CBA Champion Bear Resources Ltd

First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) is pleased to
announce that it has entered into an engagement letter to appoint Societe
Generale (Canada Branch) ("SocGen") and Commonwealth Bank of Australia ("CBA")
(together the "Lead Arrangers") to act as exclusive lead arrangers for a senior
secured project loan facility up to CAD$30 million (the "Facility"). Any
commitment by either Lead Arranger will be subject to, among other things,
internal credit approval, due diligence, receipt of any government and
regulatory approvals and definitive legal documentation, including the provision
of a separate commitment letter. 


An initial cash arrangement fee was paid to the Lead Arrangers upon signing of
the engagement letter and further arrangement fees are payable to the Lead
Arrangers in cash and warrants of First Nickel upon the acceptance of a
commitment letter and upon the execution of the credit agreement evidencing the
Facility. The engagement is also subject to a termination fee being paid to the
Lead Arrangers in certain circumstances.


The proceeds of the Facility will be used to partially fund the direct and
indirect development and start-up costs at the Company's Lockerby Depth Project.


Since late 2009, the Company has had extensive discussions with a number of
interested lenders and the combination of SocGen and CBA was selected for their
industry expertise, long history of supporting metals and mining companies and
global approach to the commodities sector. The execution of this engagement
letter follows a series of negotiations, mine visits, and technical due
diligence that has taken place over the past  months.


William Anderson, President and CEO of First Nickel, commented, "We are very
pleased to establish a relationship with two of the world's leading banks. Both
banks understand our business very well, and have long-established credentials
in mine finance. In view of the recent period of reduced credit availability, I
view this step as an endorsement of the quality of the Lockerby Depth Project,
and especially our operating team. It is a significant milestone for the Company
in structuring a cornerstone financing package for its capital plan. We are
working on another financing initiative which we hope to announce very soon, and
which together with the Facility leads me to believe that we remain on target to
begin construction of our Lockerby Depth Project in the fourth quarter of the
year."


About First Nickel 

First Nickel is a Canadian mining and exploration company. Its current
activities are primarily focused on the Sudbury Basin in northern Ontario, the
location of the Company's redevelopment stage property (the Lockerby Mine) and
two of its exploration properties. First Nickel also has exploration properties
in the Timmins region of northern Ontario and the Belmont region of Eastern
Ontario. First Nickel's shares are traded on the TSX under the symbol FNI. 


Some of the statements contained in this news release are forward-looking
statements, such as statements that describe First Nickel's future plans,
intentions, objectives or goals, and specifically include but are not limited to
the completion of the proposed Facility and additional financing initiatives,
and the launch of the full development program on Lockerby Depth Project in the
fourth quarter of the year. In certain cases, forward-looking statements can be
identified by the use of words such as "expects", "will", "enable",
"anticipates", "estimated" or words of similar effect. Since forward-looking
statements are not statements of historical fact and address future events,
conditions and expectations, forward-looking statements inherently involve
unknown risks, uncertainties, assumptions and other factors well beyond the
Company's ability to control or predict. Actual results and developments may
differ materially from those contemplated by such forward-looking statements
depending on, among others, such key factors as negotiating and entering into
definitive agreements for the Facility, completion of the Facility, fluctuating
metal prices, completion of additional financing initiatives, maintaining
operating and exploration teams, continued care and maintenance of the Lockerby
Mine, and other factors described in the Company's most recently filed 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 www.sedar.com. The forward-looking statements
included in this document represent First Nickel's views as of the date of this
document and subsequent events and developments may cause First Nickel's views
to change. These forward-looking statements should not be relied upon as
representing First Nickel's views as of any date subsequent to the date of this
document. Although First Nickel has attempted to identify important factors that
could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on any forward-looking
statements.

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