First Nickel Inc.

First Nickel Inc.

June 01, 2006 15:24 ET

First Nickel Settles Interest Payment and to Hold Annual General Meeting On June 8, 2006

TORONTO, ONTARIO--(CCNMatthews - June 1, 2006) - First Nickel Inc. (TSX:FNI) ("First Nickel") today announced that it has issued a total of 773,891 common shares in full and final settlement of an interest payment of $797,500 owing to various debentureholders on First Nickel's 11% Series A Debentures for the period ending May 31, 2006. The common shares were issued at a deemed price of $1.0305 in accordance with the terms of First Nickel's First Supplemental Trust Indenture with Computershare Trust Company of Canada dated May 31, 2005.

First Nickel Inc. will hold its annual general meeting of shareholders on Thursday, June 8, 2006 in Toronto. The session will take place in the TSX Broadcast Centre - Gallery, on the ground floor of The Exchange Tower at 130 King Street West, Toronto, Ontario. Proceedings are scheduled to begin at 10 a.m. Toronto time.

Following the formal portion of the meeting, Elizabeth Kirkwood, President and Chief Executive Officer, and members of her executive team will review the progress and financial performance of the Company in 2005 and 2006 to date. They will also provide an outlook for the Company's future growth.

For those unable to attend in person, an audiotape of the meeting with accompanying slides will be archived on the Company's website at

About First Nickel

First Nickel is an operational Canadian mining and exploration company. Its current activities are focused primarily on the Sudbury basin in northern Ontario, where its producing mine, the Lockerby Mine, its feasibility stage Premiere Ridge Project, and three additional exploration properties are located. First Nickel also holds two exploration properties in the Timmins region of northern Ontario. First Nickel's shares are traded on the TSX under the symbol FNI.

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