First Nickel Announces Changes to the Board of Directors With the Appointment of Joao Carrelo and Retirment of Thomas Pugsley

TORONTO, ONTARIO--(Marketwire - Feb. 4, 2013) - First Nickel Inc. ("FNI", or the "Company") (TSX:FNI) today announced changes to the Board of Directors with the appointment of João Carrêlo and the retirement of Thomas Pugsley effective February 1, 2013.

Mr. Carrêlo is a mining engineer and an MBA, having over 29 years international operational, project and management experience within the mining, metals, refining and fertilizer industries in Latin America, Europe, Africa and India. Mr. Carrêlo is currently President - CEO and Director of Eco Oro Minerals Corp. Prior to joining Eco Oro, he was Executive Vice-President & Chief Operating Officer of Lundin Mining Corporation and he is currently a Director on the board for SOMINCOR (Sociedade Mineira de Neves-Corvo S.A.) (Portugal).

"We are very pleased to welcome João to our Board of Directors," said FNI President and CEO Thomas Boehlert. "João brings a depth of technical and managerial experience in both underground and open pit mining environments located in politically and culturally sensitive jurisdictions which will be beneficial to FNI's growth and sustainability."

Mr. Pugsley is retiring after serving on the Board since 2004. Mr. Pugsley served as Chairman of the Board from 2005 to 2012 as well as a member of several committees of the FNI Board. Mr. Pugsley will continue to serve as an advisor to FNI's Board of Directors Technical Committee.

"On behalf of FNI and the Board of Directors, I want to thank Tom for his many contributions during the past 8 years. The Company is fortunate to be able to continue to benefit from Tom's wisdom and counsel as an advisor," said David Comba, Chair of FNI's Board of Directors.

About First Nickel

FNI is a Canadian mining and exploration company. The Company's mission is to be the most dynamic North American emerging base metal mining company in which to work and invest and to be respected in the communities in which we operate. FNI is in the process of ramping up production at its Lockerby nickel / copper mine in the Sudbury Basin in northern Ontario. In addition to the Lockerby Mine, the Company owns exploration properties in the Sudbury Basin, the Timmins region of northern Ontario, and the Belmont region of Eastern Ontario. FNI's shares are traded on the TSX under the symbol FNI.

Some of the statements contained in this news release are forward-looking statements regarding First Nickel's business, operations and financial performance and condition of First Nickel, as well as its future plans, intentions, objectives or goals. Forward-looking statements include, but are not limited to, future production at the Lockerby Mine, anticipated production rates at the Lockerby Mine, future production costs, capital expenditures, exploration and development expenditures, and general and administrative expenses. Generally, forward-looking statements can be identified by the use of words such as "expects", "will", "enable", "anticipates", "estimated" or words of similar effect. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements inherently involve unknown risks, uncertainties, assumptions and other factors well beyond the Company's ability to control or predict. Actual results and developments may differ materially from those contemplated by such forward-looking statements depending on, among others, such key factors as fluctuating metal prices, discrepancies between actual and estimated production, mineral reserves and metallurgical recoveries, mining operational and development risks, maintaining operating and exploration teams, and other factors described in the Company's most recently filed Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. The forward-looking statements contained in this press release are based on numerous assumptions regarding present and future business strategies and the environment in which First Nickel will operate in the future, including the prices of nickel and copper, anticipated costs, currency rates, and the ability to achieve goals. The forward-looking statements included in this document represent First Nickel's views as of the date of this document and subsequent events and developments may cause First Nickel's views to change. These forward-looking statements should not be relied upon as representing First Nickel's views as of any date subsequent to the date of this document. Although First Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements. First Nickel does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.