The close: Bring on the second quarter+Tim Pullback House Buy +Sells

The close: Bring on the second quarterRTGAM

If you place importance in the quarter-by-quarter blows of the stock market - and who doesn't? - the stats are now in. The first quarter of 2008 was volatile and it was a money loser, leaving investors caught between choruses of "stocks are cheap" and "there is worse to come.

"The S+P/TSX composite index fell 3.5 per cent, the Dow Jones industrial average fell 7.6 per cent, the S[amp]amp;P 500 fell 9.9 per cent, most of the major European indexes fell by double digits, and Japan's Nikkei 225 fell 18.2 per cent.But for investors, there was something about these statistics that smacked of old news.

On Monday, the last day of the quarter, the mood shifted to better times in the second quarter - or April, at the very least.The Dow closed at 12,262.73, up 46.33 points or 0.4 per cent. That, of course, includes Merck [amp]amp; Co. Inc.'s 14.7 per cent meltdown that accounted for 53 points. Ignore that, which isn't entirely unreasonable given that the pharmaceutical giant's problems failed to infect the rest of the market, and the Dow ended the quarter with close to a three-digit gain. Citigroup Inc. rose 2.8 per cent and Intel Corp. rose 1.9 per centIn Canada, the S[amp]amp;P/TSX composite index closed at 13,339.2, up 105.41 points or 0.8 per cent.

The Big Banks enjoyed a nice ride, with Royal Bank of Canada gaining 4.3 per cent and Toronto-Dominion Bank gaining 3.7 per cent.The big losers were the gold producers, which did not fare well as the price of gold fell to $921.50 (U.S.) an ounce, down $15. Barrick Gold Corp. fell 1.7 per cent and Goldcorp Inc. fell 1.5 per cent. Is that bad news? If gold soars with heightened fears about inflation and monetary collapse, then its retreat can be seen as a harbinger of better days ahead - well, until the second quarter begins on Tuesday.[amp]nbsp;[amp]nbsp;Copyright 2001 The Globe and Mail

PDP Houses+More

Gross on credit markets: No more autonomy

Monday, March 31, 2008
Bill Gross, managing director at Pacific Investment Management Co., or PIMCO, is never one to hide his real thoughts on the markets and the U.S. economy – and he came out slugging in his most recent monthly commentary to clients. This time, he argues that greater scrutiny of the credit markets is a foregone conclusion.
“In my opinion, the private credit markets have forfeited their privileged right to operate relatively autonomously because of incompetence, excessive greed, and in minor instances, fraudulent activities,” he said. “As a result, the deflating private market's balance sheet is being re-nationalized in some cases with increased regulation, in others with outright guarantees and agency lending.”
The housing downturn, of course, is the main reason why the credit market is shaking in its boots these days. And the solution, Mr. Gross said, must come from the quick response of authorities, even though a helping hand from government runs counter to deeply held Republican beliefs.
That's because a 20 per cent decline in U.S. home prices could spell catastrophe, since most homeowners have substantial debt loads that make a downturn far more of a shock to the U.S. economy than the pop of the dot-com bubble at the start of the decade.
“Ultimately government programs which support private credit market assets may be required in order to prevent an asset deflation of significant proportions,” Mr. Gross said. “A 20 per cent negative adjustment not only wipes out all ownership equity for millions of Americans, it turns their homes ‘upside down' – incentivizing them to let their gardens grow weeds instead of lettuce. The decline needs to be stopped quickly in order to avert additional crises.”
[amp]nbsp;
© Copyright The Globe and Mail

Turn Every Dollar You Invest Into $1.20…Instantly

Turn Every Dollar You Invest Into $1.20…Instantly Date: 03/08/2008
International Living presents: You can create a safe retirement investment plan, secure a gorgeous vacation property, create a new income stream, or just increase your wealth…using what the guest author of today’s Saturday Edition describes as “the closest you’ll get to a sure thing.” Pathfinder’s Ronan McMahon explains more below.
Saturday, March 8, 2008

Read more about foreign real estate in International Living Postcards—Saturday Edition
In today’s investment markets, a sure thing is hard to come by. In 10 years of investing in and scouting non-U.S. real estate markets, I’ve discovered something that comes close just once. And the phone call I had with a contact in Paris last night convinced me that this strategy remains the closest you’ll get to a sure thing in the international real estate investing game.
Whenever a developer talks about guaranteed rental returns, I hear alarm bells.

From Dubai to the Dominican Republic, real estate developers “guarantee” rental returns pushing double digits for periods up to four years. In the industry, it’s no secret how this works: You effectively pay upfront for the rent you will receive during the period of the rental guarantee. If you buy a unit expecting…or relying…on the same level of rental returns to continue at the end of the guarantee period, you will be sorely disappointed. The rental market for your unit will be limited.

But there is one exception: the French Leaseback Program. When I first heard about this program and its guaranteed rental returns, I thought it was too good to be true. But when I researched the program, I saw that it made sense on paper…and conversations with purchasers confirmed that the program works in practice.

Here’s how it works. When you buy (an apartment, house, or ski lodge) through this program, you get a full refund from the French government of the 19.6% V.A.T. levied on new build in France. That’s like getting $1.20 worth of real estate for every dollar you invest…straightaway. Why does the French government do this? It needs tourist beds to allow France’s tourism industry grow—you get a check for 19.6% of the purchase price…the French government gets a tourist rental. Everybody wins.

But, French bureaucracy being what it is, look for developers who will give you the 19.6% discount upfront, and let them chase the government for the check. It’s just easier.

Now comes the guaranteed rental return. When you hand your unit over to a management company—typically for nine years—you agree on a rental yield (usually 4% to 5%, although it can be higher or lower), which is guaranteed for the nine-year term. The management company takes care of everything, and you get a check each year, the amount of which is guaranteed. Plus, this rental return is indexed in such a way that it may increase, but it will never decrease.

It’s not unusual for European governments to use tax incentives as a tool to increase the supply of tourist beds. In most cases, you can only capitalize on these incentives if you have a big tax liability or other rental income in the country in question.

The French Leaseback Program differs in that the tax incentives benefit you equally irrespective of any other tax liability you have in France.

There are hundreds of leaseback projects available across France. I don’t have to research every one—I know what to look for in a leaseback, and on a call last night with a trusted contact in the business, I learned about a project to be released in the coming days that ticked all my boxes. Competitively priced units (from $108,000) in the greater Montpellier region, a growing urban area that has potential for capital appreciation…net rental yield of 4.6% guaranteed by an experienced management company….and a developer-advanced refund (so you don’t have to claim your 19.6% from the French government).

A note of caution: France is a beautiful country. From Paris to the Côte d’Azur to the Alps, this is a very appealing place to spend time (just ask the 80 million tourists who visited last year).

If you’re looking for a vacation home, the French Leaseback Program is not the best way to buy it.

If you’re looking for a pure investment, put aside all romantic notions about France. The French don’t use the term “gringo pricing,” but they can embrace the concept. An apartment in Saint Tropez may seem like a great idea when you’re basking in the sun on the French Riviera…but ignore that “blow to the heart” (as the French say) and go by the numbers. That way, you’ll avoid overpriced leaseback units.

As a general rule, I like leaseback opportunities with high rental yields in urban or ski locations. Urban and ski areas offer the best prospect for year-round rental at the end of the guarantee period. France’s top ski resorts continue to grow the volume of non-ski-season visitors with the growth in hiking and other outdoor pursuits. My contact also told me about a ski project that got my attention…which I’ll tell you about in a few days, after I verify a few details.
If the leaseback opportunity in Montpellier sounds interesting to you, contact paris@imoinvest.com.


Ronan McMahonFor International Living
P.S. In recent years, the French Leaseback Program has expanded to include not just tourist units, but also student accommodation and nursing homes. I’ve no room to get into it here…but these can also make sense as an investment in certain situations.
Editor’s note: Ronan McMahon is executive director of the Pathfinder real estate scouting group, currently active in eight international real estate markets.

Pescod Talks Juniors

Gas field could be most vital discoveryRelated Information By Jack Money Business Writer Chesapeake Energy Corp. hinted Tuesday that its unconventional natural gas field in Louisiana unveiled this week has a chance to be its most significant find and likely "the most important operational announcement in the company's 19-year history.” Aubrey McClendon, chairman and chief executive of Chesapeake, talked about the find during a morning conference call with investment analysts.

McClendon called the Louisiana find in the Haynesville Shale "major” and said his company estimates it holds at least 7.5 trillion cubic feet equivalent of natural gas and perhaps as much as 20 trillion cubic feet equivalent. To give some perspective to that number, consider this:

The company's reported proved reserves in the Barnett Shale at the end of 2007 were just more than 2 trillion cubic feet equivalent. "We have tried hard during the past two years to keep our work on this new play secret, and we were successful until the last month or so, when other companies started to release information,” McClendon said.

The company also announced gas finds in southwest Oklahoma and the Texas Panhandle, and five oil projects in four states. Specifics about the locations of most of the fields were not disclosed, though some reports suggested the Haynesville field may be near Shreveport, La. McClendon said the company already has 200,000 net acres in the Haynesville field and wants to get 500,000 total. "Since we have a two-year head start on the Haynesville Shale land grab, we believe we will be formidable competition for anyone wanting to take us on in this play,” McClendon said.

He said the company already has drilled three horizontal wells in the field that have been successful. In fact, they are "much better than the first three horizontal wells drilled in any other new shale play to date,” he said. The company has four rigs drilling there right now, and it plans to increase that number to 10 by the end of 2008. "My belief this morning is that the Haynesville Shale has the chance of being the most significant play in the company's history,” McClendon said. As for the oil projects, company officials said they range in size from 1,000 acres to 1 million acres and that two of them already are producing oil. Test drilling will begin during the next year. McClendon said he is pleased the company is getting into those fields at a time when, at a British thermal unit equivalency measurement, oil is selling at nearly two times more than natural gas.

The fields could yield as much as a billion barrels of oil, he said. Analysts also were pleased with McClendon's comments about the company. Sheraz Mian, with Zacks Investment Research, said the announcement is causing "all of us who like the stock a little bit more excited about it.” He said, though, that this is just what analysts like to see when it comes to big energy companies: They need to be producing, and they need to be lining up new areas to explore along the way.

"Chesapeake is one of those few operators in the exploration and production part of the business who have the luxury of getting to put together a very detailed pipeline of project and prospects across the country,” Mian said.

"They have a fairly large and detailed inventory of projects that they can work on for years without needing to acquire anything new.”

CRO: Insiders Buying At .38 Cents

#1 This is the biggest reason I think you want to be in CRO is the fact that we are valued at about 2% of inground value. Marketcap 25 MILLION, inground value over 1.2 BILLION

#2 The metal market looks to continue to rise. Supply of most metals continues to lag far behind demand. Nickle could easily be over $20 again.

#3 The potential to find more copper and nickle below the open pit. 2.95% Ni, 0.82% Cu, 0.07% Co over 21.5 m including 7.2% Ni, 0.67% Cu, over 5.5 m is very encouraging. More results like this and we'll be seeing a new resource estimate and great potential to underground mine.

#4 The fact that mining equiptment is already purchased and potential for mining in less than three years.

#5 Potential for Nickle, Gold, and Copper from the property adjacent to Opawica Resources new discovery. 0.87% Cu and 4.08 g/t Au over a core length of 46 metres is very encouraging. CRO has started initial exploration programs in the area.

Source

PDP- Undervalued Oil Play Target 17.40-25.00

Petrolifera is a Calgary-based crude oil and natural gas exploration, development and production company. It holds approximately 497,000 acres of exploratory and production rights in Argentina, and is currently producing in excess of 9,000 boe/d of crude oil, natural gas and natural gas liquids at Puesto Morales. The company also holds 1.2 million acres of exploratory rights in Colombia and over 5.2 million acres under two licenses onshore Peru.

Net earnings of $814,354 were recorded in 2007. The first profitable year in the Company's history.

First Nickel Reports Financial and Operating Results For the Year Ended December 31, 2007


14:39 EDT Thursday, March 27, 2008

TORONTO, ONTARIO--(Marketwire - March 27, 2008) - First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) announces that it has filed with the Canadian securities regulatory authorities its audited financial statements, and management's discussion and analysis for the year ended December 31, 2007.

Complete results will also be available on SEDAR and on the Company's website at www.firstnickel.com. All dollar amounts are expressed in Canadian currency unless otherwise stated.

Highlights

- Net earnings of $814,354 were recorded in 2007. The first profitable year in the Company's history.

- Achieved a mine operating profit of $13.6 million in 2007, an increase of $9.1 million (202%) over the $4.5 million achieved in 2006.

- Nickel production of 3,259,095 pounds and copper production of 2,185,023 pounds in 2007, highest in the Company's history. An increase of 33% and 36%, respectively, over 2006.

- Nickel and Copper metal sold in 2007 was 3,082,481 pounds and 2,005,190 pounds, respectively. An increase of 56% and 53%, respectively, over 2006.

- Increased operating cash flow in 2007 to $15.8 million compared to a cash usage of $0.1 million in 2006.

- Overall increase in cash balance of $17.1 million during 2007.

- The Company is debt free and had working capital of $24.0 million.

- In Q4, the Company wrote off $5.4 million of deferred exploration costs incurred on the Foy Mouth Property, following the termination of the option agreement with Xstrata.

Financial Results

The following table presents a summary of the results of operations for the three and twelve month periods ended December 31, 2007 and 2006:


Three months ended Twelve months ended
December 31, December 31,
2007 2006 2007 2006
---------------------------------------------------------------------------

Sales Revenue $ 15,333,945 $ 8,227,080 $ 56,925,326 $ 28,893,857
--------------------------- ----------------------------

Operating costs
excluding
amortization 10,402,686 7,049,512 39,490,509 22,089,758
Accretion of
asset retirement
obligations 47,310 177,000 182,310 177,000
Amort. of mining
properties &
equipment 1,018,896 720,000 3,645,688 2,160,000
--------------------------- ----------------------------
11,468,892 7,946,512 43,318,507 24,426,758
--------------------------- ----------------------------

Operating profit 3,865,053 280,568 13,606,819 4,467,099
--------------------------- ----------------------------

General and
administrative 376,832 557,981 1,809,275 2,381,160
Stock-based
compensation 639,271 371,124 2,742,978 530,585
Amortization 7,485 10,347 29,940 40,794
Debenture interest
and accretion - 764,527 1,266,201 3,045,000
Other interest 409,379 92,590 864,087 257,429
Interest and
other income (329,610) (149,650) (1,017,667) (383,658)
----------------------------------------------------------
1,103,357 1,646,919 5,694,814 5,871,310
----------------------------------------------------------

Earnings (loss)
before the
following 2,761,696 (1,366,351) 7,912,005 (1,404,211)

Write off of
mineral resource
properties
and deferred
exploration
costs 5,396,955 - 5,396,955 -
----------------------------------------------------------

Earnings (loss)
before taxes (2,635,259) (1,366,351) 2,515,050 (1,404,211)

Provision for
(recovery of)
future income
and mining taxes (926,032) (385,029) 1,700,696 (454,297)
----------------------------------------------------------

Net earnings
(loss) for
the period $ (1,709,227) $ (981,322) $ 814,354 $ (949,914)
----------------------------------------------------------

Net earnings
(loss)
per share:
- basic and
diluted $ (0.02) $ (0.01) $ 0.01 $ (0.01)


A net loss of $1,709,227 was recorded in the fourth quarter of 2007 compared with a net loss of $981,322 in the fourth quarter of 2006. The fourth quarter loss is mostly due to the write off of $5,396,955 of deferred exploration costs incurred on the Foy Mouth Property, as the Company has terminated the option agreement with Xstrata. These expenditures were mostly incurred prior to 2007 and did not have a material impact on the 2007 cash flow. For the year ended December 31, 2007, the Company recorded net earnings of $814,354, or $0.01 per share, compared to a net loss of $949,914, or $0.01 per share in 2006.

Sales revenue from the sale of nickel, copper and cobalt for the three month period ended December 31, 2007 (the "fourth quarter of 2007") increased by $7.1 million (86%) compared with the three month period ended December 31, 2006 (the "fourth quarter of 2006"). Higher nickel and copper metal sold of 136% and 73%, respectively, offset by a reduction in the realized nickel price of 7% and a weaker U.S. dollar compared to the Canadian dollar, accounted for this increase.

On a full year basis, the 2007 revenues increased by $28.0 million (97%) over 2006. Higher volumes of nickel and copper metal sold of 56% and 53%, respectively, along with a 38% increase in the realized average nickel price accounted for this increase, which was partially offset by a stronger Canadian dollar.

The following table sets out selected sales information for the periods indicated:


---------------------------------------------------------------------------
4th Q 2007 4th Q 2006 2007 Total 2006 Total
---------------------------------------------------------------------------
Sales by Payable Metal
---------------------------------------------------------------------------
Nickel - pounds 1,032,334 436,899 3,082,481 1,972,657
---------------------------------------------------------------------------
Copper - pounds 631,287 365,330 2,005,190 1,309,500
---------------------------------------------------------------------------
Cobalt - pounds 18,373 9,286 54,557 39,650
---------------------------------------------------------------------------
Average price
received US$/lb
---------------------------------------------------------------------------
Nickel $12.40 $13.36 $14.67 $10.61
---------------------------------------------------------------------------
Copper $3.25 $3.15 $3.09 $3.01
---------------------------------------------------------------------------
Cobalt $32.36 $18.19 $28.43 $15.57
---------------------------------------------------------------------------
Average Exch. Rate
Realized
---------------------------------------------------------------------------
US $ 1 equals
Canadian $ $0.9794 $1.1374 $1.0650 $1.1254
---------------------------------------------------------------------------


Mine operating costs, including treatment and refining charges, increased by 48% to $10.4 million in the fourth quarter of 2007 from $7.0 million in the fourth quarter of 2006. Higher tonnes treated (79%) and an overall increase in manpower of 23% at the Lockerby Mine, mostly accounted for the increase in operating costs. A nickel bonus of $941,000 is included in the fourth quarter of 2007 operating costs. In the fourth quarter of 2006, there was no nickel bonus. The bonus is defined in the Company's collective agreements and is tied to the price of nickel.

On a year-to-date basis, mine operating costs, including treatment and refining charges, increased by 79% in 2007 compared to 2006. The 2007 year was for the full 12 months, whereas 2006 only included costs for 9 months. Higher tonnes treated (28%), and an overall increase in manpower of 23% at the Lockerby Mine, mostly accounted for the increase in operating costs. A nickel bonus of $3,975,576 is included in the 2007 operating costs, whereas in 2006, the nickel bonus was $414,000.

General and administrative expenses in the fourth quarter of 2007 and for the year ended December 31, 2007, decreased by 32% and 24%, respectively, compared to the same periods for 2006. The lower 2007 expenditures reflect an overall reduction in costs. The 2006 expenditures included severance and termination costs of approximately $213,000 as a result of the management changes made during the year.

The higher stock-based compensation costs in the fourth quarter and for the 2007 year reflect the fair value of options granted that have vested in the current period. The Company uses the Black-Scholes pricing model in the valuations of the options.

Debenture and other interest expense in the fourth quarter of 2007 and for the year ended December 31, 2007 have been substantially reduced due to the repayment of the Series A Debentures on June 1, 2007. The interest expense in the fourth quarter mostly reflects the interest on advances received from Xstrata on the ore delivered to their facilities and a one time interest charge on the Part XII.6 tax regarding the timing of flow through expenditures.

Interest and other income is mostly made up of interest earned on term deposits. The higher interest income in 2007 compared to 2006 results from the Company having substantially higher cash balances in 2007 to invest.

Lockerby Mine Operations

During 2007, 124,492 tonnes of ore were delivered to the Xstrata treatment facilities, an increase of 26,883 tonnes, or 27%, over the 97,609 tonnes of ore delivered in 2006. Payable metal content in ore for 2007 is estimated to be approximately 3,259,095 pounds of nickel (an increase of 33% over 2006) and 2,185,023 pounds of copper (an increase of 36% over 2006).

Selected operating statistics for the twelve month period ended December 31, 2007 compared to the total 2006 year are as follows:


---------------------------------------------------------------------------
Item 1st Q 2nd Q 3rd Q 4th Q Total Total
2007 2006
---------------------------------------------------------------------------
Ore Delivered
to Mill (tonnes) 21,564 35,343 36,308 31,277 124,492 97,609
---------------------------------------------------------------------------
Nickel Mill
Head Grade (%) 1.90 1.50 1.72 1.23 1.57 1.52
---------------------------------------------------------------------------
Copper Mill
Head Grade (%) 1.06 0.95 0.91 0.78 0.92 0.88
---------------------------------------------------------------------------
Payable Nickel
(pounds) 699,622 878,866 1,032,334 648,273 3,259,095 2,444,316
---------------------------------------------------------------------------
Payable Copper
(pounds) 433,409 640,733 631,287 479,594 2,185,023 1,609,261
---------------------------------------------------------------------------
Payable Cobalt
(pounds) 11,821 16,526 18,373 12,705 59,425 47,487
---------------------------------------------------------------------------
Mine operating
cost per tonne $354 $254 $239 $278 $268 $232
---------------------------------------------------------------------------
Cash cost per
pound of
nickel (i) $10.42 $9.58 $8.60 $14.26 $10.13 $8.14
---------------------------------------------------------------------------

(i) Cash cost per pound of nickel is net of other metal credits, and does
not include amortization of mining properties and equipment, but does
include the nickel bonus defined in the Company's collective agreements
which is tied to the price of nickel.


From the beginning of the year until the end of the third quarter nickel production increased and unit operating costs declined, a trend which was interrupted in the fourth quarter. In the latter period, failure of the wear plates in the 4300 Level crusher resulted in a shutdown of production while repairs were being made. During the fourth quarter production was sourced from lower grade areas which further reduced nickel production. Following completion of repairs to the crusher in late December, production including ore grades returned to planned levels.

Excepting for the reduced output in the fourth quarter, the operation demonstrated improved productivity over the course of the year, increasing mine daily production from under 300 tonnes per day at the beginning to 400 tonnes per day going into 2008. Development continued satisfactorily toward 65-3L, the source for much of 2008 production. A maintenance program for the mobile fleet was launched, and vacancies in the technical and supervisory staff levels were filled.

For the full year the mine achieved a cash operating margin of $146 per tonne milled. Metal prices are expected to remain strong, but are unlikely to be as robust as early 2007, and therefore the emphasis at the mine in 2008 will be to continue to drive costs down, and increase output so as to preserve these margins.

Development productivity improved somewhat in 2007 but still lags, and the resulting limit in the number of working areas and therefore operating flexibility, means production scheduling has been vulnerable to short term interruptions. New development scenarios are being examined for the East Zone in 2008, which should add to production plans. The forthcoming mine development plan for Lockerby Depth is being built around the latest resource estimate (January 16, 2008), and will result in a long term production schedule and capital plan for the mine infrastructure, along with increased production.

The value of the fourth quarter 2007 payable metal will be recorded as revenue based on settlement prices in the first quarter of 2008 as per the Company's revenue recognition policy. The Company has received an advance payment totaling $2,970,681 towards the final settlement of the fourth quarter ore delivered to Xstrata.

Life of Mine Planning

On January 16, 2008, First Nickel reported a 289% increase in Indicated Resources at the Lockerby Mine. This resource estimate, coupled with the recently completed drilling is being integrated into studies by outside engineering consultants to estimate the operating and development costs and economic value associated with extending one of the shafts to better exploit the expanded resources. At the same time a reserve estimate and life of mine plan is expected to be completed.

A feasibility study was completed on Premiere Ridge in July, and subsequently an additional round of metallurgical work was undertaken at Xstrata's Process Centre. Permitting was advanced, a closure plan prepared, and further detailed engineering was undertaken by year-end. Discussions with Xstrata are underway in early 2008 to finalize offtake agreement terms, following which the Company will make a decision on development.

Exploration Activity

Exploration programs continued to focus on the Company's two other Sudbury properties in 2007. The majority of the Company's exploration costs were expended on the Morgan-Lumsden and West Graham properties.

A total of 52 drill holes representing 17,400 metres of core were completed on 4 properties in 2007 (refer to the table below) and selected holes were surveyed using the latest in borehole geophysical techniques.

Diamond drilling statistics: January 1, 2007 to December 31, 2007


---------------------------------------------------------------------------

SURFACE UNDERGROUND TOTALS

---------------------------------------------------------------------------
# Holes Metres # Holes Metres # Holes Metres
---------------------------------------------------------------------------
Lockerby 1 932 22 2,690 23 3,622
---------------------------------------------------------------------------
Premiere 0 0 0 0 0 0
Ridge
---------------------------------------------------------------------------
West Graham 21 5,190 0 0 21 5,190
---------------------------------------------------------------------------
Dundonald 0 0
---------------------------------------------------------------------------
Foy Mouth(a) 2 980 0 0 2 980
---------------------------------------------------------------------------
Morgan- 6 6,853 0 0 6 7,608
Lumsden(a)
---------------------------------------------------------------------------
TOTALS 30 13,955 22 2,690 52 17,400
---------------------------------------------------------------------------


The year also marked an expansion of exploration beyond the Sudbury Basin with the staking of unpatented mining claims in Eastern Ontario. The Company staked in excess of 7,000 hectares of claims within this area.

The Company and Pacific Northwest Capital Corp entered into a 50:50 Joint Venture Agreement on the Raglan Hills Property in southeast Ontario.

The Company optioned the Dundonald Property to Avion Resources Corp.

The Company provided Xstrata Nickel with formal notification to terminate the Foy Mouth Option Agreement.

2008 Outlook

For 2008 the Company has previously issued guidance (February 12, 2008 press release) whereby the Company expects to produce between 3.8 and 4.4 million pounds of payable nickel, and between 2.3 and 2.7 million pounds of payable copper. The Company has budgeted $17 million for development and capital improvements at the Lockerby Mine and expects to spend approximately $7 million on exploration, the majority of which will be spent on targets around the existing Lockerby Mine infrastructure, Lockerby East and footwall areas.

The engineering and technical investigations for a new life of mine development and production plan, with the goal of determining the investment capital needed to substantially increase mine production, extend the mine life, and significantly improve operating efficiencies continues.

Non-GAAP Performance Measures

This press release contains non-GAAP measures like operating cost per tonne of ore, net cash cost per pound of nickel, etc. Please see the Company's MD&A on SEDAR for discussion on non-GAAP performance measures.

First Nickel is a Canadian mining and exploration Company. Its current activities are primarily focused on the Sudbury Basin in northern Ontario, the location of the company's producing property (the Lockerby Mine) and four of its exploration properties. First Nickel also has two exploration properties in the Timmins region of northern Ontario. First Nickel's shares are traded on the TSX under the symbol FNI.

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including the cash flows, metal prices, decrease costs, increase output, expected production, and expected exploration expenditures. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating metal prices, 2008 production forecast, lower unit costs and other factors described in the Company's most recent Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at www.sedar.com. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

FOR FURTHER INFORMATION PLEASE CONTACT:

First Nickel Inc.
William Anderson
President & CEO
(416) 362-7050
(416) 362-9050 (FAX)
Email: wanderson@firstnickel.com
Website: www.firstnickel.com

Tim Went Nuts Today

Timminco shines with solar deal

Thursday, March 27, 2008

If you keep a mental file of stocks you should have bought but didn't, add Timminco Ltd. to the heap. The company, which produces specialty metals for a number of industries, announced[amp]nbsp;late Wednesday[amp]nbsp;that it had agreed to supply solar-grade silicon to Q-Cells AG, a German company that is the largest supplier of solar cells.

Did someone say “solar”? Timminco's shares jumped about 25 per cent on the news when trading began on Thursday, and have held that level throughout the day. The shares traded in Toronto at $25.90, up $5.01. This latest surge is nothing, though: The shares are up more than 3,900 per cent over the past 12 months, trading at just 65 cents a year ago.

The three analysts who updated their research since the Timminco-Q-Cells news broke (but before the shares jumped), have maintained their recommendations and 12-month target prices on the stock. But if you're wondering if there are more gains ahead for Timminco, the combined views of the analyst may not help you make a decision.

The Cormark Securities analyst is maintaining a “reduce” recommendation with a target of $19.50 – representing a downside of 25 per cent. At the other extreme, the Clarus Securities analyst is maintaining a “buy” recommendation with a target of $40 – representing an upside of more than 50 per cent.

And if you take the Goldilocks approach to investing (not too hot, not too cold), then the National Bank Financial analyst may be just what you're looking for: he has a “sector perform” recommendation and a $24 target. That target is either going to have to get bumped up, given Thursday's rally, or his recommendation is going to have to come down.

[amp]nbsp;

© Copyright The Globe and Mail

Timminco Announces Solar Grade Silicon Supply Agreement with Q-Cells AG

23:59 EDT Wednesday, March 26, 2008
TORONTO, ONTARIO--(Marketwire - March 26, 2008) - Timminco Limited ("Timminco") (TSX:TIM) today announced that its wholly-owned subsidiary, Becancour Silicon Inc. ("BSI"), has entered into an agreement to supply solar grade silicon to Q-Cells AG ("Q-Cells") (FRANKFURT:QCE). Q-Cells is the world's largest manufacturer of solar cells.

Under the terms of the agreement, BSI will supply Q-Cells with contractually fixed supplies of 410 metric tons (mt) in 2008 and 3,000 mt in 2009 at fixed prices. The deliveries start immediately. Until the end of July 2008 the partners will negotiate a further contract on the delivery of up to 6,000 mt per year in the years 2010 to 2013. The price for these possible further supplies will be negotiated contingent upon market conditions. With this contract Q-Cells will become BSI's largest customer for solar grade silicon in 2009.

This agreement represents BSI's fifth long-term commercial contract for the sale of high purity silicon. In the event that Q-Cells and BSI agree to extend the contract to 6,000 mt per year for the period 2010 to 2013, this contract would raise the committed deliveries of BSI's solar grade silicon business to 12,000 mt per year beginning in 2010. On February 22, 2008 Timminco announced the expansion of BSI's solar grade silicon capacity to 14,400 mt per year, with the incremental capacity fully on stream by the end of the second quarter of 2009.

"BSI has developed a proprietary process which enables it to produce solar grade silicon by purifying metallurgical silicon. Q-Cells has tested unblended material from BSI extensively and has obtained very good results in cell production", said Mr. Anton Milner, CEO of Q-Cells.

"This contract represents a giant step for our solar grade silicon business. Q-Cells is a leader in the photovoltaic industry and their endorsement of our material through this supply agreement is further evidence of the paradigm shift we are creating in the solar grade silicon market." said Mr. Rene Boisvert, President and CEO of BSI.

ABOUT TIMMINCO

Timminco is a leader in the production and marketing of lightweight metals, specializing in solar grade silicon for the rapidly growing solar photovoltaic energy industry. Using its proprietary technology, Timminco processes metallurgical grade silicon into low cost solar grade silicon for use in the manufacture of solar cells. Timminco also produces silicon metal, magnesium extrusions and other specialty metals for use in a broad range of industrial applications serving the aluminum, chemical, pharmaceutical, electronics and automotive industries.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

Timminco loses $18.03-million in 2007
2008-03-17 19:40 ET - News Release
Dr. Heinz Schimmelbusch reports
TIMMINCO REPORTS FOURTH QUARTER AND YEAR END FISCAL 2007 RESULTS
Timminco Ltd. has released its preliminary financial results for the fourth quarter and fiscal year ended Dec. 31, 2007.
Highlights for the fourth quarter:
Completed construction of solar-grade silicon manufacturing facility with annual production capacity of 3,600 metric tons;
Commenced production on the first of three 1,200-metric-ton lines;
Shipped 33 metric tons of solar-grade silicon, bringing cumulative year-to-date shipments to 89 metric tons;
Sales of $36.4-million compared with $47.6-million for fiscal 2006;
Net loss of $8.8-million, or eight cents per share, compared with a net loss of $38.7-million, or 53 cents per share, in the fourth quarter of 2006.
Highlights for fiscal 2007:
Secured sales contracts with four key customers for approximately 28,000 metric tons of solar-grade silicon through 2012;
Completed two bought-deal equity offerings and a private placement generating gross proceeds of $116.2-million, primarily to finance expansion of solar-grade silicon production capacity;
Sales of $166.2-million compared with $181.8-million for fiscal 2006;
Net loss of $18.0-million, or 20 cents per share, compared with a net loss of $46.2-million, or 62 cents per share, for fiscal 2006.
Highlights subsequent to quarter-end:
Commenced production on second and third of three 1,200-metric-ton lines;
Announced further expansion of annual production capacity of solar-grade silicon from 3,600 to 14,400 metric tons;
S&P/TSX Composite Index revised to include Timminco as of March 24, 2008.
Overview
Timminco has two reporting segments:
The silicon group, which includes the silicon metal and solar silicon businesses;
The magnesium group, which includes the magnesium extrusion and fabrication business.
Timminco also has a minority investment in an aluminum wheels business.

"Fiscal 2007 was a year of transition for Timminco as we focused on establishing production and securing our first customer contracts in our solar-grade silicon business, while at the same time positioning our silicon metal and magnesium businesses for improved performance going forward," said Dr. Heinz Schimmelbusch, chairman of the board and chief executive officer of Timminco. "In December, less than six months after breaking ground on our 3,600-metric-ton solar-grade silicon facility, we commenced production and now have all three lines operating. Before year-end, we had also secured four long-term contracts that commit us to supply up to 6,000 metric tons per year of solar-grade silicon beginning in 2009.

Based on our success to date, as well as a strong pipeline of prospective customers, we made the decision last month to expand our production capacity to 14,400 metric tons annually. Looking ahead, we are firmly focused on leveraging our position as a low-cost producer of solar-grade silicon to capitalize on the tremendous opportunity in the high-growth solar photovoltaic energy industry."

Dr. Schimmelbusch continued: "We are optimistic about the potential for both our historical silicon metal business and our magnesium business. The rise in silicon metal prices, which have more than doubled over the last 24 months, has created a favourable environment for our silicon metal business for the foreseeable future. Following the restructuring of our magnesium business in 2007, we are focused on bringing our cost structure in line with the goal of returning this business to profitability."

Results for the fourth quarter

Sales for the fourth quarter of 2007 were $36.4-million, compared with sales of $47.6-million for the fourth quarter of 2006. The decrease is the result of lower sales in both the silicon group and the magnesium group. The appreciation of the Canadian dollar had an unfavourable impact of reducing reported sales by $4.6-million compared with the fourth quarter of fiscal 2006. During the fourth quarter of fiscal 2007, the average United States/Canadian-dollar exchange rate was approximately 98 cents, compared with approximately $1.13 for the fourth quarter of fiscal 2006.

Net loss for the fourth quarter of fiscal 2007 was $8.8-million, or eight cents per share, compared with a net loss of $38.7-million, or 53 cents per share, for the fourth quarter of 2006. Included in the net loss for the fourth quarter of 2006 is an asset impairment charge of $31.2-million.

Cash and short-term investments at Dec. 31, 2007, were $34.6-million, compared with $800,000 at Dec. 31, 2006. The increase was the result of gross proceeds from two bought-deal equity offerings and a private placement in fiscal 2007 that generated gross proceeds of $116.2-million. The majority of cash used during the period was related to building the solar-grade silicon facility and the repayment of long-term debt. Bank indebtedness at Dec. 31, 2007, was $21,000, compared with $26.2-million at Dec. 31, 2006.
Fiscal 2007 results

Sales for fiscal 2007 were $166.2-million, compared with $181.8-million for fiscal 2006. The appreciation of the Canadian dollar had the unfavourable impact of reducing reported sales by $6.7-million. During fiscal 2007, the average U.S./Canadian-dollar exchange rate was approximately $1.08, compared with approximately $1.13 for fiscal 2006.
The net loss for fiscal 2007 was $18.0-million, or 20 cents per share, compared with a net loss of $46.2-million, or 62 cents per share, for fiscal 2006. Included in the net loss for fiscal 2006 are restructuring and impairment charges of $33.2-million.

U.S. GDP provides final tally

U.S. GDP provides final tally



Here's Allan Robinson's At The Bell which you'll find in tomorrow's newspaper:

The release of the fourth-quarter U.S. gross domestic product data today marks the final tally in sizing up last year, but investors are now busily assessing the severity of the current slowdown.

The economic clouds were already building late last year. The recent GDP estimate has been sliced $5.1-billion (U.S.) as a result of downward revisions to personal consumption expenditures, residential and non-residential construction, and capital spending, according to Merrill Lynch & Co. Inc. But those cuts were almost entirely offset by the growth in trade and inventories, it said.

WHAT ARE THE EXPECTATIONS?

The GDP for the fourth quarter is forecast to have increased an annual rate of 0.6 per cent, which is unchanged from the previous estimate and down from a 4.9-per-cent growth rate in the third quarter. Merrill Lynch is not expecting any GDP growth in the first quarter of 2008 and it is looking for a modest drop in the second.

And share prices are reflecting worries over the weak consumer, credit concerns and inflation.
“I think it’s a value market because price-to-earnings multiples are not too demanding right now,” said Tony Genua, portfolio manager for AGF U.S. Equities American Growth Class Fund. The fund has $620-million under management, while associated U.S. funds bring assets under management to almost $1-billion.

“Outside of the banking industry, I think we will see good results,” Mr. Genua said. “We are going to see continuing challenges when it comes to the financial sector. I think they will disappoint.”

But within that sector Mr. Genua likes asset managers such as T. Rowe Price Group Inc., Charles Schwab Corp. and Ameriprise Financial Inc. They should benefit from demographic trends and the need for financial advisers, he said.

Other holdings in the AGF portfolio are Monsanto Co., Google Inc., Gilead Sciences Inc. and Apple Inc., which benefit from research spending that generates new products and services. “Innovation is very important to me,” Mr. Genua said.

“At one time, the price-to-earnings ratio of Google seemed high,” he said. “Who would have thought when Google came public 31/2 years ago they would be looking at [forecast 2008] earnings of $20 (U.S.) a share.” Google’s shares closed yesterday at $458.19.



© Copyright The Globe and Mail

Market News: After the Bell The close:

Market News: After the Bell The close:

It's commodities dayRTGAMIt seems as though it was just last week - wait a minute, it was just last week - when observers were commenting about the necessary downturn in commodity prices and the long overdue rebound in financial stocks. On Wednesday, those comments looked like nothing more than a head-fake, with commodity stocks rallying and financials heading back into the basement.Gold rose to $949.20 (U.S.) an ounce in New York, up $14.20.

That's still 8 per cent below its recent record high, but gold certainly has momentum on its side now. Similarly, crude oil futures rose to $105.90 a barrel in New York, up $4.68. Again, that's 4 per cent below the record, but the gap is closing fast.

This is good news for the commodities-heavy SP/TSX composite index, which closed at 13,390.34, up 68.12 points or 0.5 per cent. Talisman Energy Inc. rose 5.7 per cent, EnCana Corp. rose 2.2 per cent and Barrick Gold Corp. rose 5.1 per cent.

On the down side, though, financials fell on renewed pessimism over whether the worst really is over for the U.S. economy and the enormous writedowns taken by banks around the world. Bank of Montreal fell 4.2 per cent and Royal Bank of Canada fell 2.5 per cent.The commodity-light Dow Jones industrial average closed at 12,422.86, down 109.74 points or 0.9 per cent.

Exxon Mobil Corp. rose 1.2 per cent, but Citigroup Inc. fell 5.6 per cent and JPMorgan Chase [amp]amp; Co. fell 4.2 per cent.The broader S[amp]amp;P 500 closed at 1341.13, down 11.86 points or 0.9 per cent. There, the big laggards included Citigroup, JPMorgan, Cisco Systems Inc. and Bank of America after Meredith Whitney, the influential analyst at Oppenheimer [amp]amp; Co., lowered her earnings forecasts for a number of U.S. investment banks.Still, not every financial stock was in the doldrums.

Bear Stearns Cos. Inc. rose as high as $12 in the afternoon - before closing at $11.21, up 2.5 per cent - or 20 per cent above the new-and-improved $10 a share takeover offer from JPMorgan, as investors bet that there is another, newer-and-more-improved offer in the works. Optimism pops up in the strangest of places.[amp]nbsp;Copyright 2001 The Globe and Mail

PDP- Undervalued Oil Play Target 17.40-25.00

Canadian Arrow Begins Consultations with Treaty No. 3 First Nations

Canadian Arrow Begins Consultations with Treaty No. 3 First Nations for Kenbridge Nickel Project


08:00 EDT Tuesday, March 25, 2008

SUDBURY, ON, March 25 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company), is pleased to report that it has commenced formal consultations with the Anishinaabe Nation in Treaty No. 3 regarding the company's Kenbridge Nickel Project in Northwestern Ontario. Kenbridge is a nickel-copper deposit located within Treaty No. 3 traditional territory, a distance of approximately 60 km southeast from the city of Kenora.

As outlined in the November 5, 2007 news release "Canadian Arrow and Treaty No. 3 discuss Kenbridge Nickel Project", the company has engaged local First Nations early in the project's development and is seeking authorization for the project through the Treaty No. 3 resource law known as Manito Aki Inakonigaawin, or The Great Earth Law. Representatives from Canadian Arrow Mines, Treaty No. 3 Grand Council and the four First Nations communities near Kenbridge (Naotkamegwanning, Northwest Angle No. 33, Northwest Angle No. 37, Onigaming) recently met in Kenora for further discussions on the project. It was decided there that Treaty No. 3 would create a task force with representation from the Grand Council and the four communities to participate in the consultation process with Canadian Arrow Mines.

Kim Tyler, President of Canadian Arrow, comments; "We are very pleased to advance discussions on the Kenbridge Nickel Project with Treaty No. 3 to the consultation phase. Our work at Kenbridge will soon shift away from exploration and into permitting and project design. Arrow believes the area around the Kenbridge Nickel Project contains excellent exploration potential, so building a strong relationship with Treaty No. 3 is a priority for us. We look forward to future discussions with Treaty No.3 on project participation, employment, business opportunities and education."
Canadian Arrow continues to advance the Kenbridge Nickel Project, recently completing a Preliminary Economic Assessment and purchasing several key long lead items. The company's plans for 2008 include consultations with Treaty No. 3, completing a bankable feasibility study, beginning regional exploration work and conducting an advanced exploration program later in the year.


About Canadian Arrow Mines, Ltd.


Canadian Arrow Mines, Ltd. is an established Canadian exploration and development Company committed to developing and advancing base metal deposits close to existing infrastructure through exploration, development and acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange under the symbol "CRO".


If you would like to receive press releases via email please contact: sarah@chfir.com.


THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL

RESPONSIBILITY FOR ITS CONTENTS.


THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THIS PRESS

RELEASE.


This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange, Canadian Securities Commissions, and the United States Securities & Exchange Commission. Not to be construed as an offer to buy or sell securities of this company.


%SEDAR: 00008534E

For further information: visit the website at www.canadianarrowmines.ca, or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., R. Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail: kim@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Tel: (416) 868-1079 x247, E-mail: barry@chfir.com or Sarah Gingerich, Tel: (416) 868-1079 x238, E-mail:sarah@chfir.com

First Nickel Intersects 86.70 Metres of 0.55% Ni and 0.43% Cu on West Graham

First Nickel Intersects 86.70 Metres of 0.55% Ni and 0.43% Cu on West Graham


08:00 EDT Tuesday, March 25, 2008

TORONTO, ONTARIO--(Marketwire - March 25, 2008) - First Nickel Inc. (TSX:FNI) is pleased to report the results of 22 diamond drill holes representing 5,469 metres of diamond drilling on the West Graham Property during the 2007 exploration program and the first two holes of the 2008 exploration program (to see the plan map for drill hole locations please click on the following link: http://media3.marketwire.com/docs/FIRSNI325.pdf). The West Graham property is under option from Landore Resources Canada Inc. and the details of the option agreement were provided in a press release dated August 4, 2005.

The current drill program has been designed to provide the drill density required to complete an NI 43-101 compliant Resource Estimate on the Conwest Deposit (which forms part of the West Graham Property) in 2008. The drill program has been expanded to a total of 10,000 metres based on the results to date and is scheduled for completion in June 2008. The new NI 43-101 Resource Estimate will be completed after all analytical results have been received and modeled for 2007-2008 drill program.

Results to date have met expectations based on the previous exploration programs completed by First Nickel. Highlights of the drill program include FNI2045 with 0.59% Ni and 0.44% Cu over 70.20 metres, including 1.14% Ni and 0.60% Cu over 10.50 metres; and FNI2050 with 0.55% Ni and 0.43% Cu over 86.70 metres, including 1.15% Ni and 0.71% Cu over 12.70 metres. The following table summarizes the significant analytical results from the ongoing drill program.

The Conwest Deposit was estimated in the 1960's to have a mineral inventory of 4.3 million tons grading 0.53% nickel and 0.33% copper. This historic resource predates the implementation of NI 43-101 standards and guidelines and should be considered non-compliant. At depth the Conwest Deposit is interpreted to be contiguous with the Lockerby East zone.

The diamond drilling program is being carried out under the supervision of First Nickel's Senior Geologist, Scot Halladay, P.Geo., a "qualified person" as defined by National Instrument 43-101. The information in this release was prepared under the direction of Paul Davis, P.Geo., Vice President of Exploration for First Nickel Inc., a "qualified person" as defined by National Instrument 43-101. First Nickel Inc. follows a rigorous QA/QC protocol on all of its exploration projects. Drill core of interest (NQ size) is sawn in half, with one half retained for future reference and one half sent to a commercial laboratory, SGS Laboratories in Garson for preparation and specific gravity measurements and shipped internally by SGS to Toronto for assay. A rigorous quality assurance/quality control program is employed which includes the insertion of standards and blanks for each batch of samples.


Drill
Hole ID From To Length Ni Cu Co Pt Pd Au Ag
(m) (m) (m) (%) (%) (%) (ppm) (ppm) (ppm) (ppm)

FNI2031 396.00 450.00 54.00 0.59 0.39 0.02 0.17 0.03 0.06 3.18
FNI2032 45.00 71.15 26.15 0.41 0.21 0.01 0.09 0.03 0.04 2.13
FNI2034 103.50 114.00 10.50 0.46 0.31 0.01 0.06 0.03 0.03 2.47
FNI2035 108.00 114.00 36.50 0.61 0.34 0.02 0.07 0.03 0.03 3.46
incl. 124.70 131.80 7.10 1.16 0.50 0.04 0.08 0.04 0.03 3.65
FNI2039 96.00 159.00 63.00 0.40 0.24 0.01 0.07 0.03 0.03 2.27
FNI2040 139.50 148.50 9.00 0.43 0.35 0.02 0.06 0.02 0.03 4.38
FNI2041 118.50 180.00 61.50 0.46 0.35 0.01 0.06 0.03 0.02 2.69
incl. 168.00 177.00 9.00 1.03 0.53 0.03 0.11 0.04 0.03 4.69
FNI2043 138.30 201.00 62.70 0.39 0.32 0.01 0.08 0.02 0.03 3.18
FNI2044 153.10 207.15 54.05 0.45 0.25 0.01 0.06 0.03 0.04 2.83
Incl. 192.90 195.15 2.25 1.76 0.30 0.05 0.06 0.08 0.03 3.55
FNI2045 239.90 310.10 70.20 0.59 0.44 0.01 0.12 0.03 0.05 5.92
incl. 279.00 289.50 10.50 1.14 0.60 0.03 0.13 0.05 0.06 4.44
FNI2046 246.90 333.00 86.10 0.45 0.28 0.01 0.11 0.03 0.03 3.29
incl. 294.85 295.55 0.70 5.81 0.10 0.12 0.10 0.04 0.00 4.62
FNI2047 330.00 339.00 9.00 0.70 0.58 0.03 0.22 0.04 0.09 4.93
FNI2048 233.00 246.50 13.50 0.49 0.32 0.02 0.22 0.04 0.05 2.89
FNI2049 237.70 259.20 21.50 0.40 0.26 0.01 0.07 0.03 0.03 3.20
FNI2050 280.90 367.60 86.70 0.55 0.43 0.02 0.14 0.03 0.05 4.75
incl. 316.70 329.40 12.70 1.15 0.71 0.04 0.15 0.05 0.05 5.74
All assay intervals reported are core length and do not represent true
widths (defined as being measured at right angles to the direction of
extension of the sulphide body). All other assay samples are pending
analysis.


First Nickel is a Canadian mining and exploration company. Its current activities are primarily focused on the Sudbury Basin in northern Ontario, the location of the company's producing property (the Lockerby Mine) and four of its exploration properties. First Nickel also has two exploration properties in the Timmins region of northern Ontario. First Nickel's shares are traded on the TSX under the symbol FNI.

This news release may contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

FOR FURTHER INFORMATION PLEASE CONTACT:

First Nickel Inc.
William Anderson
President & CEO
(416) 362-7050 or Toll Free: 1-888-362-7050
(416) 362-9050 (FAX)
Email: wanderson@firstnickel.com


or
Forbes West
Investor Relations Advisor
(416) 203-2200 or 1-888-655-5532


Email: forbes@sherbournegroup.ca

Market Overview

'When everyone else is flipping out, don't follow suit.' "Sir Charles Templeton

Breakwater Exercises Right of Purchase Under Myra Falls Mine

Breakwater Exercises Right of Purchase Under Myra Falls Mine Limited Partnership

ccnm



TORONTO, ONTARIO--(Marketwire - March 25, 2008) - Breakwater Resources Ltd. (TSX:BWR) has exercised its right to purchase the interests of the limited and general partners of the Myra Falls Mine Limited Partnership (MFML Partnership) for approximately $18 million (90.9% of the $20 million contribution to the Qualifying Environmental Trust (QET)). Breakwater has elected to purchase the interest by issuing 13,518,739 common shares of Breakwater at $1.3448 which, pursuant to the agreement, is the 20-day weighted average trading price of Breakwater's common shares on the Toronto Stock Exchange the day before the exercise of the right.


Pursuant to the joint venture entered into with the limited partners of the MFML Partnership in December 2007, the MFML Partnership was entitled to a 3% net smelter royalty from the Myra Falls mine. The MFML Partnership deposited $20 million with a trustee into a QET as security for a portion of the reclamation obligations of NVI Mining Ltd., a wholly-owned subsidiary of Breakwater, which owns the Myra Falls mine.


The common shares of Breakwater to be issued as part of the exercise of its rights are not freely tradeable until April 21, 2008.


Breakwater is a mining, exploration and development company which produces and sells zinc, copper, lead and gold concentrates to customers around the world. The Company's concentrate production is derived from four mines. Two of Breakwater's mines are located in Canada, one is located in Chile and one is located in Honduras.



FOR FURTHER INFORMATION PLEASE CONTACT:

Breakwater Resources Ltd.
Dave Langille
Vice President, Finance and Chief Financial Officer
(416) 363-4798 Ext. 236




or

Breakwater Resources Ltd.
Ann Wilkinson
Vice President, Investor Relations
(416) 363-4798 Ext. 277

Volatility? This is nothing

Volatility? This is nothing

Monday, March 24, 2008

Here's an idea that should make you feel good about the current bout of volatility that has gripped stock markets: It is actually a return to normal, after a long period of low volatility.
According to Bespoke Investment Group, 44 of the last 90 trading days have seen the S[amp]amp;P 500 move up or down by 1 per cent. And 15 of the last 90 trading days have seen moves of 2 per cent.

Strange days. But Bespoke compared this volatility to other periods and found it is not so unordinary. The number of 1 per cent days hit 64 out of 90 trading days in 2002, 56 out of 90 trading days in 1988, and 54 out of 90 trading days in 1974. These periods also saw far more days of 2 per cent swings as well.

“The reason why so many people are so frantic about volatility is because it was extremely low preceding the current period,” Bespoke said on its blog, noting that it was rare to see a 1 per cent day from about 2004 to 2007. As for 2 per cent days, they simply did not exist during this period.

© Copyright The Globe and Mail

The Weeks Weak End

Pescods letter

Five reasons to start worrying

Five reasons to start worrying
TheStar.com - Canada - Five reasons to start worrying

BRENDAN MCDERMID/REUTERS FILE PHOTO

New York Stock Exchange traders look worried as U.S. stock market indexes tumble in response to central bank intervention in the crisis gripping investment banker Bear Stearns, March 14, 2008.

RECESSION MANUAL

• Stay (or get) liquid.

• Pay with cash or debit.

• Two credit cards are enough, and keep a zero balance.

• Retire the gas-guzzler.

• Check out used hybrids.

• Diversify: Company stock should not be a big part of your portfolio.

• Bargain-priced blue-chip stocks eventually should.

• Exploit current low rates to lock in a long-term mortgage.

• See Canada first. Euro-travel is exorbitant.

–David Olive

Financial world's woes are spilling over to Main Street, and threatening Canada

March 22, 2008

David Olive
Columnist

"The basis for optimism is sheer terror." – Oscar Wilde

This week began in trauma.

It was announced Monday that one of the world's largest securities firms, Bear Stearns & Co. Inc., had effectively gone bankrupt. And that, in a most unusual step, the U.S. Federal Reserve had hastily arranged a forced marriage between Bear Stearns and the larger JP Morgan Chase & Co., America's third-largest bank. Stock markets worldwide plunged in response.

The week ended with traumatized speculation about which illustrious bank or brokerage would be next to go toes up, and whether the Fed, other central bankers worldwide, and cool heads at the financial institutions themselves had the collective wit to stave off a meltdown in the global financial system.

Oh, and the United States appears to be heading into the worst recession in a generation.

There was at least one sanguine voice this week, that of U.S. President George W. Bush. Against the backdrop of the global credit crisis, a greenback plunging to a new record low against the euro, a housing collapse, a looming bear market for stocks and mounting joblessness, Bush took a brief moment between Florida fundraisers to tell the world that its biggest consumer economy remained "fundamentally sound."

The same day Bush spoke, Representative Louise Slaughter (D-NY), surveying the layoffs, plant closings and other economic wreckage in her western New York district, had a different take on economic conditions. She called them "terrifying."

Most of Bear Stearns' 14,000 employees will lose their jobs and began early in the week calling recruiters. Even before the Bear Stearns collapse, the Bank of Canada had warned that the U.S. downturn is likely to inflict considerable damage on Canada.

The latest conventional wisdom has the rest of the world "decoupling" from the U.S., what with China, India and Europe emerging as rival economic superpowers. But we're not nearly there yet.

The effective demise of Bear Stearns sent stocks tumbling on exchanges worldwide, including Toronto, and European stock values fell back to 2005 levels. U.S. and European employers began warning that their financial outlook for 2008 and even 2009 had turned cloudy, and many large firms announced layoffs to shore up their finances.

The damage would have been far worse save for a residual faith – hope? – that the Fed and other central bankers worldwide can prevent more linchpins of the global financial system from coming loose.

And that recent efforts by the Bush administration and the U.S. Congress to assist the jobless and those still facing foreclosure – and the Harper government's effort last month to assist distressed regions – will prevent a "hard" landing for the economy.

And that bargain-hunters will emerge soon to snap up battered stocks, putting a floor, finally, under sagging prices that are eroding the middle-class nest eggs of mutual-fund owners.

So, how worried should we be? Worried enough, at least, to batten the hatches. Consider:

1. TANKING COMMODITIES WILL HURT CANADA

In his maiden speech last week as governor of the Bank of Canada, Mark Carney was the bearer of bad news. The high commodity prices for everything from oil to wheat that have largely insulated Canada from the early phases of the U.S. economic slowdown are due for a fall, pulling down Canada's economic growth rate in 2008.

By the reckoning of some economists, Canadian GDP growth might clock in at zero this year, which means some economic sectors actually will shrink, resulting in job loss and punishing declines in personal income.

The slide in commodity prices has already begun, with crude oil slipping 4.5 per cent Wednesday, its biggest one-day drop in 17 years, and gold falling below $1,000 an ounce the same day in its biggest single-day decline since 2006.

World currency markets reacted to the blows to the Canadian resource economy by selling off the loonie, which fell below 99 cents (U.S.) on Wednesday, its sharpest one-day drop in 47 years.

Demand for Canadian oil and natural gas, base metals, canola and soybeans – all of which have touched record highs of late – will decline as the year progresses. U.S. demand for our goods will fall, but so will demand from China, India and other developing-world economies.

Determined, finally, to rein in runaway inflation, China is targeting lower growth of 8 per cent this year, compared with 11 per cent in 2007, which will reduce China's role in driving up global prices for Canada's food, fuel and metals. Chinese exports to the United States, like Canada's, are expected to take a hit from a U.S. slowdown.

"The big fall is coming," London investment counsellor David Roche of Independent Strategies wrote this week. In 2007, as financial and real-estate investments soured, speculators seeking refuge in gold, copper, uranium and other raw materials Canada produces in abundance came to account for more than half of all commodities trading.

But the speculators' ardour for nickel and soybeans will decline sharply as China finally pulls back on its GDP growth, creating big world surpluses – and price declines – in everything from zinc to cold-rolled steel. Roche forecasts a 30 per cent price drop in refined oil in 2008, and a decline of 20 per cent to 30 per cent for base metals.

Lest anyone think of this as a strictly Western Canadian setback, note that the Western oil patch in good years spends tens of millions of dollars annually on extraction equipment made in Ontario and Quebec.

2. BANK PARALYSIS DRIES UP CREDIT.

The global financial system is in the sick bay. And there's no confident prognosis of when recovery can be expected.

Many global lenders' capital bases are in danger – the factor that caused Bear Stearns' collapse. Since January of last year, the world's largest banks and brokerages have suffered a collective loss of $181 billion (U.S.) on loan losses and reserves set aside for bad loans. Those losses have so severely depleted the treasuries of Citigroup Inc., Merrill Lynch Inc. and Swiss banking giant UBS AG, the largest bank in Europe, that all three have secured Red Cross injections of capital from state-owned investment funds and other investors in the Middle East and Asia.

The capital shortage at financial institutions has been worsened by the moribund condition of the markets for takeovers and initial public offerings (IPOs), depriving the banks and brokers of lucrative fees just when they need them.

Then again, overpriced, highly leveraged takeovers made at the height of acquisition exuberance in 2005 to 2007 are yet another source of the banks' current woes. Worldwide, banks, brokerages, hedge funds and even municipal pension-fund plans are on the hook for more than $1 trillion (U.S.) worth of buyout debt.

This is debt that private equity deal makers piled onto Chrysler LLC's balance sheet, and intend to burden Ma Bell parent BCE Inc. with so that those takeover targets can be made to pay the cost of their own acquisition.

Three New York-based banks and brokers alone, including Lehman Brothers Holdings Inc. (the subject of bankruptcy rumours this week), are saddled with more than $300 billion (U.S.) in private equity debt.

Contemplating such losses from at least some of the takeovers they financed, along with the near certainty of a wave of consumer-credit defaults on car, credit-card and other borrowing as the U.S. recession deepens, bankers are especially tight with money these days. That would be the case even if they weren't girding for further losses from the bursting of the $8 trillion (U.S.) housing bubble.

That's why banks worldwide have been hoarding cash by raising their lending rates – both to dissuade borrowers and to strengthen their balance sheets with higher rates imposed on their most creditworthy customers – even as the U.S. Fed slashed rates by 0.75 percentage points this week in still another bid to stimulate the economy.

If the bankers and the Fed appear to be acting at cross-purposes, so be it: The banks are being extra cautious for fear of being next on the list of lenders forcibly merged out of existence. The resulting capital drought is yet another drag on an already anemic U.S. economy.

3. LOSS OF TRUST

As of March 13, Bear Stearns was telling anyone who asked that it was in fine shape. Next day, it told Washington it was on death's door. Northern Rock PLC, Britain's largest mortgage lender and the first government-bailout casualty, was similarly sanguine about its prospects until a sudden bank run brought it to its knees.

As of late last year, Fed chair Ben Bernanke was insisting the crisis in subprime-mortgage defaults would not migrate into the larger U.S. economy, much less the global one.

Before he became a big investor in Wells Fargo & Co., the biggest bank on the U.S. West Coast, Warren Buffett counselled investors against banks. They can too easily hide their problems, he warned.

Bankers know that better than anyone, which is why they exhibited more than the usual suspicion this week in lending to each other – an essential function of modern global banking that keeps the system liquid. Interbank loans are cut off – as happened to Bear Stearns March 13 – when fellow banks and brokers abruptly cease lending to a peer they fear will not be good for the money.

The bankers and the Fed and other U.S. financial regulators have themselves to blame for the trust deficit that has grown since the credit crisis began seven months ago. That's when Bear Stearns found it could not recapitalize two of its hedge funds stuffed with "subprime" mortgages, the toxic instruments at the heart of the global credit crisis.

Earlier this decade, millions of low-income Americans, often making no down payment and offering no collateral, were induced to buy homes they couldn't afford, lured by low, "teaser" rates that currently are "resetting" at often usurious levels.

The premise was that home prices nationwide had never fallen, and that people who took out these junk or "wishful thinking" mortgages, as New York Times financial columnist David Leonhardt has called them, would be able to renegotiate their mortgages later at more favourable rates.

All the additional home-buying did ignite a boom in U.S. home prices, but this classic South Sea bubble burst last year, with prices falling between 30 per cent and 50 per cent.

With the regulators' after-the-fact approval, the world financial system was tricked up with a proliferation of devices for disguising "bundles" of subprime mortgages and other junk. These convoluted "innovations" included "structured investment vehicles" (SIVs), "collateralized debt obligations" (CDOs) and "asset-backed commercial paper" (ABCP), stuff that bank CEOs didn't understand or even know were in the bank's portfolio.

In a game of hot potato, banks unloaded this junk far and wide in bundles stamped with triple-A creditworthiness stickers, the recipients raking off their fees only to flip the package again until a $475,000 split-level in suburban Toledo whose low-income subprime mortgagee could no longer make the payments had found its way into the portfolio of a municipal employees pension plan in Hamburg or, remarkably, enough, an agency of the Ontario Treasurer.

About two years ago, Ed Clark, CEO of Toronto Dominion Bank, stumbled across an operation within his bank engaged in trading this unfamiliar exotica.

On discovering that the junior-ranking staff playing with the new toys could not explain how they worked, Clark demanded the stuff be immediately dumped (near the top of the market, as good luck would have it).

The Bear Stearns debacle and its aftershocks "stems from a loss of trust in the whole system of modern finance, with all its complex slicing and dicing or risk into ever more opaque forms," veteran financial markets columnist Gillian Tett wrote this week in the U.K. Financial Times.

"This trend is not just damaging the credibility of banks, but the aura of omnipotence that has enveloped institutions such as the U.S. Federal Reserve in recent years."

4. CORPORATE EXPANSION STALLS.

As long as the credit crunch persists, consumer and corporate borrowing will be constrained. Which means a longer-than-usual wait for that car loan and the small-business start-up loan. Also jeopardized are routine lines of credit by which enterprises simply keep the lights on, along with more substantial loans for corporate expansion that creates jobs, new product lines and new geographic markets.

Corporate strategies are on hold across North America. Western Canadian pipeline projects await financing, and branch-plant operations as varied as Home Depot Inc. and Sears Canada have Canadian expansion plans on hold. Consumer-products giant Procter & Gamble Co. can't jettison its pet food business or Braun small-appliances unit for lack of credible buyers. Venerable enterprises like apparel retailer Talbots Inc. and struggling newcomers such as Internet phone provider Vonage Holdings Corp. are equally stymied in obtaining credit.

"Getting the financing done, whether on our side or the other, is impossible," Gary Rodkin, chief executive of U.S. consumer food giant ConAgra Foods Inc., told the Wall Street Journal this week. "It's crystal clear: Financing is almost nonexistent."

5. U.S. CONSUMER FATIGUE.

As a U.S. recession deepens, its effects will be felt ever more widely in Canada. In slower sales of the minivans that roll off Chrysler's immense plant in Windsor, for instance – almost all destined for the U.S. market. Or at Waterloo's Research In Motion Ltd. if Wall Street steps up its tradition during slumps of laying off tens of thousands of white-collar BlackBerry addicts.

The entire B.C. economy is reliant on timber sales to a barely breathing U.S. new-house market.

It's said that the burgeoning middle class in China and India are developing a taste for North American goods. And it's true that Buicks that can't be given away in North America have lately become status symbols in Shanghai and Nanjing.

For all that, though, China boasts a consumer economy of about $1 trillion and India of a mere $600 million.

In the U.S., where shopping is famously referred to as "retail therapy," the consumer economy rings up about $9 trillion in annual sales.

Without robust American spending on Canadian goods, including patronage of our huge tourism sector, many Canadians will feel the pain. Bank of Canada governor Mark Carney was right, up to a point, that Canada benefits from "strength in domestic demand. We have a number of very strong fundamentals – corporate balance sheets, bank balance sheets, household balance sheets."

But our GDP is more export-oriented than most G-7 countries, and the bulk of those exports still head south. This is going to be, to say the least, a challenging next two years for Canadian exporters and for Canadian firms like TD Bank, Manulife Financial Inc., Tim Hortons Inc. and Alimentation Couche-Tard Ltée., which have aggressive growth plans in the U.S. in banking, insurance, fast food and convenience-store retailing, respectively. They'll be on the front lines as Americans cope with spending within their means.

CEO Howard Schwartz, as if he didn't have enough of a challenge in attempting a turnaround at struggling Starbucks Corp., told shareholders Wednesday at the coffee chain's annual meeting that, "You have an economy that really is in a tailspin, and many would say the consumer is in a recession. We're dealing with things we haven't seen before in terms of how people are responding to how tough it is."

With so many U.S. financiers "staring into the jaws of hell," as one New York analyst put it last week, a best-case scenario can't be ruled out. Lenders are newly cautious. There's still a lot of restless money out there in Asian and Middle Eastern "sovereign wealth funds" and traditional North American and European asset-management funds.

If worst comes to worst, the United States may end up creating a state agency to relieve troubled lenders of their junk – which the Fed effectively began to do by accepting a liberal definition of collateral in return for emergency bank financing.

It would be a costly gambit, reminiscent of Resolution Trust Corp., which picked up the pieces after the U.S. savings and loan disaster of the 1980s, whose total cost, while enormous by contemporary standards, would seem like chicken feed compared to this catastrophe.

Better that, though, than a great unwinding of the global financial system – although there's room to wonder if America, facing a $3 trillion debt in Iraq and Afghanistan, can resort to a rescue for the ages without resorting to printing the currency to fund it.