Toronto, Canada, June 26th, 2008 – Fletcher Nickel Inc (TSX: FL) has intersected a 13-metre interval of intense mineralization in drill-hole TEX08-49 on grid section 17+00N, 1+50E, 270/-50.
The intercept is significant in that it demonstrates the potential for higher grade nickeliferous pentlandite zones to occur within the north extension of the mineralized peridotite envelope. This well-mineralized intersection (from 158 to 171 metres) followed weakly mineralized intervals from 51 to 68 metres and from 103 to 140 metres and a moderately mineralized interval from 140 to 158 metres. This substantial width of mineralization replicates the intersections on lines 14+00N and 16+00N previously reported (see news release of May 22nd, 2008). However, when taken with those previous results, the current intersection of more intense mineralization adds markedly to the potential for the delineation of new shallow-level economic mineral resources at grades that compare favorably with mine-economic grades at Australia’s Mt. Keith mine operated by BHP.
A surface IP geophysical survey indicates an area of mineralization which may be similar to that occurring within the historical Texmont Mine zones and which extends north of the mine shaft. The present intersection confirms that the same structures may be continuous over a very long strike length, as drill-hole TEX08-49 is 700 metres north of the Texmont Mine shaft. The IP anomaly continues to the north for at least another 400 metres and is to be drill-tested soon. The IP survey is also being extended northward beyond its current limit to analyze the complete extent of the pentlandite-hosting peridotite.
Hadyn R. Butler, P.Geo, is a qualified person within the meaning of National Instrument 43-101 and is retained as such as an independent exploration program consultant by Fletcher Nickel. Mr. Butler 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 release. The tenor of mineralization reported from a visual assessment of the drill core was reported by project geologists inspecting and logging the core at Fletcher Nickel’s core shack under Mr. Butler’s supervision and instruction. Assays of the grade of mineralization contained in the various core intervals will not be received for some time.
Forward Looking Information: This news release contains or refers to forward-looking information. All information other than statements of historical fact that address activities, events or developments that Fletcher Nickel believes, expects or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements contained in this news release include statements regarding potential exploration results and mineralization at Fletcher Nickel's Texmont property. Such forward-looking statements also include, without limitation, statements contained in this news release regarding potential exploration results and the potential for the delineation of new shallow-level economic mineral resources at grades that compare favorably with mine-economic grades at Australia's Mt. Keith mine. These forward-looking statements reflect the current expectations or beliefs of Fletcher Nickel based on information currently available to Fletcher Nickel. These forward-looking statements are subject to a variety of risks and uncertainties beyond Fletcher Nickel's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Factors that could cause actual events or results to differ materially from current expectations include, among other things: future exploration results varying significantly from estimates; inability to delineate additional mineral resources or reserves; and other factors. Any forward-looking statement, speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Fletcher Nickel disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Fletcher Nickel believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.
For Further Information:
Bruce Hodgman
Communications Director
Direct: (416) 642-3575 (ext: 103)
info@fletchernickel.com
