Fletcher Nickel Drilling Confirms Texmont Mineralization Model Intersecting 0.88% Ni Over 27 Meters

14.02.08

Toronto, Canada – Assay results from four additional diamond drill holes cross-cutting the Mt Keith-style mineralization of Fletcher Nickel Inc’s (TSX: FL) Texmont Mine, confirm the Timmins area property’s potential to expand on historical resources.

In 2006, in advance of Fletcher Nickel’s IPO, a series of diamond drill-holes were completed to test the known mineralized envelope surrounding upper mine workings, and the historical mine widths and grades.  Two of those holes established the potential for significantly increased tonnages in an expanded mineralized envelope.  As detailed in the Company’s prospectus (dated October 25, 2007), drill-hole TEX06-01 yielded 0.95% Ni over a sample interval of 19m using the 0.7% Ni cut-off grade.  However, the same hole returned a 42m interval grading 0.67% Ni when a cut-off of 0.4% Ni was used.  Similarly, drill-hole TEX06-05 yielded 1.15% Ni over 8.2m at a cut-off of 0.7% Ni, whereas this hole returned a 28.5m interval of 0.66% Ni with a cut-off grade of 0.4% Ni.  The four drill-holes now reported continue to demonstrate similar results, as tabulated below.  All were drilled on a section 200m south of the former mine shaft.

*Core length represents approximately 80 to 85% of true width

These results confirm the potential for Texmont to expand tonnages, at grades that compare favorably with mine-economic grades at Australia’s Mt Keith mine operated by BHP.  The current drill program is also examining the untested strike of the mineralized peridotite host, to establish new shallow-level economic mineral resources.  Information relating to historical resource calculations for the Texmont Mine, and their relevance and reliability, may be found in the Company’s prospectus, filed on SEDAR.

Fletcher Nickel’s drill core is secured from the gated Texmont Mine site to a locked warehouse in Timmins for geological logging, and mineralized sections are split by diamond saw – half core is retained in the warehouse for future examination and verification. Mineralized half-core is sampled, numbered and bagged under the supervision of a qualified geologist, and the samples are crushed at True North Mineral Laboratories in Timmins, and pulps are sealed and shipped to Activation Laboratories Ltd in Ancaster (Actlabs), Ontario for assay. Actlabs’ quality assurance system is accredited to ISO/IEC 17025 standards with CAN-P-1579 (Mineral Analysis) for specific registered tests by the Standards Council of Canada. Fletcher also inserts standards and blanks into assay batches to confirm assay batch consistency.  David Beilhartz, PGeo, the manager of exploration for Fletcher Nickel, is a qualified person within the meaning of National Instrument 43-101.  Mr. Beilhartz, supervised the preparation of the disclosure in this release, and has verified the data disclosed in this release, including the sampling, analytical and test data underlying the information.  Geological logging, sampling and core handling procedures were carried out under the supervision of Mr. Beilhartz.

For Further Information:
Bruce Hodgman, Communications Director
Direct: (905) 582-9744; info@fletchernickel.com