First Nickel Inc.

First Nickel Inc.

June 30, 2008 10:00 ET

First Nickel Announcement Re Premiere Ridge

TORONTO, ONTARIO--(Marketwire - June 30, 2008) - First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) today announced that First Nickel and Xstrata Nickel have agreed to further extend the Bowell Project Option Agreement (Premiere Ridge), for such period as may be necessary for completion of project milestones. Such project milestones will be negotiated between the parties and the right to exercise the option contingent on satisfaction of the project milestones. Such extension is to be no later than April 1, 2009 or as agreed by the parties.

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including the cash flows, metal prices, decrease costs, increase output, expected production, and expected exploration expenditures. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating metal prices, 2008 production forecast, lower unit costs and other factors described in the Company's most recent Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

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