Mr. David Fitch reports

CLASS 1 NICKEL AND TECHNOLOGIES LTD. ANNOUNCES PRIVATE PLACEMENT AND SHARE FOR DEBT OFFERING

Class 1 Nickel and Technologies Ltd. has proposed to complete a non-brokered private placement pursuant to which it will issue up to 2,419,354 units of the company at a price of 12.4 cents per unit to raise aggregate gross proceeds of up to $300,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant, with each whole such common share purchase warrant entitling the holder thereof to acquire one additional share at an exercise price of 25 cents for a period of three years from the date of issuance thereof. Insiders may participate in the private placement in amounts yet to be determined. The company intends to use the proceeds of the private placement for general corporate purposes.

In addition, the company is also pleased to announce that it has entered into agreements with creditors of the company to issue an aggregate of 16,666,666 shares at a deemed price of 12 cents per share in satisfaction of outstanding indebtedness owing in the aggregate amount of $2-million. David Fitch will acquire, directly or indirectly, all of the shares issuable pursuant to the shares-for-debt transaction.

As Mr. Fitch is an insider of the company, the shares-for-debt transaction is a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related-party participation in the shares-for-debt transaction as the company is listed on the Canadian Securities Exchange, and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the shares-for-debt transaction, insofar as it involves the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

All of the securities issued pursuant to the private placement and the shares-for-debt transaction will be subject to a statutory hold period expiring four months and one day following the date of closing. Both the private placement and shares-for-debt transaction remain subject to the approval of the Canadian Securities Exchange.

About Class 1 Nickel and Technologies Ltd.

Class 1 is a mineral resources company primarily focused on the exploration and development of its 100-per-cent-owned komatiite-hosted nickel sulphide projects: the Alexo-Dundonald project near Timmins, Ont. (four nickel sulphide deposits), and the Somanike project, near Val d'Or, Que. (includes the historical Marbridge nickel-copper mine). Both projects comprise extensive property packages covering past-producing nickel mines, offering excellent exploration upside and near-term production opportunities.

We seek Safe Harbor.