first nickel inc (FNI) Snapshot

First Nickel Inc. at its annual meeting of shareholders held on June 12, 2013, approved appointment of C. David A. Comba as director of the company.

First Nickel Inc. (TSX:FNI) is seeking acquisition opportunities. First Nickel is actively looking for acquisition opportunities amid a lack of investment in the junior mining sector, Thomas Boehlert, President and Chief Executive Officer of First Nickel, said. “We want to use that opportunity to acquire additional assets to diversify away from a single-asset base and build a portfolio of assets that will be viable in the interim and very valuable when the commodity markets turn around," he said. Boehlert said the company is focusing its search on London Metal Exchange-traded base metal opportunities in the Americas, but he didn't specify a timeframe. "We look for opportunities based on our existing skill set where we can add something to create value," he said.

First Nickel Inc. announced audited consolidated earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of CAD 26,772,605. Operating income was CAD 1,459,349. Operating loss before taxes was CAD 895,415 against CAD 2,436,124 a year ago. Net loss and comprehensive loss was CAD 895,415 against CAD 2,498,408 a year ago. Cash flow from operations before working capital adjustments was CAD 3.2 million during the quarter. For the first quarter, the company produced 59,877 tonnes of ore produced against 43,792 tonnes of ore produced a year ago. Tonnes of ore shipped were 61,062 against 41,202 a year ago. Tonnes of ore milled were 49,054 against 25,933 a year ago. Cash production costs were CAD 14,678,594 or CAD 5.44 cash production cost per pound of nickel produced. Cash production costs were primarily comprised of labour, underground costs, surface ore handling costs, principle lease payments, trucking and treatment costs, and were offset by by-product revenue. The company expects production of between 9.0 million to 10.0 million pounds of payable nickel for the year 2013. The company expects production of between 6.1 million to 6.7 million pounds of Payable copper for the year 20123 Total cash production costs estimated to be CAD 61.0 million to CAD 67.0 million for the year 2013. Total cash production cost1 between CAD 6.10 and CAD 6.40 per pound of nickel produced. Capital expenditures for 2013 are anticipated to be approximately CAD 16.4 million, of which, CAD 11.2 million relates to development programs on the Lockerby Mine.