First Nickel is a Canadian mining and exploration company, whose current principal asset is the Lockerby Nickel-Copper Mine near Sudbury, Ontario. When operating, the mine produces nickel-copper ore which is sold to Xstrata Nickel under a life of mine offtake agreement. In October 2008, in response to declining metal prices, operations were suspended and the mine was placed on care and maintenance. In February 2009, the Company received an independent feasibility study on the Depth Zone at Lockerby Mine (the “Depth Zone Feasibility Study”) prepared by GENIVAR Limited Partnership (“GENIVAR”), and a subsequent update in October 2009 which demonstrates that the existing well-defined high grade reserve can support a financial case for development that will extend mine life for more than five years. The Company has begun recommissioning activities at the Lockerby mine and anticipates launching its capital development program in early 2011, targeting initial production for later in the year.