Robin Lowe

February 15, 2011 15:31 ET

Partial Revocation of Cease Trade Order

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) - On November 2, 2010, the Ontario Securities Commission (the "Commission") granted a partial revocation (the "Partial Revocation") of the cease trade order issued by the Commission against Great Lakes Nickel Limited ("GLN") (the "CTO").

The CTO had been imposed by the Commission for failure by GLN to file its audited annual financial statements and accompanying management discussion and analysis for the years ended December 31, 2002 to 2009, interim financials statements and accompanying management discussion and analysis for the interim periods ended September 30, 2002 and the interim periods ended March 31, June 30 and September 30 for the years 2003 to 2009 as well as the interim periods ended March 31 and June 30, 2010 and the certifications required with respect thereto.

In connection with the Partial Revocation, Robin Lowe was permitted to enter into discussions with Jacobus Hanemaayer, Community Expansion Inc. ("CEI") and 153078 Canada Inc. ("153 Co.") to acquire all of the issued and outstanding shares of 153 Co. from CEI and 78,532 common shares of GLN directly from CEI. 153 Co. holds 2,574,001 common shares of GLN. On February 15, 2011, a share purchase agreement was entered into among Mr. Lowe, Jacobus Hanemaayer, CEI and 153 Co., which is expected to close on or about February 18, 2011. Following closing, Mr. Lowe will be required to carry out additional obligations as specified in the Partial Revocation.

CAUTIONARY STATEMENT

This News Release includes certain "forward looking statements". All statements other than statements of historical fact included in this release, without limitation, statements regarding future plans and objectives of GLN, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these expectations are: exploration risks; commodity prices; regulatory approvals; receipt of mining permits and leases; and assumed start-up and operating costs detailed herein and from time to time in any filings made by GLN with securities regulators.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information