Great Lakes Nickel signs option agreement with Rio Tinto

TORONTO, Nov. 18, 2011 /CNW/ – Great Lakes Nickel Limited (“GLN” or the Corporation“) is pleased to announce that it signed an agreement today with Rio Tinto Exploration Canada Inc. (“RTEC“) regarding an option by RTEC to acquire a 100% undivided interest in certain mining properties located in Pardee Township, Ontario (the “Pardee Property“).  The basic terms of the agreement are that RTEC may exercise the option upon paying $5,500,000 to the Corporation over the course of seven (7) years, at which time it will grant the Corporation a 2% net smelter returns royalty.  During the option period, RTEC will have the right to make all exploration and development decisions and the Corporation will provide to RTEC all project data that it holds or has the right to receive.  RTEC may elect to withdraw from the Pardee Property at any time after making the first payment under the option, with no interest earned and no further rights and obligations.  RTEC will be required to maintain the Pardee Property in good standing during the option period.

CAUTIONARY STATEMENT