Nickel One Resources Announces Binding Letter Agreement with Finore Mining for the Acquisition of the LK PGE-Cu-Ni Project

Vancouver, British Columbia (FSCwire) – Nickel One Resources Inc. (“Nickel One” or the “Company”, TSXV:NNN) – Nickel One announces that the Company signed a binding Letter Agreement with Finore Mining (“Finore”) for the purchase of 100% interest in the Lantinen Koillismaa Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) project (“LK Project”) located in North-central Finland.  The Letter Agreement stipulates that Nickel One pays Finore 5 million common shares and 2,500,000 common share purchase warrants exercisable at $0.12 for 24 months from the date of closing of Nickel One. The 100% will be acquired through the purchase of Nortec Minerals Oy, the wholly-owned Finnish subsidiary of Finore.  Nickel One will abide by all the underlying agreements with respect to ownership of the LK Project.
In addition $50,000 has been paid upon signing of the Letter Agreement. Upon successful completion of Due Diligence by the Company, the amount will be applied to a future private placement into Finore of which the Company may participate up to $100,000.
Vance Loeber, President, CEO and Director comments: “The LK Project provides us with an excellent opportunity to build a substantial platinum, palladium, gold, copper, and nickel resource in a mining friendly jurisdiction with some of the best infrastructure in the world. Building on more than $10M in previous exploration expenditures that outlined two deposits, and our in-depth understanding of the geology and mineralization style, we are in a position to rapidly advance the project toward a very large tonnage and potentially economic precious metals deposit, with the added bonus of copper and nickel based on a current 43-101 compliant resopurce. In addition, the LK Project provides us with a foothold in Finland from which we will be taking a hard look at other opportunities to continue to build a strong portfolio of projects in Nickel One.”
Nickel One’s management is of the opinion that the purchase of the advanced LK Project provides its shareholders with exposure to a promising PGE-Cu-Ni deposit in an area of the world populated by several large scale producers and three smelters. The management of Nickel One is highly experienced in the exploration and development of ultramafic intrusion-hosted Nickel-Copper-PGE projects.