NEWS RELEASE - November 10, 2008

DUMONT NICKEL INC. (DNI : TSX-Ven, DG7 : Frankfurt)

TECHNICAL REPORT PROPOSES IMMENSE MINERAL POTENTIAL TONNAGES IN POLYMETALLIC BLACK SHALE AT DUMONT'S SBH PROPERTY, ALBERTA

Dumont Nickel Inc. (DNI:TSX-Ven, DG7:FSE) is pleased to announce that a NI-43-101 compliant Technical Report (the "Report") for its 100% held Alberta SBH polymetallic black shale Property (the "Property") has been filed on www.SEDAR.com. The Report is also available from Dumont's website (http://www.dumontnickel.com/PDF/TechRpt_SBH-Pty-AB_Dumont-2008.pdf). Dumont concluded acquisition of the Property in July, 2008, and has not yet conducted exploration work on it. The Report is authored by S.Sabag PGeo, Dumont's President and the Qualified Person for its Alberta Property, and is based on results from extensive historic third-party exploration work over areas presently under the Property, all of which information is in public records.

Highlights from the Report include recognition of potential for the existence of sedimentary exhalative - SEDEX style - sulfides at several locations on the Property, and the proposed existence of two polymetallic black shale hosted Potential Mineral Deposits* (under Section 2.3(2) of NI-43-101), one of which comprises 1.2-1.3 billion short tons of mineralized material extending over 26 square kilometers, and the other comprises 109-132 million short tons of mineralized material extending over 4.5 square kilometers. The polymetallic mineralization of interest consists of Mo-Ni-U-V-Zn-Cu-Co-Ag, with approximately 75%-85% of the in-situ value represented by the combined value of Mo-Ni-U-V. Both Potential Mineral Deposits are partly exposed and are open, and both are the targets of Dumont's immediate exploration efforts on the Property. Additional details from the Report are summarized below.

Located approximately 120km to the north of Fort McMurray, in the Athabasca oil sands region, in northeast Alberta, the SBH Property represents 2,444 contiguous square kilometers all of which overlie near-surface flatlying black shales which are locally enriched in Molybdenum, Nickel, Uranium, Vanadium, Zinc, Copper, Cobalt, Silver and Gold. Of the two prospective shale formations, the Second White Speckled Shale Formation is nearer the surface and is the better enriched with metals. It is typically a 20m-40m thick "blanket" which is exposed, or is under thin cover, throughout the eastern parts of the Property and represents Dumont's  primary target.

The Report proposes that the SBH Property consists of six sub-properties centered over polymetallic enrichment domains reported by historic work. The six sub-properties range in size approximately 100-300 square kilometers each and their size is appropriate for hosting flatlying near-surface zones of polymetallic enrichment in black shales being sought by Dumont which are envisaged to extend over 5kmx5km, or larger, areas.

The six sub-properties are at different stages of development, ranging from two areas with reconnaissance level anomalies, through two drill-ready large target areas with considerable historic work, to two proposed Potential Mineral Deposits* which are partly drill tested, are open and are ready to advance through in-fill drilling toward resource classification. In addition to hosting confirmed, or suspected, polymetallic enrichment zones in black shale, three of the sub-properties also have potential for containing suspected source(s) to metals and volcanic debris accumulated in the shale, proposed to be nearby exhalative vents with yet untested potential for hosting sedimentary exhalative - SEDEX style - sulfides. Dumont regards the six sub-properties to be distinct geographic parcels, and intends to explore and develop them as six distinct Properties in their own right. They are individually described below:

The Buckton Property and Buckton Polymetallic Potential Mineral Deposit*

The Buckton Property hosts a near-surface polymetallic enrichment Zone in the Second White Speckled Shale Formation which is partly exposed in river valleys. The Buckton Zone has been confirmed by historic drilling with six widely spaced vertical core holes, arranged 700m to 2.6km apart along an 8km cross section, drilled to verify suspected metallic mineralization buried beneath composite surface geochemical mineral and stratigraphic anomalies over a 5kmx8km area. The drill section parallels intermittent exposures of the Zone along the adjacent valley walls of Gos Creek approximately 1km-2km to its southeast. There is good lateral consistency of metal grades among the holes over the 8 kilometer drilled section, and a vertical zoned pattern characterized by progressive Mo-Ni-U-(Zn)-(Ag) enrichment up-hole and better concentration of V-Cu-(Zn) in their midsection.

Relying on the historic drilling results, reinforced also by results from exposures of the Shale Formation in nearby valley walls, and further reinforced by surface geochemical data and the remarkable lateral continuity in geology and orderly grades exhibited by the historic drilling, the Report proposes that the Buckton Zone contains a Potential Mineral Deposit* of approximately 1.2-1.3 billion short tons of mineralized material hosted in the Speckled Shale Formation. The proposed Buckton Potential Mineral Deposit extends over approximately 26 square kilometers, with an estimated thickness varying on average 20.5m-21.9m. The polymetallic mineralization consists of Mo-Ni-U-V-Zn-Cu-Co-Ag enrichment, with approximately 75%-85% of the in-situ value of the mineralized material represented by the combined value of Mo-Ni-U-V contained in the shale. Although physical recovery of native gold from samples of the Zone has repeatedly been reported from historic work, and grades ranging nil to 3.4g/t have also been reported from extensive fire assay or conventional cyanidation testwork of multiple sample duplicates, the overall average gold grade over the Zone has not been definitively established due to suspected nugget effect and is provisionally assumed to be nil. 

Although based on drilling and nearby outcrop exposures, the proposed Buckton Potential Mineral Deposit is conceptual in nature as there has been insufficient drilling conducted over the Buckton Zone to define a mineral resource, and it is uncertain whether further drilling will define a mineral resource over the Zone. Dumont intends to advance exploration and development of the Buckton Potential Mineral Deposit.

The Buckton Potential Mineral Deposit conatins 15%-30% better grading material over its upper half, and progressively better grades northward in the upper parts of the drill holes accompanied by progressive northward thickening of the better grading sections. Subzones can, accordingly, be blocked out within the Buckton Potential Mineral Deposit as material which merit attention as stand-alone subsidiary mineralized volumes.

The Buckton Potential Mineral Deposit is open in three directions. It is open to the north over an additional 5km-10km under sufficiently thin overburden cover to have realistic potential for access by open pit. It is also open to the south for an additional 6km under composite surface anomalies, although the southerly projected extension may be an altogether separate mineralized Zone which has not yet been drill tested, and is designated herein as the Buckton South Property. A projected westerly extension would be under thicker overbureden cover and has, therefore, been assigned a low priority.

The Report concludes that the northerly trend of better drill grades in the upper portions of the Buckton Zone, the general trend of northward thickening of the better grading drill sections, together with northerly increasing thickness, frequency and distribution of bentonites observed in the Buckton historic drill holes, suggest a northerly nearby source to volcanic debris and metals incorporated into the Second White Speckled Shale at the Buckton Zone. The trends suggest the presence of exhalative venting to the north of the Zone with potential for hosting sedimentary exhalative - SEDEX style - sulfides. Several prospective targets are identified by the Report for future follow-up.

The Asphalt Property and Asphalt Polymetallic Potential Mineral Deposit*

The Asphalt Property hosts a near-surface polymetallic enrichment Zone in the Speckled Shale Formation which is intermittently partly exposed in nearby river valleys. The Asphalt Zone has been confirmed by two historic vertical holes cored 900m apart, which were drilled to verify suspected metallic mineralization buried beneath composite surface anomalies which, together with supporting stream sediment geochemical anomalies nearby and partial exposures of the shale, collectively represent a 3kmx10km area. The polymetallic mineralization consists of Mo-Ni-U-V-Zn-Cu-Co-Ag enrichment similar to that of the Buckton Zone.

The Asphalt holes exhibit consistency of averaged metal grades between the two holes and are also consistent with the average grade of the historic drilling from the Buckton Zone approximately 30km away. Metal grades exhibit vertical zoning trends generally similar to those observed at the Buckton Zone, namely, a progressive enrichment of Mo-Ni-U-(Ag) upstratigraphy, consistent with progressively more bentonitic sections seen in the drill core which carry more abundant sulfides. By contrast, V-Zn-Cu-Co, exhibit less ordered mixed trends.

Relying on the historic drill holes, together with reinforcing surface geochemical results and exposures of the Shale in nearby river valley walls, the Report proposes that the Asphalt Zone contains a Potential Mineral Deposit* of approximately 109-132 million short tons of mineralized material hosted in the Speckled Shale Formation. The proposed Asphalt Potential Mineral Deposit extends over approximately 4.5 square kilometers with a thickness ranging 7.2m to 11.6m. The polymetallic mineralization consists of Mo-Ni-U-V-Zn-Cu-Co-Ag enrichment, with approximately 75%-85% of the in-situ value of the mineralized material represented by the combined value of Mo-Ni-U-V contained in the shale. Although gold grades ranging nil to 1.2g/t have been reported from extensive fire assay or conventional cyanidation testwork of multiple sample duplicates from the Zone, the overall average gold grade over the Zone has not been definitively established due to suspected nugget effect and is provisionally assumed to be nil. 

The proposed Asphalt Potential Mineral Deposit is conceptual in nature, and is intended to demonstrate the potential of identifying mineralized material at the Asphalt Zone subject to additional future drilling. In addition, there has been insufficient drilling conducted over the Zone to define a mineral resource, and it is uncertain whether further drilling will define a mineral resource over the Zone. Dumont intends to advance exploration and development of the Asphalt Potential Mineral Deposit.

The Asphalt Potential Mineral Deposit is open northward and is projected to undelie surface anomalies identified by the historic work. It is open for an additional 6 kilometers to its northeast, and an additional 5-6 kilometers to its northwest. The Asphalt Zone is very near to the south boundary of the Property and potential for a southerly extension of the Zone is unknown. Dumont, accordingly, made application on November 6, 2008, for an additional metallic and industrial mineral permit over an approximate 100 square kilometers adjacent to the south boundary of the Property to secure any southerly extension of the Asphalt Zone. The acquisition was made on the strength of polymetallic enrichment documented from well waters in nearby oil-gas wells in the immediate area. The application has been accepted and the additional permit will shortly be issued.

A nearby source is suggested by the historic work for the volcanogenic debris and bentonites in the Asphalt drill holes, suggesting also that the general vicinity of the Asphalt Zone holds potential for hosting exhalative metalliferous venting possibly associated with SEDEX style sulfide mineralization. Several potential targets are proposed by the Report, including the vicinity of shale-hosted bedded sulfides (FeS), accompanied by Fe-phosphates and possible Barite, exposed along the valley walls of Asphalt Creek.

Buckton South Property

The Buckton South Property is adjacent to the south boundary of the Buckton Property, and comprises an approximate 100-300 square kilometer area partly over surface geochemical anomalies. The area has undergone considerable prior historic surface work which identified prospective targets to be tested by future drilling to probe for suspected polymetallic mineralized shale buried beneath the surface. The Buckton South Property may host southerly extension of the Buckton polymetallic Potential Mineral Deposit over a 6km distance, or may alternatively host an altogether separate similar polymetallic zone of similar dimensions. The Buckton South Property has never been drill tested, and offers drill-ready targets throughout an approximate 2kmx6km area.

Eaglenest Property

The Eaglenest Property is adjacent to the west boundary of the Buckton and Buckton South Properties, and comprises an approximate 100-300 square kilometer area. It has undergone considerable prior historic surface work which has identified many coincident composite surface geochemical, stratigraphic, and other interpreted anomalies which collectively are similar to surface anomalies over the Buckton and Asphalt Zones and likely represent similar shale hosted metal zones buried beneath the surface.  There are no outcrop exposures over the Eaglenest Property, and localization of future drill holes will necessarily rely entirely on soil geochemistry to localize blind, though demonstrably prospective, targets for the initial drilling phase. Portions of the Property also present reconnaissance level potential for presence of nearby exhalative vents based on the incidental discovery of relatively "fresh" dacite float reported in historic reconnaissance field work from its western parts.

McIvor West Property and North Lily Property

The McIvor West Property and the North Lily Property comprise two 50-100 square kilometer areas designated based on broad interpretations of general information. Both Properties overlie conspicuous circular remote imagery features with geophyscal expression, similar to similarly identified features which host polymetallic metal enrichment zones buried near the surface over the eastern two-thirds of the SBH Property. The McIvor West and the North Lily Properties have not previously been investigated in the field to determine if it hosts buried polymetallic mineralization, although surface Ni-Au-Zn anomalies have previously been decoumented from historic reconnaissance work over the McIvor West Property. Both Properties are in their early stages and present areas which might hold realistic potential for hosting polymetallic mineralized shales buried beneath the surface.

Other Conclusions

The Report concludes that the Second White Speckled Shale Formation at the Buckton and Asphalt Zones, and elsewhere over the six sub-properties, holds good potential for hosting immense quantities of base and precious metals, in addition to Uranium; and that the two Zones contain concentrations of metals which represent sufficient in-situ value on a combined basis to warrant a detailed assessment of their economic merits. The Report also notes that metals can be recovered from the clay rich Shale provided its clay fraction is disaggregated, and that gold content of the Zone may well have been previously under-estimated during routine analytical work. The Report recommends future work to advance development of the polymetallic shale targets and known mineralized volumes on the Property, concurrently with work to evaluate the potential for discovery of sedimentary exhalative - SEDEX style - sulfides and related venting on the Property as likely source(s) to the metals accumulated in the shale.

The Report notes that ultimate viability of the polymetallic shale targets, and the known mineralized volumes, on the SBH Property is dependant on whether metals can be effectively recovered from the shales; and recommends that work intended to identify additional volumes of shale hosted polymetallic mineralization over the Property, or intended to expand the two proposed Potential Mineral Deposits, be held in abeyance until the necessary metal recovery testwork has been completed to establish metals recovery parameters.

The Report furthermore notes that the Property's location in a mature mining district, within a well organized regulatory, jurisdictional and land use permitting framework tailored to the development of laterally extensive deposits, provide considerable logistical and infrastructural advantages; and that the local availability of sulfur as a waste product from surrounding oil sands operations, is an added benefit to any leaching methods which might ultimately be identified for the recovery of metals from the shale, and that a sulfur consuming activity would be a welcome sulfur waste mitigation activity in the region.

Dumont has been actively consolidating data from prior work on the Property in preparation for planned metals recovery testwork which will initially rely on available samples archived from historic work over the Property, including archived split large diameter drill core from the Asphalt and Buckton Zones historic drilling. A recent inventory by Dumont of the archived sample material confirmed that complete sections of split core previously archived from four of the eight drill holes from Asphalt and Buckton Zones historic drilling are intact and can provide material to commence testwork. Earlier plans to collect additional large samples for testing by field sampling prior to winter were curtailed by the recent difficult financial market conditions, and the sampling has been deferred to the summer 2009.

Polymetallic black shales are an emerging deposit type which has gained prominence over the past decade as a potential host to immense deposits as a long term source to metals. Recent advances in application of industrial scale bioleaching to extraction of metals from polymetallic black shales significantly enhances prominence of this deposit type worldwide, especially when considering the demonstrated favourable capital and operating cost requirements, favourable environmental profile and lesser energy dependence of bioleaching techniques when compared to traditional smelting and refining processes. The Alberta black shales share many similarities with other well known metal bearing black shales from elsewhere in the world.

*Section 2.3(2) of National Instrument 43-101 ("NI-43-101") provides for written disclosure of the potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of further exploration, provided the disclosure includes a statement that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource; and provided the disclosure also states the basis on which the disclosed potential quantity and grade has been determined. The Asphalt and Buckton Potential Mineral Deposits disclosed herein are consistent with the foregoing Section. The reader is referred to the Report for considerable related details.

The reader is referred to the Report for details of volumetric and tonnage estimates related to the Asphalt and Buckton Potential Mineral Deposits. In general terms: The Buckton Potential Mineral Deposit consists of nine blocks, six of which are centered over the six vertical historic drill holes. The remaining blocks either occupy an embayment between drill hole based blocks, or are blocks adjacent thereto extended to exposures of the Zone in nearby valley walls. The blocks are polygons centered on Speckled Shale drill intercepts extending outward from each drill hole midway to the next adjacent hole, or to the valley wall exposures as the case may be. The Asphalt Potential Mineral Deposit consists of five blocks, two of which are centered over the two vertical historic drill holes. The remaining blocks are blocks adjacent thereto extended to exposures of the Zone in nearby valley walls. The blocks are arcuate shaped volumes constrained by the 900m distance between the two holes, centered on Speckled Shale drill intercepts extending outward from each drill hole midway to the next, or to the valley exposures as the case may be. Thickness of the blocks is estimated to be a range varying between the average thickness of all of the holes drilled at each respective Zone and the true thickness cored. Blocks without drill holes are assigned the average thickness of all of the holes, or that of the next adjacent block. Metal grades are based on the overall drill hole weighted average grades restated as a range varying between the lowest and the highest average grade as averaged over the entire thickness of the Speckled Shale Formation intersected in the hole. Tonnages were calculated at a specific gravity of 2.1 per historic work as calculated from drill sample weight records.

The Qualified Person in connection with this press release is Mr.S.F.Sabag P.Geo, President and CEO of Dumont, who is also the author of this press release and the Report. Metal grades from historic work (see Report), per analytical work at Activation Laboratories, Ancaster, Ontario: Mo, Ni, V, Zn, Cu and Ag by ICP(total digestion); U and Co by INA.

The only prior exploration work on the Property for metals is extensive work carried out by third parties during 1993-1999, augmented by concurrent collaborative and corroborative work conducted by the Alberta Geological Survey (AGS) and the Geological Survey of Canada (GSC). The foregoing third party work was carried out by, or under the supervision or direction of, Mr.Sabag, author of the Report, who has critically reviewed all data therefrom during its then formalization into many mineral assessment reports prepared by him prior to their submission to the Alberta Department of Energy. Mr.Sabag has reviewed the information again during preparation of this Report and confirms that the information has been critically reviewed by him and by others, that some of it has been independently corroborated by independent work carried out by the AGS, and that he has no reason to believe that the information is false or intentionally misleading. No further data verification was carried out in connection with preparation of the Report.

Mr.Sabag has actively and extensively explored the Property and has visited all of it, as well as its surrounding areas and region, during the six years 1993-1999. He last visited the Property during the winter 2000-2001, while conducting exploration field work adjacent to the Property on a consulting basis. In addition, Mr.Sabag held permits over areas currently under the north parts of the Property during 2002-2004, though, other than data consolidation therefrom, no field work was carried out on the permits then held and the permits have since expired. To the extent that there has been no exploration work on the Property subsequent to exploration programs of 1993-1999, and Mr.Sabag has been directly involved in one capacity or another in all prior work thereupon, yet an additional Property field visit was not conducted by him in connection with preparation of the Report.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

DNI - TSX Venture; DG7 - Frankfurt; Issued: 106,898,010

For further information, contact:

Dumont Nickel Inc. - Shahe Sabag, President & CEO or Denis Clement, Chairman (416-595-1195)

email ir@dumontnickel.com. Also visit www.dumontnickel.com

We seek Safe Harbour. This announcement includes forward looking statements. While these statements represent Dumont's best current judgment, they are subject to risks and uncertainties that could cause actual results to vary, including risk factors listed in Dumont's Annual Information Form available from SEDAR and on Dumont's website.

Link to release on Canada Newswire:

http://www.canadanewswire.com/en/releases/archive/November2008/10/c6891.html