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First Nickel Announces Gold and PGE Values From Hole D04-29 on Dundonald Nickel Project.

TORONTO -- First Nickel Inc. (TSX:FNI) today announced results for Gold and Platinum Group Elements ("PGE") from Hole D04-29. Results are as follows:
North sector Dundonald South Zone

Hole From To Core Ni % Cu%
No. (m) (m) Length (g/t)
D04-29 215 230.2 15.2 5.26(a) 0.20 1.77
Incl. 218.95 230.2 11.25 6.57(a) 0.25 2.13
Incl. 218.95 220.65 1.70 14.46(a) 0.49 4.22
Incl. 224.7 230.2 5.5 6.73 0.28 2.67
Incl. 224.7 228.5 3.8 8.15 0.34 3.24
Incl. 224.7 226.8 2.1 11.04 0.40 4.30

(a) Previously reported (October 28, 2004). Note that the core length is not the true width.

From an ore deposit model context, First Nickel also notes that the sulphide intersection in hole D04-29, in conjunction with those in holes D04-07, 16 and 30 may be indicative of an approximately 25 metre wide, steeply southwest plunging sulphide-filled channel within the North Zone that is open both up-plunge and down-plunge. Hole D04-30 penetrated the prospective channel 10 - 15 metres beneath hole D04-29 and intersected 3.05 metres of massive, semi-massive and stringer sulphides, assays for which are awaited.

The surface drilling program is being supervised by Kevin Montgomery, PGeo, of MPH Consulting Limited, a qualified person under National Instrument 43-101 guidelines. Drill core of interest (NQ size) is sawed in half, with one-half sent to a commercial laboratory, Expert Laboratory of Rouyn-Noranda, Que., and the other half retained for future reference. A rigorous quality assurance/quality control program is employed which includes the insertion of standards, blanks and duplicates for each batch of samples.

Core samples are routinely analyzed for nickel, copper and cobalt by aqua regia digestion, atomic absorption techniques. Those samples returning greater than 5,000 parts per million (0.5 per cent) nickel are re-assayed by total digestion atomic absorption and their value reported as a per cent. Selective assays for gold and platinum group elements on the higher-grade nickel samples are carried out by standard fire assay techniques.

The Dundonald property is located east of Timmins in Northeastern Ontario, approximately 25 kilometres by road from the Falconbridge Limited's Kidd Creek metallurgical facility. The Dundonald property was acquired from Falconbridge as part of First Nickel's formative transaction whereby Falconbridge now owns 18.4 per cent of the issued and outstanding shares of First Nickel.

First Nickel is a junior mining exploration and development company engaged in the acquisition, exploration and development of mineral prospects in Canada. Pursuant to an agreement with Falconbridge Limited dated January 9, 2004, as amended, First Nickel has acquired 100% of the Dundonald Property located 60 kilometers east of Timmins, Ontario, the right to earn up to a 50% interest in 12 unpatented mining claims located in the Kamiskotia area, northwest of Timmins, Ontario, and has formed a strategic alliance with Falconbridge Limited in the western Abitibi Belt for the exploration and development of nickel properties. On June 28, 2004 First Nickel completed an IPO and raised $11,500,000 for the drilling and underground exploration of the Dundonald Property, for the first round of drilling of the Kamiskotia prospects and for the strategic alliance with Falconbridge.

At September 30, 2004 First Nickel had a working capital of approximately $11,400,000 with 39,979,713 common shares outstanding.

First Nickel Inc. (TSX:FNI)
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Publication:Business Wire
Geographic Code:1CANA
Date:Nov 4, 2004
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