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First Nickel Inc. ("FNI" or the "Company") provides its 2013 preliminary production results and outlook with respect to 2014 production and costs on Jan.16^th.

 

-- Achieved full production at the Lockerby Mine in Ontario's Sudbury Basin.

-- Shipped approximately 242,000 tonnes of ore to Glencore.

-- Produced approximately 12.8 million contained pounds of nickel, at the            mid-point of the 2013 guidance range of 12.1 - 13.5 million pounds.

-- Produced approximately 7.5 million contained pounds of copper, at the             mid-point of the 2013 guidance range of 7.2 - 7.9 million pounds.

-- The Company expects mine site operating costs(1) to be at the lower end            of the $55.3 - $60.8 million guidance range.

-- Underground development reached the 68-level at Lockerby in December            2013.

-- Unrestricted cash balance of $3.5 million as at December 31, 2013, and total liquidity of $8.5 million, including availability under the revolving credit facility.

 

Mr. Thomas M. Boehlert, President and CEO of FNI, commented, "2013 was an important year for FNI in which the Lockerby mine achieved full production and met its nickel and copper production targets. FNI responded to liquidity pressures from lower nickel prices by reducing the number of levels to be developed at Lockerby at this time, renegotiating the ore purchase and sale agreement with Glencore, restructuring and increasing debt facilities and closely managing expenditures."

 

-- Production of between 13.5 and 15.1 million pounds of contained nickel,            a 12% increase (mid-point) over 2013;

-- Production of between 7.2 and 8.0 million pounds of contained copper;

-- GMV(1)-net production of between 6.8 and 7.6 million pounds of nickel,            and between 3.6 and 4.0 million pounds of copper;

-- Mine site operating costs(1) between $58.1 and $61.0 million;

-- Cash production costs(2) between $5.22 and $5.74 per pound of GMV(1)-net

 

Assumptions: Cu per lb $3.25, CAD/USD 1:1

FNI has adapted its production and cost metrics to reflect the amended gross-metal-value (GMV(1)) ore-sales agreement signed with Glencore in the second half of 2013.

 

Capital expenditures

 

Capital expenditures in 2014 are projected to be approximately $7.2 million, including approximately $3.5 million relating to underground development.

 

General and Administrative ("G&A")

 

G&A expenses for 2014 are projected to be approximately $4.4 million, not including stock-based compensation. Financing costs and exploration expenditures are projected to be approximately $1.8 million and $0.4 million, respectively, in 2014.