First Nickel Inc. announced audited earnings results for the year ended December 31, 2011. For the period, earnings before taxes was CAD 24.685 million and net earnings and comprehensive earnings was CAD 25.157 million or CAD 0.05 per basic and diluted share compared to loss before taxes of CAD 10.211 million and net loss and comprehensive loss of CAD 10.194 million or CAD 0.06 per basic and diluted share for the same period a year ago. The company expects to be at or near the full production rate of approximately 10 million pounds of nickel per annum in the fourth quarter of 2012. In addition to Lockerby, the company will continue exploration activities at its other Ontario properties and seek to add to the portfolio of base metal projects through acquisitions of promising exploration properties and operating mines. Production rates of Lockerby are expected to ramp-up over the course of 2012 with commercial production expected to be achieved by mid-2012 and full production expected to be achieved by year end 2012 at an expected rate of 800 tpd. Once in full production, the mine is expected to produce approximately 10 million pounds of nickel and 7 million pounds of copper annually. Exploration expenditures for 2012 have been budgeted at CAD 3.4 million and will include 11,000 metres of diamond drilling, borehole geophysics and surface mapping and sampling on four of the company's properties, to assess potential growth opportunities, with the objective of increasing mineral resources for the company.