Nitinat Minerals Corporation to Amend Warrant Exercise Price and Extend Warrant Expiry Date

TORONTO, ONTARIO--(Marketwire - May 2, 2011) -Nitinat Minerals Corporation (TSX VENTURE:NZZ) (the "Corporation") is pleased to announce that it has received approval from the TSX Venture Exchange to amend the exercise price and to extend the expiry date of the 3,101,427 outstanding Series B common share purchase warrants (the "Warrants") of the Corporation, which were issued in connection with the exercise of the Corporation's special warrants and its initial public offering. Each Warrant, as amended, entitles the holder thereof to purchase one common share of the Corporation at any time until the close of business on April 29, 2012 at an exercise price of $0.40 per common share. The Warrants were amended, effective April 29, 2011, to amend the exercise price of the warrants from $0.50 to $0.40 and to extend the term of such warrants until April 29, 2012. All other provisions of the Warrants will remain the same. Insiders of the Corporation hold less than 2% of the outstanding Warrants.

This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward looking statements and Nitinat assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.