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Fall 2008

The MAN Alliance ITOCHU’S Investment in the Future. Fall 2008. For Discussion PNI Today MAN –Unlimited Blue Sky The Alliance Who is ITOCHU? Impact on PNI Next Steps. The MAN Alliance ITOCHU’S Investment in the Future. PNI Today NIC (TSX); PNCKF (OTCBB)

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Fall 2008

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  1. The MAN Alliance ITOCHU’S Investment in the Future Fall 2008

  2. For Discussion • PNI Today • MAN –Unlimited Blue Sky • The Alliance • Who is ITOCHU? • Impact on PNI • Next Steps The MAN Alliance ITOCHU’S Investment in the Future

  3. PNI Today • NIC (TSX); PNCKF (OTCBB) • Shares Outstanding: 67.8M 87.9 fully diluted • Market Cap: $4.75M • 52 week Hi / Lo: $1.15 - $0.025 • Working Capital: $7.3M The MAN Alliance ITOCHU’S Investment in the Future

  4. PNI Today The MAN Alliance ITOCHU’S Investment in the Future Best geological setting for commercial discovery.

  5. Pure Nickel - Properties MAN Alaska 12 North American Properties 2 Premier Areas 5 Joint Ventured Properties POV and Nuvilik -Minergy Limited Manibridge - Crowflight Minerals HPM Forgues - Manicouagan Minerals Tower Zone - Rockcliff Resources Inc. The MAN Alliance ITOCHU’S Investment in the Future Thompson Belt 5 Other Active Projects

  6. Man – Unlimited Blue Sky • 100% PNI Owned • Immense Project area • Infrastructure is excellent

  7. Aeromagnetics of Survey Area Rainy Creek Complex Canwell Complex Alpha Complex The MAN Alliance ITOCHU’S Investment in the Future Beta Complex

  8. MAN Samples (Massive Sulphides) Alpha (XXX) 5.9% Ni 3.1% Cu 1.5 g/t PGE Glacier L. 5.3% Ni 1.3% Cu 3.0 g/t PGE The MAN Alliance ITOCHU’S Investment in the Future Miller Ck. 6.2% Ni 0.3% Cu 5.0 g/t PGE Canwell 13.6% Ni 2.9% Cu 26.0 g/t PGE

  9. MAN Project Geological Model Beta Complex Alpha Complex The MAN Alliance ITOCHU’S Investment in the Future

  10. The Alliance • $40,000,000 in development investment over 7 years. • Option to earn up to a 75% interest • Firm commitment to fund 2008 and 2009 exploration expenses to a total of $6.5 million • Option to earn a 60% interest by investing an additional $23.5 million over 4 years • Option to earn a 75% interest by investing $10 million in the 7th year. • 10% Management Fee The MAN Alliance ITOCHU’S Investment in the Future

  11. Who is ITOCHU? • Large Japanese Conglomerate • 7 Major Operating Divisions • 2008 Financial Highlights: Total Revenue: $131.6 billion US Net Income: $ 2.32 billion US Total Assets $ 55.7 billion US Shareholder’s Equity $ 10.4 billion US ROE 23.3% The MAN Alliance ITOCHU’S Investment in the Future

  12. Impact on PNI • $2.1 million in 2008 exploration costs recovered • $4.4 million exploration budget for MAN in 2009, including management fees of $400,000 • $1 million dollar positive impact on expenses • Long term partner prepared to look at other PNI projects • No requirement to raise capital in 2009 • Builds credibility for our projects, technical team and management The MAN Alliance ITOCHU’S Investment in the Future

  13. Next Steps Winter 2009 • Extensive modeling and mapping using new and existing geochemistry and geophysical surveys • Extensive analysis, utilizing “state of the art” software, of historic drill programs, integration with all other data • Initiate New and deeper ground geophysical surveys The MAN Alliance ITOCHU’S Investment in the Future

  14. Next Steps Spring 2009 • LIDAR & High Resolution Aerial Photography over Alpha, Beta, Rainy, Canwell complexes The MAN Alliance ITOCHU’S Investment in the Future

  15. Next Steps Summer 2009 • Detailed mapping and prospecting • Construction of a rock preparation and analysis facility • 7000 meter 2 drill program • Additional airborne VTEM surveys The MAN Alliance ITOCHU’S Investment in the Future

  16. Questions?

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