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Re: News Release - Tuesday, February 12, 2008
First Nickel Provides 2008 Guidance
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February 12, 2008 -- Toronto, Ontario -- First Nickel Inc. (FNI-TSX)
today provided guidance with respect to 2008 production.
The company expects:
.. To produce between 3.8 and 4.4 million pounds of payable nickel, and
.. To produce between 2.3 and 2.7 million pounds of payable copper.
First Nickel has budgeted $17 million for development and capital
improvements at the Lockerby Mine and expects to spend approximately $7
million on exploration the majority of which will be spent on targets
around the existing Lockerby Mine infrastructure, Lockerby East and
footwall areas. Funding for these expenditures will come from existing
cash balances and cash flow generated from the Lockerby operations.
William Anderson, President and CEO states, "We look forward to a
significantly improved 2008. I am pleased that the Board has
authorized expenditures designed both to improve our existing
production profile and to ramp up our aggressive exploration programs
on our various, highly prospective properties in the Sudbury area."
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,
except as may be required under applicable securities law.
For further information contact:
First Nickel Inc.
W.J. Anderson, President & CEO, or
Paul Davis, Vice President Exploration
Telephone: (416) 362-7050
Fax: (416) 362-9050
Email: wanderson@firstnickel.com
pdavis@firstnickel.com
www.firstnickel.com
Or
Forbes West, Investor Relations Advisor
416-203-2200 / 1-888-655-5532 / forbes@sherbournegroup.ca
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Copyright (c) 2008 FIRST NICKEL INC. (FNI) All rights reserved. For
more information visit our website at http://www.firstnickel.com/ or
send mailto:info@firstnickel.com
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