====================================================================== News Releases - Monday, July 23, 2007 First Nickel Intersects 53.30 Metres of 1.82% Ni and 1.39% Cu at Lockerby Depth ====================================================================== FOR IMMEDIATE RELEASE No. 2007-15 FIRST NICKEL INTERSECTS 53.30 METRES OF 1.82% NI AND 1.39% CU AT LOCKERBY DEPTH July 23, 2007 -- Toronto, Ontario -- First Nickel Inc. (FNI-TSX) reports analytical results from an additional twelve holes from the Lockerby Depth definition drill program. The definition drill program has been designed to upgrade the Inferred Resource between the 67 and 72 Levels to an Indicated Resource category and define the lateral boundaries of the Lockerby Depth Zone. Assay results for these 12 holes are summarized in the following table and the spatial distribution of drill intercepts are illustrated in Figure 1. All assay intervals reported are core length and do not represent true widths (defined as being measured at right angles to the direction of extension of the sulphide body). The drill program continues to define a thickening of the Depth Zone between the 67 and 71 levels as demonstrated by intersections of 53.50 metres grading 1.82% Ni and 1.39% Cu in FNI6385 and 35.70 metres of 2.91% Ni and 1.84% Cu in FNI6386. Drilling outside of the current deposit model has identified significant drill intersections of nickel sulphide. FNI6392, as the best example, intersected 111.20 metres grading 1.37% Ni and 0.88% Cu down-plunge to the west of the deposit model boundary. These drill results will be incorporated into an updated NI 43-101 compliant resource estimate to be completed later in 2007. Drilling of the Lockerby Depth Zone is ongoing to delineate the deposit above the 72 Level and will transition into an exploration program, assessing the potential of the down-plunge extension of the deposit to approximately the 80 Level. A second underground diamond drill rig has arrived on site to increase the rate of drill production and will focus on targets adjacent to the previously mined areas of the Lockerby Depth and Main zones. Surface diamond drilling will begin in August to test targets to the west of the Lockerby Main Zone, east of the #2 shaft and the up-plunge potential of the Lockerby East Zone. "The Lockerby Depth Zone continues to exceed our expectations and we are confident that these results, along with the ongoing drill program, will lead to an increase in overall resources associated with the Lockerby Depth Zone and provide the level of confidence required for the capital investment to deepen one of the existing shafts at the Lockerby Mine" states William Anderson, President and CEO of First Nickel Inc. The diamond drilling program was carried out under the supervision of First Nickel's Chief Mine Geologist, Stephen Conquer, P.Geo., a "qualified person" as defined by National Instrument 43-101. The information in this release was prepared under the direction of Paul Davis, P.Geo., Vice President of Exploration for First Nickel Inc., a "qualified person" as defined by National Instrument 43-101. First Nickel Inc. follows a rigorous QA/QC protocol on all of its exploration projects. Whole drill core is sampled and sent to a commercial laboratory. Holes FNI6385 to FNI6391 were shipped to SGS Laboratories in Garson for preparation and specific gravity measurements and then shipped internally by SGS to Toronto for assay. Holes FNI6392 to FNI6396 were sent to Accurassay Laboratories in Lively for initial preparation; crusher fines are shipped to Thunder Bay. Final sample preparation (pulverization), assay analyses and specific gravity measurements are performed in the Accurassay Thunder Bay laboratory. Samples for sulphur analysis are shipped to International Plasma Laboratories Limited by Accurassay. A rigorous quality assurance/quality control program is employed that includes the insertion of certified standards and blanks for each batch of samples. Lockerby Depth Zone: Summary of Assay Results Hole ID From (m) To (m) Core Length (m) Ni (%) Cu (%) Co (%) FNI6385 191.90 245.20 53.30 1.82 1.39 0.07 incl. 224.35 245.20 20.85 3.00 2.14 0.10 FNI6386 234.90 240.90 6.00 1.31 0.63 0.05 and 262.10 297.80 35.70 2.91 1.84 0.10 incl. 262.10 289.45 27.35 3.56 1.71 0.12 FNI6388 264.00 275.40 11.40 1.08 0.82 0.03 FNI6389 156.10 178.60 22.50 2.13 1.18 0.08 incl. 167.10 178.60 11.50 2.79 1.65 0.11 FNI6390 121.40 127.50 6.10 1.22 0.75 0.05 FNI6391 126.00 131.60 5.60 1.81 0.71 0.08 FNI6392 323.10 434.30 111.20 1.37 0.88 0.05 incl. 341.70 352.30 10.60 2.34 0.45 0.09 incl. 364.70 384.15 19.45 2.01 1.37 0.08 incl. 414.35 434.30 19.95 2.61 0.97 0.10 FNI6393 127.80 132.90 5.10 1.93 1.16 0.08 FNI6394 118.95 126.00 7.05 1.02 0.57 0.04 FNI6395 125.30 131.40 6.10 1.17 0.47 0.04 FNI6396 129.70 137.70 8.00 1.00 0.43 0.04 First Nickel is a Canadian mining and exploration company. Its current activities are primarily focused on the Sudbury Basin in northern Ontario, the location of the company's producing property (the Lockerby Mine) and four of its exploration properties. First Nickel also has two exploration properties in the Timmins region of northern Ontario. First Nickel's shares are traded on the TSX under the symbol FNI. This news release may contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances. For further information contact: First Nickel Inc. William Anderson, President & CEO Toll Free: (888) 362-7050 Telephone: (416) 362-7050 Fax: (416) 362-9050 Email: wanderson@firstnickel.com ====================================================================== Copyright (c) 2007 FIRST NICKEL INC. (FNI) All rights reserved. For more information visit our website at http://www.firstnickel.com/ or send mailto:info@firstnickel.com Message sent on Mon Jul 23, 2007 at 9:04:33 AM Pacific Time ====================================================================== .
First Nickel is a nickel exploration company based in Canada.
First Nickel develops nickel, cobalt, copper, gold, palladium, platinum and silver in Canada, and holds various exploration projects in Canada.
Its main assets in development are LOCKERBY MINE and PREMIERE RIDGE in Canada and its main exploration properties are RAGLAN HILLS, LANDORE/ WEST GRAHAM, MORGAN-LUMSDEN, BELMONT PROJECT, WEST GRAHAM, FOY MOUTH, KAMISKOTIA and DUNDONALD in Canada.