TORONTO, ONTARIO--(Marketwire - June 26, 2008) - First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) and Pacific North West Capital Corp. ("PFN") (TSX:PFN) are pleased to report the results of the recently completed AeroTem III and AeroTem IV geophysical survey by Aeroquest Limited of Mississauga, Ontario ("Aeroquest") on the Raglan Hills Joint Venture Project. The Raglan Hills Project is situated northeast of Bancroft in the Province of Ontario and comprises 21 claim blocks totaling 2,752 hectors.

The Raglan Hill Project is located over the northeastern portion of the Raglan Hills Intrusive Complex. The Complex is a differentiated mafic intrusive composed primarily of meta-gabbro with lesser proportions of meta-pyroxenite. Three historical, nickel and copper sulphide occurrences and one nickel and copper prospect are identified in Ontario's Mineral Deposit Inventory (see Figure 1) and may represent the feeder system to the Raglan Hills Intrusive Complex. Minimal exploration has occurred since the late 1980's and the property has potential to host economic nickel-copper sulphide zones within these possible feeder systems.

The Aeroquest airborne geophysical survey was completed on the Raglan Hills property in the first quarter of 2008 and comprised of a total of 1,750 line kilometres of electromagnetic and magnetic data. The preliminary geophysical interpretation of the magnetic data indicates several large magnetic features and multiple smaller magnetic anomalies associated with the interpreted mafic and ultramafic intrusions within the property boundaries (see Figure 2).

The electromagnetic data has identified a number of electromagnetic anomalies of varying strength, most coincident with magnetic highs. Electromagnetic anomalies were identified over the known disseminated nickel and copper mineralization within the meta-pyroxenitic portions of the Raglan Hills Meta-gabbro Intrusive Complex. Several conductors identified by the Aeroquest survey appear to be covered by glacial overburden and no historic documentation has been observed indicating that these anomalies may not have been previously explored.

A surface mapping and sampling program is scheduled for the summer that is designed to ground truth the numerous electromagnetic anomalies identified by the Aeroquest survey. All work will be completed on staked mining claims currently held by either First Nickel or PFN that form the Raglan Hills Joint Venture Project.

Pacific North West Capital and First Nickel are participating in a 50% - 50% Joint Venture whereby both Companies agree to bear all expenditures and participate in a single purpose unincorporated Joint Venture for the purpose of carrying out all Mineral exploration. First Nickel will act as Operator for the project and will be responsible for carrying out all exploration activities.

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