CANICKEL MINING LTD. Nickel Mining

Dr. Dianmin Chen, CEO of the Company, commented that, "The Committed Equity Facility provides CaNickel dedicated capital which offers security to our customers, employees, and shareholders. The as-needed structure is very positive as the Company is making great improvements in ramping up its production at Bucko Lake Mine and is planning for a more aggressive exploration program in its highly promising exploration areasthat the Company would like to see reflected in the share prices before any significant dilution occurs. It also provides the Company with options for expansion and acquisition opportunities."

CaNickel and Haverstock will jointly apply for exemptive relief from certain Canadian securities regulators, from certain dealer registration, prospectus form and prospectus delivery requirements which are applicable to the prospectuses it must file in connection with the CEF (the "Requested Relief"). If the securities regulators do not accept the form of Requested Relief, the CEF may need to be amended. If the securities regulators deny the Requested Relief, the CEF will be terminated.

The distribution of any Common Shares under the CEF must be qualified by a prospectus. Prior to the exercise of any draw down under the CEF, CaNickel will file a final base short form prospectus and a prospectus supplement describing the CEF and the Requested Relief. In the case of each draw down, a separate pricing supplement will be filed describing the terms of the particular draw down. The facility cannot be drawn down until CaNickel and Haverstock have received such exemptive relief and CaNickel has filed and had a receipt issued for its final shelf prospectus and has filed the related prospectus supplement in connection with the facility and the pricing supplement for each drawdown. Any issuances of Common Shares under the CEF will also be subject to the prior approval of the Toronto Stock Exchange.

Haverstock may resell any Common Shares at its discretion, through registered dealers trading through the Toronto Stock Exchange. CaNickel is under no obligation to draw from the CEF and remains at all times free to enter into other financing transactions with the exception of similar transactions.

In consideration for entering into the CEF, CaNickel has agreed to pay Haverstock an implementation fee of $200,000 and issue two promissory notes to Haverstock in the amount of $100,000 each.