Fall 2008 The MAN Alliance ITOCHU’S Investment in the Future

The MAN Alliance ITOCHU’S Investment in the Future For Discussion  PNI Today  MAN –Unlimited Blue Sky  The Alliance  Who is ITOCHU?  Impact on PNI  Next Steps

The MAN Alliance ITOCHU’S Investment in the Future PNI Today  NIC (TSX); PNCKF (OTCBB)  Shares Outstanding: 67.8M 87.9 fully diluted  Market Cap: $4.75M  52 week Hi / Lo: $ $0.025  Working Capital: $7.3M

The MAN Alliance ITOCHU’S Investment in the Future PNI Today Best geological setting for commercial discovery.

The MAN Alliance ITOCHU’S Investment in the Future Pure Nickel - Properties 12 North American Properties 2 Premier Areas 5 Joint Ventured Properties 5 Other Active Projects MAN Alaska Thompson Belt POV and Nuvilik -Minergy Limited Manibridge - Crowflight Minerals HPM Forgues - Manicouagan Minerals Tower Zone - Rockcliff Resources Inc.

Man – Unlimited Blue Sky  100% PNI Owned  Immense Project area  Infrastructure is excellent

The MAN Alliance ITOCHU’S Investment in the Future Aeromagnetics of Survey Area Rainy Creek Complex Alpha Complex Beta Complex Canwell Complex

The MAN Alliance ITOCHU’S Investment in the Future MAN Samples (Massive Sulphides) Alpha (XXX) 5.9% Ni 3.1% Cu 1.5 g/t PGE Miller Ck. 6.2% Ni 0.3% Cu 5.0 g/t PGE Glacier L. 5.3% Ni 1.3% Cu 3.0 g/t PGE Canwell 13.6% Ni 2.9% Cu 26.0 g/t PGE

The MAN Alliance ITOCHU’S Investment in the Future MAN Project Geological Model Beta Complex Alpha Complex

The MAN Alliance ITOCHU’S Investment in the Future The Alliance  $40,000,000 in development investment over 7 years.  Option to earn up to a 75% interest  Firm commitment to fund 2008 and 2009 exploration expenses to a total of $6.5 million  Option to earn a 60% interest by investing an additional $23.5 million over 4 years  Option to earn a 75% interest by investing $10 million in the 7 th year.  10% Management Fee

The MAN Alliance ITOCHU’S Investment in the Future Who is ITOCHU?  Large Japanese Conglomerate  7 Major Operating Divisions  2008 Financial Highlights: Total Revenue:$131.6 billion US Net Income:$ 2.32 billion US Total Assets$ 55.7 billion US Shareholder’s Equity$ 10.4 billion US ROE23.3%

The MAN Alliance ITOCHU’S Investment in the Future Impact on PNI  $2.1 million in 2008 exploration costs recovered  $4.4 million exploration budget for MAN in 2009, including management fees of $400,000  $1 million dollar positive impact on expenses  Long term partner prepared to look at other PNI projects  No requirement to raise capital in 2009  Builds credibility for our projects, technical team and management

The MAN Alliance ITOCHU’S Investment in the Future Next Steps Winter 2009 Extensive modeling and mapping using new and existing geochemistry and geophysical surveys Extensive analysis, utilizing “state of the art” software, of historic drill programs, integration with all other data Initiate New and deeper ground geophysical surveys

The MAN Alliance ITOCHU’S Investment in the Future Next Steps Spring 2009  LIDAR & High Resolution Aerial Photography over Alpha, Beta, Rainy, Canwell complexes

The MAN Alliance ITOCHU’S Investment in the Future Next Steps Summer 2009 Detailed mapping and prospecting Construction of a rock preparation and analysis facility 7000 meter 2 drill program Additional airborne VTEM surveys

Questions?