ONTARIO – FIRST NICKEL of Toronto has reported that the results of its Lockerby Depth definition drill program confirm the continuity of the high-grade core to the 72 level. For example, hole 13 cut 67.5 metres grading 1.49% Ni and 1.26% Cu, including 18.6 metres of 3.01% Ni and 0.88% Cu. Hole 25 returned 3.61% Ni and 2.30% Cu over 35.4 metres.
A table summarizing all intercepts and a figure with the spatial representation of the drill holes will be available on the company website at www.FirstNickel.com.
All of the drill results from the Lockerby Depth zone will be incorporated into an updated NI43-101-compliant resource estimate to be completed in Q4 2007. Drilling of the zone is ongoing to delineate the deposit above the 72 level. Recent drilling has been focused on the western boundary of the Lockerby Depth zone between 63 and 56 levels. Later this fall the drill will begin assessing the potential of the down-plunge extension of the deposit to approximately the 80 level.
The Lockerby mine, located on the southwest rim of the Sudbury Basin, produced 36,258 tonnes of ore grading 1.69% Ni and 0.91% Cu during Q3 2007. That amount of ore will yield an estimated 1.0 million lb of payable nickel and 620,000 lb of payable copper.