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Re:   News Release - Thursday, November 27, 2008
      Nanika Announces Memorandum of Understanding
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November 27, 2008 Nanika Resources Inc. (TSX-V:NKA and FSE: C7X) (the
"Company" or "Nanika") is pleased to announce that it has entered into
a Memorandum Of Understanding (MOU) with Palm Clean Energy Inc. and
Daewon Chemical Co. Ltd. of South Korea, confirming  intentions to form
a joint venture company. The new joint venture company formed by these
partners will hold the continued exploration, development and mining
right to the "Lucky Ship" molybdenum project located at the "Nanika
Ridge" site approximately 85 kilometres southwest of the town of
Houston, British Columbia. Nanika's President and Chief Executive
Officer, James Jacuta, commented, "I would like to thank the teams
representing all of the parties for their efforts. They were certainly
complicated by recent events around global fiscal uncertainty. The
success achieved in arriving at this Memorandum of Understanding is the
result of their persistence, commitment, and understanding in all of
the circumstances".

Upon completion of the Nanika Molybdenum Joint Venture Agreement (JVA)
the Korean partners will be issued 40% of the new joint venture company
shares and Nanika will hold 60%. The total payments by Korean partners
to the "Lucky Ship" molybdenum project will then be $5.0 million
dollars, inclusive of private placements, all of which will have been
received within the first two years of the project.  Pursuant to the
signing and completion of the JVA the Korean partners will provide a
payment of $500,000 dollars. Following the subsequent completion by the
Korean partners of the junior financing needed for all reasonably
estimated exploration costs to provide the information necessary to
produce a bankable feasibility study in accordance with National
Instrument 43-101 the Korean partners will be entitled to an option to
51% of the shares of the joint venture company and Nanika will hold
49%. This financing is to be completed within 24 months of signing of
the JVA.

Under the terms of the MOU the Korean partners will then within a
further 30 months of completion of the bankable feasibility study
arrange the senior financing required to put the property into
continuous production. Upon arranging the senior financing the Korean
partners will be entitled to an option to 60% of the shares of the
joint venture company and Nanika will hold 40%. In the event that the
Korean partners are not able to arrange the senior financing within the
30 months then Nanika would be at liberty to do so. Upon Nanika
arranging the senior financing then the Korean partners would hold 42%
of the shares in the joint venture company and Nanika would hold 58%.

The signing of any JVA being negotiated will be subject to the
completion of due diligence and the approval of Nanika's board of
directors. The MOU is non-binding and the previously signed Option
Agreement remains in force. The original Option Agreement contained
terms that provided that the parties would subsequently enter into a
formal joint venture.

About Nanika Resources Inc.

Nanika Resources Inc. is a TSX Venture listed mineral exploration and
development company focusing on the development of its Lucky Ship
Molybdenum Property in west central British Columbia and the
advancement of its other mineral exploration properties, all of which
are located within Canada.



On Behalf of the Board

"James. D Jacuta"

Chairman, President & CEO.

For further information contact:
Doug Kerr
Nanika Resources Inc.
Telephone: 604-638-0699
Toll Free 1-866-580-0699
Email: kerr@nanikaresources.com
http://www.nanikaresources.com

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein.

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Copyright (c) 2008 NANIKA RESOURCES INC. (NCV)  All rights reserved.
For more information visit our website at
http://www.nanikaresources.com/ or send mailto:info@nanikaresources.com
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