Fletcher Nickel to Acquire Claims Adjoining the Texmont Mine Leases from Pele Mountain

12.05.08

Toronto, Canada, May 12th, 2008 – Fletcher Nickel Inc. (TSX: FL) and Pele Mountain Resources Inc. (TSXV: GEM) jointly announced today that they have entered into an Option Agreement pursuant to which Fletcher may acquire 100 percent of Pele's Timmins Nickel Project.  The project consists of unpatented mining claims adjacent to the north, east and south of the Texmont Mine leases held by Fletcher Nickel approximately 35 kilometres south of Timmins.

To exercise the option, Fletcher has agreed to issue a first tranche of 600,000 treasury shares and make eight quarterly payments of $75,000 plus, on May 15th, 2009 issue a second tranche of treasury shares having a value of $325,000 based on a weighted average trading price formula calculated at the time of issuance.

For Further Information:
Bruce Hodgman
Communications Director
Direct: (416) 642-3575 (ext: 103)
info@fletchernickel.com