Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of First Nickel Inc. Vote FOR the Debt Refinancing and Share Consolidation

TORONTO, ONTARIO--(Marketwired - Mar 2, 2015) - First Nickel Inc. ("First Nickel", "FNI" or the "Company") (TSX:FNI) is pleased to announce that both Institutional Shareholder Services ("ISS") and Glass Lewis and Co. ("Glass Lewis") have recommended that shareholders of First Nickel vote FOR the Debt Refinancing and Share Consolidation at First Nickel's Special Meeting of Shareholders scheduled to be held on March 11, 2015 at 10:00 a.m. (Toronto time).

Both Glass Lewis and ISS are independent proxy advisory firms that provide proxy voting and corporate governance advice to institutional investors around the world.

The ISS endorsement noted that "a vote FOR is warranted as the need for financing is genuine since the Debt Refinancing would enable the company to avoid a default on its current debt obligations, and as a result of the proposed transaction company's shareholders might benefit from potential future upside developments."

Glass Lewis found that the motivation behind the proposed refinancing appears to be fairly straightforward. The refinancing should also improve First Nickel's liquidity and financial position, as US$10.0 million of First Nickel's immediate outstanding debt will be extinguished. In addition, Glass Lewis believes that reducing the number of shares outstanding by way of a reverse stock split should generally result in a proportional increase to the per share price of First Nickel's common stock. A higher share price may help increase investor interest, attract and retain employees and improve First Nickel's ability to raise additional capital through equity offerings.

First Nickel's President & CEO, Thomas M. Boehlert said, "This transaction is intended to reduce debt to a reasonable level and align the maturity of the remaining debt with the cash flow potential of the Lockerby mine. The refinancing combined with the recently implemented cost reductions at Lockerby and the ability to materially reduce the number of shares outstanding significantly improves the outlook for the Company."

Shareholders are urged to vote FOR the Debt Refinancing and Share Consolidation prior to the proxy cut-off at 4:00 p.m. (Toronto time) on March 9, 2015.

If you have any questions or need assistance in voting your form of proxy or voting instruction form, please contact Kingsdale Shareholder Services, at 1-888-683-6007 (toll-free in North America), or 416-867-2272 (collect calls accepted) outside North America or by email at:

contactus@kingsdaleshareholder.com.

About First Nickel

FNI is a Canadian mining and exploration company. FNI'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 it operates. FNI owns and operates the Lockerby Mine in the Sudbury Basin in northern Ontario, which reached full production during 2013 and is expected to produce approximately 13 million pounds of contained nickel and approximately 7 million pounds of contained copper in 2015, providing a foundation from which to grow the Corporation.

Forward-Looking Information

Certain statements contained in this news release may contain forward-looking information about the Corporation. Forward-looking information can often be identified by the use of forward-looking terminology such as "anticipate", "believe", "continue", "budget", "forecast", "estimate", "schedule", "expect", "goal", "intend", "target", "potential", "objective", "may", "plan" or "will" or the negative thereof or variations thereon or similar terminology. Forward-looking information may include, but is not limited to: the realization of value through the Lockerby restructuring plan announced on January 12, 2015; expectations that the Debt Refinancing will be completed; that the Debt Refinancing may improve the Corporation's financial position; anticipated effects of the Debt Refinancing including: the reduction of leverage, improved liquidity, preservation of the possibility for future returns for shareholders; potential impacts of not implementing the Debt Refinancing; the anticipated effects of the Share Consolidation (as defined below); continued operations at the Lockerby mine, including the Lockerby restructuring plan and its expected impact on the Lockerby mine; net cash flow generated by the Lockerby mine; and future operating performance of the Corporation and its projects.

By its nature, forward-looking information is based on certain factors and assumptions which involve known and unknown risks, uncertainties and other factors which may cause the actual results, realization of mineral resources, performance or achievements of the Corporation, financial position or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Accordingly, actual events may differ materially from those implied by any forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speak only as of the date the statements were made and readers are also advised to consider such forward-looking information while considering the risk factors set forth in: the management information circular to be dated on or about February 9, 2015, under the heading 'Risks and Uncertainties' in management's discussion and analysis for the year ended December 31, 2013 and under the heading 'Risk Factors' in the Corporation's annual information form for the year ended December 31, 2013. The Corporation disclaims any intention or obligation to publicly update or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.