Fletcher Nickel Options Property From Eloro Resources

09.04.08

Toronto, Canada – Fletcher Nickel Inc. (TSX: FL) has obtained an option to acquire a majority operating interest in 183 claim units from Eloro Resources Ltd. (TSX-V: ELO).  The claim group covers the belt of komatiites extending northward from Fletcher Nickel’s Texmont Project, which includes the developed Texmont Nickel Mine to the south, plus extensive mineral claims adjoining the mine leases to the west and south.

Fletcher Nickel may earn a 55% joint venture interest in the Eloro claim group by completing $1,000,000 of exploration expenditures over four years and issuing 50,000 shares annually to Eloro, until the interest is earned.  A minimum of $150,000 of such exploration expenditures must be incurred in the first year; $200,000 in the second year; $250,000 in the third year; and, $400,000 in the fourth year. 

Completion of the transaction is subject to approval of the formal agreement by the Directors of both companies and regulatory authorities.

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