NNX Nickel North Exploration Corp

Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel
North") is pleased to announce a series of finance and corporate initiatives
intended to accelerate the acquisition and development of the Company's Hawk
Ridge Ni-Cu-PGE Project in northern Quebec.




Highlights

--  Goldrock to invest $2 million in Nickel North @ $0.25 per Unit 
--  $300,000 interim bridge loan facility provided by Goldrock subsidiary 
--  Anthem to convert $1 million Hawk Ridge property payment into Nickel
    North's common shares 
--  Nickel North to accelerate resource modelling and drill target
    definition for Hawk Ridge Project 



$2 Million Investment by Goldrock

The Company has arranged a $2 million private placement with Goldrock Resources
Co., Ltd. ("Goldrock"), the Company's largest shareholder. The placement is for
8 million Units at $0.25 per Unit (the "Unit"(s)). Each Unit consists of one
common share and one half warrant. Each whole warrant is exercisable into one
common share at $0.35 in the first year and $0.60 in the second year.


Interim Bridge Loan Facility

The Company also reports that it has received a $300,000 interim bridge loan
facility from Sino Minerals Corp., a subsidiary of Goldrock Resources Co Ltd.
The loan is unsecured, bears interest at 8% per annum, matures on June 30, 2013
and is payable on or before maturity without penalty. The bridge loan facility
will be used to accelerate resource and geological modelling for the Hawk Ridge
Ni-Cu-PGE Project in preparation for the upcoming drill season.


Anthem Resources Inc. to Convert Final $1 Million Property Option Payment into
Common Shares


The parties to the Hawk Ridge Property Option Agreement (the "Option Agreement")
between Nickel North (the "Optionee") and Anthem Resources Inc. ("Anthem",
formerly Virginia Energy Resources Inc.) and 662707 Alberta Ltd., a wholly-owned
subsidiary of Anthem (collectively the "Optionor") have agreed to an amendment
of certain terms and conditions. The Option Agreement was the basis for the
Qualifying Transaction as defined in the policies of the TSX Venture Exchange
(the "Exchange") and on August 9, 2012 Nickel North became a listed reporting
issuer and the Option Agreement was filed with the appropriate regulators in
conjunction with the listing of the Company's shares.


Original Option Agreement: Under the original Option Agreement the Company,
subject to a 3% NSR, could earn an undivided 100% interest, right and title in
and to certain mining claims in the Ungava Bay region, Quebec known as the Hawk
Ridge Ni-Cu-PGE Project comprising 429 mineral claims covering a total area of
18,700.4 hectares.


In order to earn its 100% interest under the original Option Agreement the
Company was required to, among other things, (i) pay to Anthem on or before
December 31, 2013 a final $1,000,000 in cash, less such amount equal to 20% of
the cost incurred by Anthem for the 2012 geophysical VTEM aerial survey
calculated at $92,081.30 - leaving an outstanding balance of $907,918.70; and
(ii) issue to Anthem on or before December 31, 2013 that number of common shares
(the "Remaining Consideration Shares") equal to $500,000 divided by the greater
of (A) the price per share equal to 10% discount to the 20 day moving average
trading price for the common shares for the 20 day period immediately preceding
the date of issuance and (B) $0.20.


Amended Option Agreement: Under the amended Option Agreement Nickel North agreed
to issue common shares to Anthem equal to $907,918.70 divided by the per share
price of the Company's next round of non-flow through equity financing ($0.25
per share) within 10 business days of the Company's receipt of approval from the
Exchange with respect to the amendment. In addition, Nickel North agreed to
issue the Remaining Consideration Shares within 10 business days of the receipt
of approval from the Exchange with respect to the amendment.


With the exception of the above amendment all other terms and conditions in the
Option Agreement remain in full force and effect. Once Nickel North issues
common shares described above to Anthem, Nickel North is expected to acquire
100% ownership of the Hawk Ridge Ni-Cu-PGE Project, subject to a 3% NSR, and
Anthem is expect to have no further claim or entitlements with the exception of
its remaining equity interest in Nickel North.


Immediately after giving effect to the above $2 million investment by Goldrock,
and the issuance of common shares to Anthem under the amended Option Agreement
the Company will have a total of 47,052,080 shares outstanding with Goldrock
holding 21,750,000 shares (46.2%) and Anthem holding 10,933,707 shares (23.2%).


The Goldrock investment, the interim bridge loan facility and the amended Option
Agreement are subject to regulatory and Exchange approvals, as well as the
statutory hold and/or escrow restrictions. The Company is expected to make a
news release when the shares are issued.


Nickel North CEO, Phillip Mudry, stated, "Our two largest shareholders have
re-affirmed their belief in the Company's management, advisory team and our Hawk
Ridge Ni-Cu-PGE Project. Thanks to the conviction of our two industry partners
we now have an unencumbered mandate to unlock the value and full potential at
Hawk Ridge."


About The Hawk Ridge Ni-Cu-PGE Project

The Hawk Ridge Ni-Cu-PGE Project is situated in an established mining district
within the Labrador Trough in northern Quebec (rated #1 mining jurisdiction in
Canada and recently rated #5 in the world by the Fraser Institute). The project
is ideally located on tidewater on the west coast of Ungava Bay. The mineral
claims cover 18,700 hectares of a highly anomalous 50 km belt of mafic to
ultramafic intrusive, volcanic and sedimentary rocks hosting widespread magmatic
copper-nickel sulphide mineralization. The project area lies within the prolific
Circum Superior Nickel Belt, which also hosts the world -class (producing)
Raglan and Thompson mining districts. The property has an extensive work history
dating back to 1961 (24,000 m drilling in 361 holes, approximately $20 million
in expenditures) by several operators including Esso, SOGEM, Phelps Dodge and
Falconbridge.


Other entities and projects active in the area include Goldcorp's Eleonore Mine
which is presently under construction, as well as Oceanic Iron Ore Corp.'s iron
deposit, currently under development - along with proposed road and port
facilities being considered under the Quebec government's $80 billion "Northern
Mineral Development Initiative" supporting mining infrastructure in the
province.


Additionally, the Quebec government refunds 51% of all exploration and
development expenditures in the northern portion of the Province.


On behalf of Nickel North Exploration Corp.

Phillip Mudry, P.Geol., CEO

About Nickel North Exploration Corp.

Nickel North Exploration Corp. is a Canadian based exploration company whose
shares trade on the TSX Venture Exchange under the symbol NNX. The board of
directors, advisory committee and management team feature highly experienced
mining professionals and technical experts with an extensive history of mineral
discovery and mine development; corporate finance and capital markets; as well
as corporate mergers, acquisitions and take-overs. Nickel North Exploration
Corp. is a conscientious corporate citizen, maintains good relations with First
Nations, and is committed to sustainable development. The Company's corporate
mission is to become a pre-eminent supplier of nickel, copper and Platinum Group
Elements for domestic and global export markets.


The technical information in this news release has been reviewed by Phillip
Mudry, P.Geol., Nickel North's President and CEO, and a qualified person as
defined by National Instrument 43-101. The Hawk Ridge NI 43-101 technical report
has been filed on SEDAR and is available on the company's website.


Disclaimer for Forward-Looking Statements

All statements, other than statements of historical facts, included herein are
forward-looking statements that are subject to risks and uncertainties.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate", "expect",
"likely" and "intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar expressions.
Forward-looking statements in this news release include statements that a series
of finance and corporate initiatives are expected to accelerate the acquisition
and development of the Company's Hawk Ridge Ni-Cu-PGE Project; the bridge loan
facilitate is expected to be used to accelerate resource and geological
modelling for the Hawk Ridge Ni-Cu-PGE Project in preparation for the upcoming
drill season; a statement about the Company's shareholding immediately after the
$2 million investment by Goldrock and the issuance of common shares to Anthem;
statements that once the Company issues common shares to Anthem under the
amended Option Agreement, the Company is expected to acquire 100% ownership of
the Hawk Ridge Ni-Cu-PGE Project, subject to a 3% NSR, and Anthem is expect to
have no further claim or entitlements with the exception of its remaining equity
interest in the Company; and the Company is expected to make a news release when
the shares are issued. Forward-looking statements are subject to business and
economic risks and uncertainties and other factors that could cause actual
results of operations to differ materially from those contained in the
forward-looking statements. Important factors that could cause actual results to
differ materially from the Company's expectations include fluctuations in
commodity prices and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and grade of mineral
deposits; the need for cooperation of government agencies and native groups in
the exploration and development of properties and the issuance of required
permits; the need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing; the
possibility of delay in exploration or development programs and uncertainty of
meeting anticipated program milestones; and uncertainty as to timely
availability of permits and other governmental approvals. Forward-looking
statements are based on estimates and opinions of management at the date the
statements are made. The Company does not undertake any obligation to update
forward-looking statements except as required by applicable securities laws.
Investors should not place undue reliance on forward-looking statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Nickel North Exploration Corp.
Corporate Communications
604-609-6182
604-689-0628 (FAX)
info@nickelnorthexploration.com
www.nickelnorthexploration.com

Nickel North Exploration (TSXV:NNX)
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