2020) - Galleon Gold Corp. (TSXV: GGO) (the "Company" or "Galleon Gold") is pleased to announce that it has expanded its land position at the West Cache Gold Project, Timmins, Ontario. The Company has acquired 8 patent claims, in the Ogden Township, contiguous to the eastern boundary of the property. This private land has been held by the Dwyer family for over 100 years, it was originally purchased by Fredrick D. Dwyer as a gold prospect. Galleon Gold is very pleased that the family has entrusted the stewardship and exploration of this land to the Company. The West Cache Dwyer Land, will retain a 2.0 % NSR which can be purchased for $2,000,000.
Importantly, these claims are on strike and only 600 meters from the proposed open pit location identified in the Company's current project development plans. With the acquisition of this private ground the Company has gained an additional 2 kilometers of strike potential along the Destor Porcupine Fault Structure corridor. . . .
Galleon Gold Commences Drilling at the West Cache Gold Project
Galleon Gold Corp is pleased to report phase one drilling has commenced at the Company’s 100% owned West Cache Gold Project (the “Project”), located 13 km west of Timmins, Ontario. The phase one program is projected to consist of approximately 4,000 meters of infill diamond core drilling. This initial drilling is designed to provide better definition and confirm geological continuity of mineralized gold zones in contemplated open pit areas, while providing a nominal 50-meter drill spacing. Approximately 30 holes with an average depth of 130 meters will be completed. The drilling contract has been awarded to NPLH Drilling of Timmins, Ontario. NPLH has extensive experience with diamond drilling contract work at the Project.
The Company plans to follow the phase one core drilling program with a second and third phase of core drilling for a total of 15,000 meters. The second phase of core drilling will explore known zones of deeper, high grade gold mineralization for underground exploration and mine planning, and follow up on any newly identified targets from phase one. Results from the three-phase core drilling program will be used to update the 2013 NI 43-101 Mineral Resource and support the development of a Preliminary Economic Assessment (“PEA”).
R. David Russell commented “We are very pleased to start this next phase in the development of the West Cache Gold Project. Building upon the existing extensive drillhole database we have been able to design a program that will lead to the completion of a Preliminary Economic Assessment (PEA). We believe the PEA when completed should set the parameters for the next open pit and underground gold mine to be built in the West Timmins gold camp.”
About the West Cache Gold Project
The West Cache Gold Project is located 13 km west of Timmins Ontario, it is serviced by Provincial highway 101 and secondary access roads. It is situated along the Porcupine-Destor gold belt, approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine. The Project has been explored since 1958, with over 160,000 meters of diamond drilling in 325 holes. In 2013, a NI 43-101 Mineral Resource Technical Report was published outlining the following resource (see Explor Resources press release dated August 27, 2013):
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows:
Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au)
Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au)
Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows:
Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au)
Inferred: 393,000 oz (5,185,000 tonnes at 2.36 g/t Au)
The technical content of this release has been reviewed and approved by Chris Dupont, P. Eng, a “Qualified Person” as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
Debt Settlements
The Company announces it has completed its previously announced debt settlement of $540,000 for services and expenses rendered to the Company (the “Debt Settlement”) (see Press Release dated June 3, 2020). Under terms of the Debt Settlement, the Company issued 9,000,000 common shares at a deemed price of $0.06 per share. The securities issued pursuant to the Debt Settlement are subject to a four-month and one day hold period expiring October 24, 2020.
Grant of Stock Options
The Company announces that the Board of Directors has granted an aggregate of 550,000 stock options to certain consultants of the Company. The stock options are priced at $0.06, vest immediately and expire on June 29, 2023.
Clearance of 10cts was in Canada
now that this stock has cleared 10-cents (GGO.v) it opens the gate to $1.00 in anticipation of excellent drill results from Ontario. Then salivation over the Neal Project USA opens the door to $5.00/sh. Could happen this year. There are a lot of new residents in Boise with lots of California money. They would luv to brag that they own a gold mine in Boise.
the directors are issuing more shares this month. Over six million. This accounts for the large trade volumes this month. .... Just like the Canadian crooks who bled the Japanese dry and ran Pure Nickle into the ground, Galleon Gold is also being fleeced and ruined. These thieves haven't even produced drill results. They are too busy raising money for themselves via share issuance.
Its on the Galleon Gold website douginil. Finaly got a little time and do some reading.
Thanks for posting the link TT
PNCKF: effective Dec. 20,2019 Pure Nickel Inc. will change to Galleon Gold Corp.:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
new nickel as strong as titanium, but five times lighter
https://newatlas.com/metallic-wood-nickel-titanium/58234/
War drums US vs. Cuba (for its Venezuela occupation), Iran (oil sanctions waiver expire May 3, 2019). Iran to bottleneck the Persian Gulf. China to bottleneck Taiwan Strait and Sea of Japan.
With shipping lanes in peril, forecasted resources supply/distribution is in jeopardy.
During WW2 nickel was in huge demand as it is essential in the production of high quality steel, including armor, aircraft engine components and the bolts and receivers of firearms. The Japanese were so short of it that they resorted to using copper as a substitute in their naval armor. In the USA the rationing of nickel led to its being replaced with silver in the five cent coin.
Looking ahead, gold and silver micro/nano-particulate will be in high demand for laser defense armor and fog counter-measures.
Great news with Sprott, announced Tuesday morning. Huge volume and price move.
Let's hope management can manifest something positive for shareholders and the Company instead of previous leadership.
it's 2019 and nickel demand for EVs is white-hot, and supply of nickel is greatly reduced from when Pure Nickel was active. Somebody wake up the lazy Canucks.
China has benefitted greatly from controlling about half of the world's lithium production. But nickel has been just as important as lithium, maybe even more so. Nickel sulfate powder is a critical ingredient in the cathode formulation for lithium-ion batteries. Analysts expect to see a boom in demand as EV sales continue to increase.
“The supply of nickel going forward is a big concern in everybody’s mind,” said Coco Liu, procurement director at BYD.
Analysts have warned that the market would be short of nickel if Chinese-led projects in Indonesia fail to deliver.
https://www.zerohedge.com/news/2019-04-14/its-stupid-german-professor-slams-berlin-battery-play
Zinc and nickel price upside ‘imminent': Clarus
Peter Koven | January 20, 2015 | Last Updated: Jan 20 3:08 PM ET
http://business.financialpost.com/2015/01/20/zinc-and-nickel-upside-imminent-clarus/?__lsa=707e-3f56#__federated=1
Antamn, did you notice that the NAN CEO stated that "We are committed to aggressively drilling to test for underlying nickel sulphide deposits. The grade is evident; this year we plan to build the tonnage."
Thanks
The core at PDAC will be impressive. (7% Ni)
Here are the 2013 assays from Imiak Hill
Imiak Hill
MQ-13-019: 8.68m @ 1.53% Ni, 0.43% Cu, 0.06% Co
MQ-13-024: 14.90m @ 2.67% Ni, 0.39% Cu, 0.09% Co
MQ-13-026: 25.51m @ 3.25% Ni, 0.48% Cu, 0.11% Co Incl. 18.62m @ 4.31% Ni, 0.62% Cu, 0.14% Co
MQ-13-028: 24.75 m @ 3.19% Ni, 1.14% Cu, 0.11% Co Incl. 17.91m@ 3.80% Ni, 1.42% Cu, 0.13% Co And 2.40 m @ 4.44% Ni, 1.13% Cu, 0.15% Co
BHEM response is also increasing with depth.
Open at depth.
Thanks for posting that- if you like nickel you also may want to check this out:
You can see NAN.V's 7% drill core in Toronto at PDAC 2014....
"North American Nickel management will host their annual
PDAC Wine and Cheese evening in Toronto at the PDAC this year-
The Geo and management teams and the nickel drill core will be at the Intercontinental Hotel in Toronto, Monday March 6th between 6:00 and 8:00 pm......"
SNN Straight Talk, Guest Mark Lackey re nickel
Published on Jan 28, 2014
Every week Pat Bolland, host of Straight Talk mid-day on Sun News Network, speaks with Mark Lackey, CHF Capital Markets' Executive VP, to discuss commodities and stock picks. Known for his own plain spoken "straight talk", Mark has been a frequent guest on BNN Television as well, and a contributing sector expert to Streetwise Report's The Gold Report and The Energy Report.
"Digging Nickel" -- Here Mark offers his analysis of the nickel market and consequences from the recent ban on raw nickel exports from Indonesia, and some stock picks.
Follow @CHFCapMarkets on Twitter; visit http://www.chfcapital.com
Pure Nickel's (TSX:NIC) David McPherson and Dr. Jon Findlay Interviewed by Ted Ohashi, CFA - Video Posted on InvestmentPitch.com
http://finance.yahoo.com/news/pure-nickels-tsx-nic-david-130505716.html
Pure Nickel Inc. (TSX: NIC) Interview with Ted Ohashi
http://www.investmentpitch.com/video/0_ogsu1axg/Pure-Nickel-Inc-TSX-NIC-Interview-with-Ted-Ohashi
I like what nic is doing at Salt Chuck too.
Yea, Pro,
Definitely have to have the patience of a saint to be here.
I purchased 30,000 shares at 2.5 cents yesterday at the one-year low, so I was happy about that.
ITOCHU's continued commitment in the MAN project keeps me here.
sumi
just more drilling... more of the same... 6 years running...
Pure Nickel and ITOCHU Announce 2013 Exploration Plans for the MAN Property
- GlobeNewswire via Comtex
Pure Nickel Inc. (TSX:NIC) (the "Company") is pleased to announce that its joint venture partner on the MAN Alaska project, ITOCHU Corporation of Tokyo, Japan, has confirmed funding of approximately US$3.5 million for the 2013 exploration season. Additional details will be provided following a MAN project Management Committee meeting.
Mr. David McPherson, President and CEO of Pure Nickel, stated, "The MAN project continues to hold great promise, and we look forward to working with our partner, ITOCHU, to unlock the potential of the property in this our sixth season of working together."
Exploration activity in 2013 will consist primarily of a drill program targeting the western part of the Alpha complex, where drilling in 2010 and 2012 intersected highly anomalous Ni-Cu-PGE mineralization. The 2013 budget calls for a 2200m drill program utilizing one helicopter supported drill rig. The program is expected to commence in the last week of May, and will be completed by mid-August.
Jon Findlay, Ph.D, P.Geo. is the designated Qualified Person for this project.
About the MAN Alaska property
The MAN Nickel (Ni) - Copper (Cu) - Platinum Group Element (PGE) Alaska property is located at the junction of the Denali and Richardson highways in south-central Alaska, approximately 250 kilometers southeast of Fairbanks. The property consists of both state and federal claims, with a total area of approximately 40,380 hectares. Five discrete mafic-ultramafic intrusive complexes occur on the property, the largest of which, the Alpha complex, measures approximately 33 kilometers by 3 kilometers.
The MAN property is being explored under a joint venture agreement with ITOCHU Corporation. ITOCHU has earned a 30% ownership interest, and has funded approximately US$21 million of exploration work since 2008. ITOCHU may earn up to a 75% interest by incurring US$40 million of exploration expenditures on the property.
About ITOCHU Corporation
Headquartered in Tokyo, Japan, ITOCHU is a publicly listed multi-billion dollar conglomerate, with a history spanning more than 150 years. The company operates through 9 offices in Japan and 117 offices overseas. ITOCHU is engaged in domestic trading, import/export, and overseas trading of various products such as textiles, machinery, information and communications-related products, metals and mineral resources, products related to coal, oil and other energy sources, general merchandise, chemicals, and provisions and food. The joint venture with Pure Nickel is through ITOCHU's 100% subsidiary held by Metals & Mineral Resources Division, Metals & Minerals Company.
About Pure Nickel Inc.
Pure Nickel is a TSX-listed mineral exploration company with a premium collection of properties in North America. The Company is currently active on its two Alaskan properties, MAN and Salt Chuck. In 2012 the Company completed an initial drilling program at Salt Chuck that resulted in a new high grade gold discovery (see press release dated December 11, 2012:http://www.purenickel.com/s/NewsReleases.asp?ReportID=561019). A follow-up drill program to test the extents of the gold mineralization at Salt Chuck is planned for 2013. In 2012 the Company completed a US$4.2 million exploration program on the MAN property which was fully funded by ITOCHU Corporation. In addition, the Company completed an initial resampling of historic core at its William Lake Nickel project which resulted in the identification of significant concentrations of PGE in the nickel sulphide mineralization. Further resampling is planned for 2013 at William Lake. The Company continues to actively pursue other, non-nickel properties in North America and overseas.
Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: CHF Investor Relations
Cathy Hume
T. (416) 868-1079 x 231
Email: cathy@chfir.com
Website: www.chfir.com
The Howard Group Investor Relations
Jeff Walker
T. (888) 221-0915
Email: info@howardgroupinc.com
Website: www.howardgroupinc.com
Pure Nickel Inc.
David McPherson
President and CEO
T. (416) 644-0066
Email: info@purenickel.com
Website: www.purenickel.com
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwMjY2MDUjMjMwMTQ=
Pure Nickel Reports Operating Highlights and Fiscal Year-End Results for the Year Ended November 30, 2012
http://finance.yahoo.com/news/pure-nickel-reports-operating-highlights-190300831.html
Press Release: Pure Nickel Inc. – Tue, Feb 5, 2013 2:03 PM EST
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.
Salt Chuck Property, Alaska
The 2012 drilling program identified high grade gold mineralization in a previously unknown gold-bearing structure in the western part of the property, an area known locally as North Pole Hill. High grade intersections include 127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.
The program was designed to test coincident multi-element (Au-Cu-Pd) soil geochemical and IP anomalies identified over the Salt Chuck mafic/ultramafic intrusion. The North Pole Hill anomalies were hypothesized to reflect the presence of the same style of remobilized magmatic Cu-Au-Pd-Ag mineralization found at the historic Salt Chuck mine, located 2 km to the southeast. The fact that significant mineralization was encountered in these drill holes supports an interpretation that the geochemical and IP anomalies at North Pole Hill reflect remobilization of primary magmatic sulphides in an east-west trending structure. The anomalies extend east-west over a distance of 1.5 km to the limits of the surveys. A second soil geochemical anomaly splays off from the east-west anomaly and trends southward for 1.7 km, again to the limits of the surveys.
The Salt Chuck property is located on Prince of Wales Island on the Alaskan Panhandle. The property consists of 146 contiguous federal lode mining claims. The Salt Chuck mine produced approximately 300,000 metric tonnes of ore, reported by US government summaries (1948) to be 0.95 % copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t silver. The mine was the largest producer of palladium in the USA during its era of production. Jon Findlay, Ph.D. P.Geo. is the designated Qualified Person for this project.
Milford Copper Properties, Utah
In 2012, the Company amended the settlement agreement with Skye Mineral Partners and CS Mining LLC ("Skye") with respect to its Milford Utah properties. The Company agreed to a partial payment of US$0.5 million (funds were received on June 4, 2012) with US$0.5 million being placed in escrow. Subsequent to year-end an additional amendment has been agreed to which has resulted in the US$0.5 million to be released from escrow and deposited into the Company's account and CS Mining to 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.
MAN Property, Alaska
In early 2012, our project partner ITOCHU Corporation formalized the funding of our exploration program at the MAN Alaska property for 2012. During the year, US$4.2 million was expended on the program. The 2012 work program included soil geochemical surveys (3,010 samples collected), detailed mapping, 48 line kilometres of IP geophysical surveys and 2,233 meters of diamond core drilling. The program was designed to identify areas of potential magmatic Ni-Cu-PGE sulphide mineralization at surface or at shallow depths. Drilling was used to test soil geochemical and/or IP anomalies for the presence of sulphides in bedrock.
The work identified several new sulphide occurrences on the Alpha complex, with a number of soil geochemical and IP anomalies still to be tested. Of the eight drill holes completed, seven targeted soil or IP anomalies, and one hole was drilled to investigate magmatic stratigraphy. Minor amounts of magmatic sulphide mineralization were encountered in most of the drill holes, but assay results from these intervals were generally not significant. In hole PNI-12-063, however, highly anomalous Ni-Cu-PGE mineralization was intersected across a significant interval. The hole targeted partially coincident IP and soil geochemical anomalies in the southern part of the Alpha complex, and returned an intersection of 80.95 meters apparent width grading 35 ppb Au, 106 ppb Pt, 174 ppb Pd (315 ppb Au+Pt+Pd), 0.17% Cu and 0.25% Ni from 146.55 meters to 227.5 meters.
A limited gold prospecting program was also completed during the summer to attempt to locate the lode source of the many placer gold occurrences in the area. Results were encouraging, with one sample of glacially transported material assaying 14.0 g/t Au and 4.6% Ni. The bedrock source of this sample is unknown, but additional gold prospecting will be undertaken in 2013 in an attempt to trace the source.
The 2012 field season demonstrated the successful application of multifaceted, field based work programs in locating sulphide mineralization at or near surface. Numerous geochemical and geophysical targets remain to be tested in 2013.
ITOCHU has earned a 30% interest in the property and has funded approximately US$21 million of exploration costs since 2008. ITOCHU may earn up to a 75% interest by incurring US$40 million of exploration expenditures on the property by 2013. Jon Findlay, Ph.D, P.Geo. is the designated Qualified Person for this project.
Tower Property, Manitoba
The Tower property is contiguous with Pure Nickel's William Lake claims in the Thompson Nickel Belt, and is currently under option to Rockcliff Resources Inc. In 2012, Rockcliff Resources exercised its option to earn a 50% interest in the property by making the required expenditures of $2,000,000 on exploration and making $90,000 in option payments to Pure Nickel over the past two years. Rockcliff can earn an additional 20% in the property by spending an additional $2,000,000 in exploration and $60,000 in option payments over the next two years.
In 2012, Rockcliff Resources continued its drilling program completing 12 holes. The holes expanded the T-1 copper deposit, discovered the T-2 copper zone and tested the T-3 anomaly. Subsequent to Pure Nickel's year end Rockcliff Resources filed an NI 43-101 compliant independent mineral resource estimate on the Tower Property, in central Manitoba. The report, entitled Independent Technical Report, Tower Property, Grand Rapids, Manitoba, and dated January 20, 2013 can be found on SEDAR (www.sedar.com) with other Rockcliff Resource's filings.
Property Divestiture
The Company continues to evaluate the properties in its portfolio and an analysis is performed taking into account the claim maintenance costs and property potential for exploration success and decisions regarding divestiture are made. In 2012 Pure Nickel relinquished certain claims that form part of the Rainbow property in Nunavut.
Results for the Year Ended November 30, 2012
Pure Nickel reported that at November 30, 2012, it had net working capital of $3.4 million. The Company reported that its net loss was in line with expectations: $1.3 million ($0.02 per share) for the year ended November 30, 2012, compared to a net loss of $1.4 million ($0.02 per share) for the prior year. Total cash flows used in operating activities were $0.3 million in 2012, compared to $3.9 million in the prior year. For the three months ended November 30, 2012, the net loss was $0.3 million ($0.004 per share), compared to $0.3 million ($0.004 per share) for the same quarter in the prior year. For further information please refer to Pure Nickel's consolidated financial statements and the accompanying management's discussion and analysis on the Company's website at www.purenickel.com, and on SEDAR at www.sedar.com.
About Pure Nickel Inc.
Pure Nickel is a TSX listed mineral exploration company with a premium collection of properties in North America. The Company has been actively exploring its two Alaskan Properties, MAN and Salt Chuck. In 2012 the Company announced a gold discovery at Salt Chuck and completed a US$4.2 million exploration program at MAN, which was fully funded by their option partner. In addition, the Company is actively pursuing other, non-nickel properties in North America and overseas.
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: CHF Investor Relations
Cathy Hume
T. (416) 868-1079 x 231
Email: cathy@chfir.com
Website: www.chfir.com
The Howard Group Investor Relations
Jeff Walker
T. (888) 221-0915
Email: info@howardgroupinc.com
Website: www.howardgroupinc.com
Pure Nickel Inc.
David McPherson
President and CEO
T. (416) 644-0066
Email: info@purenickel.com
Website: www.purenickel.com
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