First Nickel Inc.

Published : July 23rd, 2007

Intersects 53.30 Metres of 1.82% Ni and 1.39% Cu at Lockerby Depth

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======================================================================
News Releases - Monday, July 23, 2007
First Nickel Intersects 53.30 Metres of 1.82% Ni and 1.39% Cu at
Lockerby Depth
======================================================================

FOR IMMEDIATE RELEASE No. 2007-15

FIRST NICKEL INTERSECTS 53.30 METRES OF 1.82% NI AND 1.39% CU AT
LOCKERBY DEPTH


July 23, 2007 -- Toronto, Ontario -- First Nickel Inc. (FNI-TSX)
reports analytical results from an additional twelve holes from the
Lockerby Depth definition drill program. The definition drill program
has been designed to upgrade the Inferred Resource between the 67 and
72 Levels to an Indicated Resource category and define the lateral
boundaries of the Lockerby Depth Zone.
Assay results for these 12 holes are summarized in the following table
and the spatial distribution of drill intercepts are illustrated in
Figure 1. All assay intervals reported are core length and do not
represent true widths (defined as being measured at right angles to the
direction of extension of the sulphide body).
The drill program continues to define a thickening of the Depth Zone
between the 67 and 71 levels as demonstrated by intersections of 53.50
metres grading 1.82% Ni and 1.39% Cu in FNI6385 and 35.70 metres of
2.91% Ni and 1.84% Cu in FNI6386. Drilling outside of the current
deposit model has identified significant drill intersections of nickel
sulphide. FNI6392, as the best example, intersected 111.20 metres
grading 1.37% Ni and 0.88% Cu down-plunge to the west of the deposit
model boundary.
These drill results will be incorporated into an updated NI 43-101
compliant resource estimate to be completed later in 2007. Drilling of
the Lockerby Depth Zone is ongoing to delineate the deposit above the
72 Level and will transition into an exploration program, assessing the
potential of the down-plunge extension of the deposit to approximately
the 80 Level.
A second underground diamond drill rig has arrived on site to increase
the rate of drill production and will focus on targets adjacent to the
previously mined areas of the Lockerby Depth and Main zones. Surface
diamond drilling will begin in August to test targets to the west of
the Lockerby Main Zone, east of the #2 shaft and the up-plunge
potential of the Lockerby East Zone.
"The Lockerby Depth Zone continues to exceed our expectations and we
are confident that these results, along with the ongoing drill program,
will lead to an increase in overall resources associated with the
Lockerby Depth Zone and provide the level of confidence required for
the capital investment to deepen one of the existing shafts at the
Lockerby Mine" states William Anderson, President and CEO of First
Nickel Inc.
The diamond drilling program was carried out under the supervision of
First Nickel's Chief Mine Geologist, Stephen Conquer, P.Geo., a
"qualified person" as defined by National Instrument 43-101. The
information in this release was prepared under the direction of Paul
Davis, P.Geo., Vice President of Exploration for First Nickel Inc., a
"qualified person" as defined by National Instrument 43-101. First
Nickel Inc. follows a rigorous QA/QC protocol on all of its exploration
projects. Whole drill core is sampled and sent to a commercial
laboratory. Holes FNI6385 to FNI6391 were shipped to SGS Laboratories
in Garson for preparation and specific gravity measurements and then
shipped internally by SGS to Toronto for assay. Holes FNI6392 to
FNI6396 were sent to Accurassay Laboratories in Lively for initial
preparation; crusher fines are shipped to Thunder Bay. Final sample
preparation (pulverization), assay analyses and specific gravity
measurements are performed in the Accurassay Thunder Bay laboratory.
Samples for sulphur analysis are shipped to International Plasma
Laboratories Limited by Accurassay. A rigorous quality
assurance/quality control program is employed that includes the
insertion of certified standards and blanks for each batch of samples.


Lockerby Depth Zone: Summary of Assay Results
Hole ID From
(m) To
(m) Core Length (m) Ni
(%) Cu
(%) Co
(%)
FNI6385 191.90 245.20 53.30 1.82 1.39 0.07
incl. 224.35 245.20 20.85 3.00 2.14 0.10
FNI6386 234.90 240.90 6.00 1.31 0.63 0.05
and 262.10 297.80 35.70 2.91 1.84 0.10
incl. 262.10 289.45 27.35 3.56 1.71 0.12
FNI6388 264.00 275.40 11.40 1.08 0.82 0.03
FNI6389 156.10 178.60 22.50 2.13 1.18 0.08
incl. 167.10 178.60 11.50 2.79 1.65 0.11
FNI6390 121.40 127.50 6.10 1.22 0.75 0.05
FNI6391 126.00 131.60 5.60 1.81 0.71 0.08
FNI6392 323.10 434.30 111.20 1.37 0.88 0.05
incl. 341.70 352.30 10.60 2.34 0.45 0.09
incl. 364.70 384.15 19.45 2.01 1.37 0.08
incl. 414.35 434.30 19.95 2.61 0.97 0.10
FNI6393 127.80 132.90 5.10 1.93 1.16 0.08
FNI6394 118.95 126.00 7.05 1.02 0.57 0.04
FNI6395 125.30 131.40 6.10 1.17 0.47 0.04
FNI6396 129.70 137.70 8.00 1.00 0.43 0.04

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 producing property (the Lockerby
Mine) and four of its exploration properties. First Nickel also has
two exploration properties in the Timmins region of northern Ontario.
First Nickel's shares are traded on the TSX under the symbol FNI.

This news release may contain forward-looking statements, which are
subject to certain risks, uncertainties and assumptions. A number of
factors could cause actual results to differ materially from the
results discussed in such statements, and there is no assurance that
actual results will be consistent with them. Such forward-looking
statements are made as at the date of this news release, and the
company assumes no obligation to update or revise them, either publicly
or otherwise, to reflect new events, information or circumstances.


For further information contact:
First Nickel Inc.
William Anderson, President & CEO
Toll Free: (888) 362-7050
Telephone: (416) 362-7050
Fax: (416) 362-9050
Email: wanderson@firstnickel.com

======================================================================
Copyright (c) 2007 FIRST NICKEL INC. (FNI) All rights reserved. For
more information visit our website at http://www.firstnickel.com/ or
send mailto:info@firstnickel.com
Message sent on Mon Jul 23, 2007 at 9:04:33 AM Pacific Time
======================================================================
.

First Nickel Inc.

DEVELOPMENT STAGE
CODE : FNI.TO
ISIN : CA33582W1068
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First Nickel is a nickel exploration company based in Canada.

First Nickel develops nickel, cobalt, copper, gold, palladium, platinum and silver in Canada, and holds various exploration projects in Canada.

Its main assets in development are LOCKERBY MINE and PREMIERE RIDGE in Canada and its main exploration properties are RAGLAN HILLS, LANDORE/ WEST GRAHAM, MORGAN-LUMSDEN, BELMONT PROJECT, WEST GRAHAM, FOY MOUTH, KAMISKOTIA and DUNDONALD in Canada.

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