Pure Nickel Reports Settlement on Utah Property Litigation

Pure Nickel Inc. (TSX:NIC,OTC:PNCKF) reports it has reached an agreement with Skye Mineral Partners, LLC regarding a copper project in Utah.

The press release is quoted as saying,

Western Utah Copper Company (“WUCC”) and its parent Copper King Mining Corporation filed for bankruptcy in May 2010. Skye has already purchased the majority of the secured debt of the project, making Skye the largest secured creditor of WUCC thus putting it in a position of being the leading candidate to provide the fastest resolution to the bankruptcy case.  This letter of intent paves the way for Skye and its partners to ultimately acquire the project once the current bankruptcy situation is resolved.

Pure Nickel’s President and CEO, David McPherson says,

This arrangement will drive value for Pure Nickel shareholders virtually immediately.  We look forward to working with the Skye group as this program moves forward.

For the complete press release, click here.