Exhibit 99.1

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The accompanying unaudited interim financial statements of the Company have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent auditor has not performed a review of the these financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an auditor.

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The accompanying notes are an integral part of these consolidated financial statements.

Approved on behalf of the board of directors:

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The accompanying notes are an integral part of these consolidated financial statements.

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The accompanying notes are an integral part of these consolidated financial statements.

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(a) Milford, Utah property, United States

The Milford Utah property has been operated by Copper King Mining Corporation, and its affiliate Western Utah Copper Company (WUCC), which are currently operating under Chapter 11 bankruptcy protection. Under the terms of a 2002 agreement, if WUCC failed to put the Company’s claims into production within a specified period of time, which was extended by agreement of the parties to November 1, 2008, the Company had an option to reacquire the claims. In June 2009, after repeated attempts to confirm the precise production status of this project, the Company launched an action for declaratory relief in the Federal Court in Utah to decide certain issues. In January 2010, the Company advised WUCC that it was exercising its option to reacquire the claims.

Under the 2002 agreement the Company had been entitled to certain royalties that were capped at US$10 million ($9.8 million) in the event that WUCC achieved production. A group of private investors that includes a current director of Pure Nickel Inc. has asserted that it holds a 12% interest in those royalties. Another party has alleged that it holds a 2% net smelter return royalty on certain claims.

After the Company filed the action for declaratory judgement, WUCC launched claims against it which management believes to be wholly without merit. Please refer to Note 17 – Contingencies.

In July, the Company reached a letter of intent with a group led by Skye Mineral Partners, LLC regarding our position in the property. Skye and its partners are the largest secured creditors of WUCC, thus making it the leading candidate to provide resolution to the bankruptcy. This letter of intent paves the way for Skye and its partners to ultimately acquire the project once WUCC emerges from bankruptcy. Terms under the letter of intent include: subject to the exit of Western Utah Copper Company (WUCC) from bankruptcy, a series of payments aggregating $3.5 million over a twelvemonth period, and the granting by Skye to the Company of a 1% Net Smelter Return (NSR) in all properties acquired by Skye and its partners from WUCC and Nevada Star. The NSR is subject to a royalty cap of US$8 million. Note that the terms of the final agreement may differ from those contemplated in the letter of intent.

(b) MAN property, Alaska, United States

In March, 2010 Itochu Corporation exercised its option to earn-in on the MAN property by paying US$500,000 ($507,800 at that time). In consideration for accelerating the exploration program in 2010 by 90% from the previously agreed amount, and for accelerating other payments going forward, Itochu’s participating interest granted under the option was increased to 30% from the 20% originally agreed. Itochu funded an exploration budget of US$7.5 million ($7.7 million) in 2010, and it has the right to earn up to a 75% interest in the MAN property by investing an aggregate of US$40 million (approximately $39 million) and meeting certain other conditions, by 2013.

Since April 1, 2010, pursuant to the agreement with Itochu, this property has been owned by MAN Alaska LLC, a joint venture in which the Company has a 70% membership interest.

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(c) Salt Chuck, Alaska, United States

The Salt Chuck property consists of mining claims covering approximately 1,082 hectares near the historic Salt Chuck mine on Prince of Wales Island, Alaska.

(d) Fond du Lac Project (formerly known as Axis Lake Project), Saskatchewan, Canada

Fond du Lac is located in northern Saskatchewan and comprises six contiguous claims covering 19,713 hectares on the northern edge of the Athabaska Basin.

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Stock option activity since November 30, 2010 is presented below:

The following stock options are outstanding and exercisable at August 31, 2011:

Stock options outstanding at August 31, 2011 expire from December 17, 2011 to July 8, 2014.

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Exhibit 99.2

MANAGEMENT DISCUSSION AND ANALYSIS

Background and overview

This Management Discussion and Analysis (MD&A) is intended to assist readers in understanding Pure Nickel Inc. (“Pure Nickel,” the “Corporation,” “we,” “our,” “us”), its business environment and future prospects. This MD&A should be read in conjunction with our unaudited interim consolidated financial statements and related notes for the nine-month period ended August 31, 2011, and the most recent annual consolidated financial statements. Information herein includes any significant developments to October 12, 2011, the date on which the MD&A was approved by our directors.

We are in the business of acquiring, exploring and developing mineral properties in Canada and the United States, primarily those containing nickel, platinum group elements (PGEs), copper, gold, silver and associated base and precious metals. Our intention is to explore undeveloped properties with the expectation of developing them to a level where an ore body is indicated or likely. We would then expect to develop a joint venture or purchase option with a larger mining company to further develop the property and, if justified, to take the property into production. At that point we would expect to retain an interest in the property: either a percentage of ownership, or receive a percentage royalty from the production.

Our common shares trade on the Toronto Stock Exchange (TSX) under the symbol “NIC,” and on the Over the Counter Bulletin Board (OTCBB) in the United States under the symbol “PNCKF”. We intend to voluntarily deregister our common stock under the Securities and Exchange Act of 1934 by filing a Form 15F with the SEC on or about October 13, 2011, after which our shares will no longer trade on the OTCBB, but will continue to trade on the TSX. Our consolidated financial statements are prepared in Canadian dollars and in accordance with Canadian generally accepted accounting principles (“GAAP”). (We disclose differences between Canadian GAAP and United States GAAP in a note to our consolidated financial statements.) Unless otherwise indicated herein, all dollar amounts are stated in Canadian dollars.

We were incorporated under the Company Act (British Columbia) on April 29, 1987, and continued under the Canada Business Corporations Act on April 7, 2009. We conduct our U.S. operations through a wholly-owned subsidiary, Nevada Star Resource Corp. (U.S.), a Nevada corporation. Nevada Star Resource Corp. (U.S.) owns a 70% participating interest in MAN Alaska LLC, a Delaware limited liability company.

Exploration Plans for our Properties

For 2011, our exploration activity has been focussed on the MAN Alaska property. We continue to seek joint venture, earn-in or other arrangements by which to advance the exploration of our properties without the cost of all of the work being borne by us.

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Third Quarter Highlights

MAN Alaska property

Our exploration partner on the MAN Alaska property, Itochu Corporation, continued its participation in our exploration program. Under a joint venture agreement, Itochu can earn an interest in the property of up to 75% by incurring US$40 million of exploration expenditures by 2013. To date Itochu has earned a 30% interest in the property.

Operations at the MAN Alaska property were under way during the third quarter. The drill program concluded just after the quarter-end, on September 6, 2011, and approximately 2600 metres in 11 holes have been completed. Assays are expected by the end of October. In addition to the drill program, ground-based mapping and sampling of the northern portion of the MAN Alaska property was conducted by both Pure Nickel and Itochu geologists.

Milford Utah property

In July, we announced that we had reached a letter of intent with a group led by Skye Mineral Partners, LLC regarding our position in the Milford, Utah copper project currently controlled by the Western Utah Copper Company (“WUCC”).

WUCC and its parent Copper King Mining Corporation filed for bankruptcy in May 2010. Skye and its partners are the largest secured creditors of WUCC, thus making the group the leading candidate to provide resolution to the bankruptcy. This letter of intent paves the way for Skye and its partners to ultimately acquire the project once WUCC emerges from bankruptcy.

In 2002 Nevada Star Resource Corp. (U.S.), a wholly-owned subsidiary of Pure Nickel, had granted an option agreement to WUCC on all of Nevada Star’s mining properties near Milford, Utah. In November 2008, WUCC failed to put the Nevada Star claims into production as it was required to do under the terms of the agreement, thereby entitling Nevada Star to exercise its option to reacquire the claims. In June 2009, after repeated attempts to confirm the precise production status of the project, Nevada Star launched an action asking the Federal Court in Utah for a declaratory judgement permitting Nevada Star to take back the claims pursuant to the 2002 agreement. WUCC filed a counterclaim. In May 2010 WUCC and its parent filed for Chapter 11 bankruptcy and Nevada Star’s action was stayed pending the reorganization of WUCC.

Terms under the letter of intent include: subject to the exit of Western Utah Copper Company (WUCC) from bankruptcy, a series of payments aggregating $3.5 million over a twelve-month period, and the granting by Skye to us of a 1% Net Smelter Return (NSR) in all properties acquired by Skye from WUCC and Nevada Star. The NSR is subject to a royalty cap of US$8 million. The terms of the final agreement may differ from those contemplated in the letter of intent.

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Manibridge Manitoba property

During the quarter, the Manibridge Manitoba joint venture agreement with Crowflight Minerals (now CaNickel Mining Limited) was terminated. The original agreement in 2007 was designed to explore and develop properties controlled by both companies. An initial jointly funded exploration program was conducted in 2008 and the drill results were very encouraging. Subsequent to the program, market conditions were not conducive to the advancement of the joint venture and it was mutually agreed to terminate the agreement and have the claims returned to each original owner.

Salt Chuck Alaska property

During the quarter the permitting process for the Salt Chuck property was completed. Permits are now in place, and we will undertake further exploration assessment and planning during the fourth quarter. Located on Prince of Wales Island in the Alaskan Panhandle, the property consists of 146 contiguous federal lode mining claims. The Salt Chuck mine produced approximately 300,000 metric tonnes of ore, reported by US government summaries (1948) to be 0.95% copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t silver. The mine was the largest producer of palladium in the United States during production.

Tower Manitoba property

Our option partner on the Tower property, Rockcliff Resources Inc. (TSXV: RCR), reported in July that it had commenced its summer exploration program which will include drilling at the Tower property. Drilling at the Tower property will focus on two untested conductors that were discovered by a geophysical Time Domain Electromagnetic Survey (TDEM) recently completed by Rockcliff. The first conductor is located approximately 800m west of the Tower copper deposit and has a strike length of over 1 km and very similar geophysical characteristics to the nearby deposit. The second is a 250m long conductor located approximately 100m west of the deposit.

Rockcliff has the exclusive right to earn a 70% interest in the Tower Property from us. Rockcliff must pay $150,000 in incremental payments over four years and is required to incur aggregate exploration expenditures totalling $4,000,000 over four years.

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Selected financial information

Results of operations – three months ended August 31, 2011

We received no operating revenues during the three months ended August 31, 2011, which is unchanged from the three months ended August 31, 2010. This is in accordance with our plans, as we do not currently generate revenues or cash flows from operations (other than interest income and some payments related to mineral properties that are credited to mineral properties on the balance sheet rather than being identified as revenues in our statement of operations). We are an exploration stage company and expect to finance activities through joint ventures, the sale of property interests, and by raising additional share capital when market conditions are suitable.

We reported a net loss of $204,102 or $0.003 per share for the three months ended August 31, 2011, compared to a net loss of $117,517 or $0.002 per share for the three months ended August 31, 2010. The loss includes a small gain (under $1,000) on foreign exchange for which the comparative figure is a loss of $68,668. We recorded a loss of $23,500 for the quarter compared to a gain of $23,625 in the previous year due to a loss in the fair value of investments. These figures resulted from the required accounting treatment when we receive warrants as part of an option agreement with a venture partner: under GAAP we are required to record the warrants at their fair value, and then record changes in their fair value at each balance sheet reporting date.

General and administrative expenses for the three months ended August 31, 2011 were $188,352 compared to $81,263 for the three months ended August 31, 2010. The increase in expenses for the quarter is attributable to timing differences in the incidence of various items. (On a year-to-date basis, for the nine months ended August 31, 2011, general and administrative expenses are reduced by 19%, primarily due to no bonuses being paid in the current year.)

Cash flows used by operating activities was $216,757 for the quarter, compared to cash used by operating activities of $195,211 in the previous year, a small change.

Investing activities provided cash of $689,569 for the three months ended August 31, 2011 compared to $947,636 of cash used by investing activities in the three months ended August 31, 2010, primarily due to the shifting of short-term investments between term deposits and savings accounts, in order to maximize interest revenue. There was no cash raised by financing activities during the current nor the corresponding quarter last year.

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Results of operations – nine months ended August 31, 2011

We received no operating revenues during the nine months ended August 31, 2011, which is unchanged from the nine months ended August 31, 2010. We do not currently generate revenues or cash flows from operations (except for interest income and some payments related to mineral properties that are credited to mineral properties on the balance sheet rather than being identified as revenues in our statement of operations). This was in accordance with expectations as we are an exploration stage company and expect to finance activities through joint ventures, the sale of property interests, and by raising additional share capital when market conditions are suitable.

We reported a net loss of $1,088,345 or $0.02 per share for the nine months ended August 31, 2011, compared to a net loss of $1,464,892 or $0.02 per share for the nine months ended August 31, 2010. The loss includes a $32,827 loss on foreign exchange for which the comparative figure is a loss of $39,505. Our policy has been to maintain U.S. dollar cash balances for the payment of expenses incurred in U.S. dollars: the loss results from the appreciation of the Canadian dollar during the period. The loss was reduced by a recovery from the write-off of a credit balance pertaining to the Forgues portion of our HPM/Forgues property when we determined that due to the low potential for discovery those claims would not be renewed.

General and administrative expenses for the nine months ended August 31, 2011 were $1,074,223, down by 19% from the figure of $1,327,683 for the nine months ended August 31, 2010. The decrease in expenses is attributable to a decrease of $108,000 for non-cash stock-based compensation and a decrease of $295,000 for cash bonuses paid to employees and consultants. We recorded a loss of $36,625 for the nine months ended August 31, 2011 compared to a loss of $107,750 in the prior year due to a decrease in the fair value of investments. These figures resulted from the required accounting treatment when we receive warrants as part of an option agreement with a venture partner. Under GAAP we are required to record the warrants at their fair value, and then record changes in their fair value at each balance sheet reporting date.

Cash flows used in operating activities were $1,276,141 for the nine months ended August 31, 2011, compared to cash used in operating activities of $1,129,715 in the prior year, a small change.

Investing activities provided cash of $661,309 for the nine months ended August 31, 2011 compared to $873,282 in the previous year, primarily due to the shifting of short-term investments between term deposits and savings accounts, in order to maximize interest revenue. Cash from financing activities was nil for the nine months ended August 31, 2011 compared to $507,800 in the prior period, which represented the proceeds from Itochu Corporation exercising their option to acquire an interest in the MAN Alaska property, as described in note 7(b) of the consolidated interim financial statements.

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Quarterly Information

Selected financial information for the previous eight quarters is set out below.

* Note: Fully diluted loss per share is not presented since it would be anti-dilutive.

Liquidity and Capital Resources

Currently, none of our property interests generate revenue. Our capital needs have historically been met by the issuance of securities (either through private placements, the exercise of stock options, and the issuance of shares for services, property or other assets). Fluctuations in our share price will affect our ability to obtain future financing, and future financing will represent dilution to existing shareholders. In addition, such price fluctuations will influence the propensity of holders of our warrants to exercise them into shares of the Corporation.

We had cash and equivalents as well as short term investments of $2,193,945 at August 31, 2011 compared to $4,104,904 at November 30, 2010. This balance includes restricted cash and cash equivalents of $84,279 (November 30, 2010 - $85,931) which are funds invested in guaranteed investment certificates with maturities of less than three months as security for corporate credit cards. Working capital was $2,320,592 at August 31, 2011 compared to $3,843,307 at November 30, 2010. Current liabilities at August 31, 2011 consisted of accounts payable and accrued liabilities payable totalling $128,344 compared to $438,457 at November 30, 2010.

The exploration and development of our mineral projects will require substantial additional capital. Failure to obtain sufficient capital would result in the delay or indefinite postponement of exploration, development or production on any or all projects, and may cause loss of participating project interests (please refer to Risks, on page 14). Management believes that the working capital on hand at August 31, 2011 will be sufficient to cover general and administrative expenses and property holding and exploration costs for the next 12 months.

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Off-Balance-Sheet Arrangements

We have not entered into any off-balance-sheet financing arrangements.

Transactions with Related Parties

During the nine months ended August 31, 2011, we incurred legal expenses with a firm of which a director was a principal during the period of $19,446 (2010 - $26,775) for legal services. The balance and transactions were in the normal course of operations and have been recorded at the exchange amounts which the parties believe to be fair value.

Proposed Transactions

We are not aware of any proposed transactions involving a proposed asset or business or business acquisition or disposition which may have a material effect on our financial condition, results of operations and cash flows. At any time, however, we may have under consideration potential transactions in such categories as part of the continuous review of our business activities and opportunities.

Share Capital

At August 31, 2011, share capital was as follows:

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Critical Accounting Estimates and Policies

Our consolidated financial statements for the three months and nine months ended August 31, 2011 are prepared in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”). Management makes certain estimates and relies upon certain assumptions related to reporting our assets and liabilities as well as results of operations in conformity with Canadian GAAP. Actual results will differ from these estimates and assumptions.

The most significant accounting estimates for us relate to the carrying values of our mineral property assets. Mineral properties consist of exploration and mining claims and leases. Acquisition and exploration costs are capitalized and deferred until such time as the property is put into production or the properties are disposed of either through sale or abandonment. The estimated values of all properties are assessed by management on a continual basis and if the carrying values exceed estimated recoverable values, then these costs are written down to the estimated recoverable values. If properties are put into production, the costs of acquisition and exploration are written off over the life of the property, based on the estimated economic reserves. Proceeds received from the sale of any interest in a property are first credited against the carrying value of the property, with any excess included in operations for the period. Following are our more critical accounting policies.

Mineral Properties

Mineral property acquisition and exploration costs are recorded at cost. All direct and indirect costs related to the acquisition of the interests are capitalized until the properties to which they relate are placed into production, sold, or management determines that there is an impairment. These costs will be amortized on the basis of units of production produced in relation to the proven reserves available on the related property following commencement of production. Mineral properties that are sold before a property reaches the production stage have proceeds from the sale of the property credited against the cost of the property, and any excess is recognized as income.

Foreign Exchange Loss

The consolidated financial statements are stated in Canadian dollars, which is our functional currency. Transactions and account balances in foreign currencies and the accounts of integrated foreign subsidiaries have been translated into Canadian dollars using the temporal method. Under the temporal method, monetary assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historic exchange rates. Revenue and expenses are translated at the exchange rates in effect on the transaction dates, except for depreciation, which is translated on the same basis as the related asset. The resulting exchange gains and losses are recognized in income.

Financial Instruments, including Investments

Financial instruments are measured at fair value upon initial recognition. After initial recognition, financial instruments are measured at their fair values, except for loans and receivables and other financial liabilities, which are measured at amortized cost. We have designated cash and cash equivalents and restricted cash as held-for-trading. Short-term investments are designated as available-for-sale. Accounts receivable are classified as loans and receivables and approximate fair value. Accounts payable and accrued liabilities are classified as other financial liabilities and approximate fair value.

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Investments consist of warrants received as part of option agreements negotiated with venture partners. A fair value is ascribed to the warrants at the transaction date using the Black-Scholes option pricing model, and that amount is offset against capitalized mineral property expenditures. At each subsequent balance sheet date, the fair value is recalculated and any gain or loss is reported in the consolidated statement of operations, comprehensive loss and deficit.

Loss per Share

Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. Outstanding stock options, warrants have not been considered in the computation of diluted loss per share as the result is anti-dilutive.

Stock Based Compensation

We have a plan for granting stock options to management, directors, employees and consultants. We recognize compensation expense for this plan under the fair value based method in accordance with CICA Handbook section 3870 “Stock-Based Compensation and Other Stock-Based Payments”. Under this method, the fair value of each option grant is estimated on the date of the grant and amortized over the vesting period, with the resulting amortization credited to contributed surplus. We estimate the fair value of each grant using the Black-Scholes option-pricing model. Consideration paid upon the exercise of stock options is recorded as share capital.

Changes in Accounting Policies

International Financial Reporting Standards

We will be required to adopt International Financial Reporting Standards (IFRS) effective December 1, 2011, so that the first time that we report under IFRS will be for the three months ended February 29, 2012. The conversion to IFRS will affect our accounting policies, information technology and data systems, internal controls over financial reporting, and disclosure controls and procedures. The transition may affect certain business processes such as foreign exchange conversion, and the interpretation of some contracts.

Our conversion plan has four phases: scoping and planning, detailed assessment, implementation, and post-implementation. We are currently in the detailed assessment phase which entails, among other things, selecting accounting policies under IFRS and under IFRS 1, “First-Time Adoption of International Financial Reporting Standards,” and determining the effect of their adoption on our financial systems and statements. We plan to prepare a mock-up of IFRS financial statements for review by the audit committee during fiscal 2011, and identify the additional information that will be required for IFRS disclosure

IFRS 1 provides companies adopting IFRS for the first time with some optional exemptions as well as certain mandatory exemptions for the preparation of the opening balance sheet. Our current assessment of the IFRS exemptions is as follows:

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We are in the process of analyzing the effect of adopting IFRS on our financial statements. Some of the more important choices and implications of converting to IFRS are as follows:

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Our foreign exchange policy under IFRS is expected to be as follows:

The consolidated financial statements are stated in Canadian dollars, which is the Company’s functional currency. The functional currency is the currency of the primary economic environment in which the Company operates. The Company’s United States subsidiary Nevada Star Resource Corp. (US) and its joint venture MAN Alaska LLC each determine their own functional currency, which is United States dollars, so that items in their financial statements are measured in United States dollars.

Transactions in foreign currencies (that is, in currencies other than the functional currency of each entity) are initially recorded at the functional currency spot rate of exchange prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies (not in the functional currency) are translated at the functional currency spot rate of exchange at the balance sheet date. All resulting differences are charged to foreign exchange gains or losses in the income statement. (In the future, if the Company were to have foreign currency borrowings accounted for as a hedge of a net investment in a foreign operation, foreign exchange differences thereon would be taken directly to equity until the disposal of the net investment, at which time they would be recognized in the income statement.)

The assets and liabilities of foreign operations are translated into Canadian dollars at the rate of exchange prevailing at the balance sheet date and transactions reflected in their statements of operations are translated at the rates prevailing at the time of the transaction. The exchange differences are taken directly to a separate component of equity. On disposal of a foreign operation, the deferred cumulative amount recognized in equity relating to that particular foreign operation is recognized in the income statement.

The above comments should not be considered as a complete list of changes that will result from the transition to IFRS: our analysis is continuing and some policies remain to be addressed. In addition, the accounting bodies responsible for issuing Canadian and IFRS accounting standards have significant ongoing projects that could our financial statements, including projects regarding income taxes, financial instruments and joint venture accounting. In addition, there is an extractive industries project currently underway that will lead to more definitive guidance on the accounting for exploration expenditures, but this is still in the discussion paper stage and may not be completed for some time. We are continuing to monitor the development of these projects and will assess their impact in the course of our transition to IFRS.

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Disclosure Controls and Procedures

Our CEO and CFO are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument (NI) 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.

We designed the DC&P and ICFR, the latter of which was using the framework in Internal Control over Financial Reporting – Guidance for Smaller Public Companies published by COSO, which is based upon their earlier publication Internal Control – Integrated Framework, to provide reasonable assurance that material information relating to us is made known to our CEO and CFO during the reporting period; and that information required to be disclosed by us in our filings under securities legislation is recorded, processed, summarized and reported within the required time periods; and to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with Canadian GAAP.

Our CEO and CFO evaluated the design effectiveness of the DC&P and ICFR, as defined by NI 52-109, as of August 31, 2011. Based on this evaluation, they concluded that the designs of the DC&P and ICFR were effective as of August 31, 2011. NI 52-109 also requires Canadian public companies to disclose in their MD&A any change in ICFR during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, ICFR. No change to ICFR has occurred during the quarter.

Only reasonable rather than absolute assurance that misstatements would be prevented or detected on a timely basis by ICFR can be provided due to the inherent limitations of the ICFR system. Such limitations also apply to the effectiveness of ICFR as it is also possible that controls may become inadequate because of changes in conditions or deterioration in compliance with policies and procedures.

Economic Factors

Our financial performance will be directly affected by the exploration activities conducted on our projects, the results of those activities, and the possible development of the properties for commercial production of nickel or other valuable minerals. Should the results of such exploration activities warrant bringing any of the projects into commercial production, substantial additional funds would be required. Until such time as commercial production is achieved (and there can be no assurance that it will be), we will continue to incur administrative costs and exploration expenditures (many of which are capitalized) resulting in continuing operating losses and significant cash requirements. In the future, should the development of our mineral projects occur, then our financial performance will become more closely linked to the prices obtained for the nickel and/or other metals produced.

We report our financial results in Canadian dollars although our revenues, if any, will be primarily earned in U.S. dollars, while our expenses are in both currencies. The Canadian dollar has shown significant volatility compared with the U.S. dollar. As a result, prices of commodities (such as nickel) as well as the Canadian value of disbursements incurred in United States funds have been highly volatile. We take this volatility and anticipated trends in metal prices and foreign exchange rates into consideration when evaluating our business, prospects and projects and expenditures thereon.

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Risks

Any investment in our common shares involves a high degree of risk. Risk factors that you should consider are set out in our Annual Information Form available at www.sedar.com . For readers in the United States, please refer to our 20-F available at www.sec.gov/edgar.shtml .

Forward-Looking Statements

This Management Discussion and Analysis includes forward-looking statements concerning our future performance, operations, and financial performance and financial condition. These forward-looking statements may include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates, and intentions. When used herein, the words “plan,” “believe,” “will,” “may,” “should,” “intend,” “estimate,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates, and expectations implied or expressed in the forward-looking information, and that actual future performance will be affected by a number of factors including economic conditions, technological change, and regulatory changes, all of which are beyond our control.

Future events and results may vary significantly from what is expected. We are under no obligation (and we expressly disclaim any obligation) to update the forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information

Additional information about Pure Nickel is available on our website at www.purenickel.com , on the (Canadian) SEDAR website at www.sedar.com , and on the (U.S.) EDGAR website at www.sec.gov/edgar.shtml .

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Exhibit 99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

I, David McPherson, President and Chief Executive Officer of Pure Nickel Inc., certify the following:

Date: October 12, 2011

/s/ “David R. McPherson”
David R. McPherson
President and Chief Executive Officer

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

I, Jeffrey D. Sherman, Chief Financial Officer of Pure Nickel Inc., certify the following:

Date: October 12, 2011

/s/ “Jeffrey D. Sherman”
Jeffrey D. Sherman
Chief Financial Officer

	Exhibit 99.1
October 13, 2011
FOR IMMEDIATE RELEASE

Pure Nickel Reports Operating Highlights and Results for the Nine Months Ended August 31, 2011

TORONTO, Ontario . Pure Nickel Inc. (NIC: TSX, OTCBB: PNCKF) today released its operating highlights and financial results for the quarter ended August 31, 2011.

Operating highlights

MAN Alaska Property
Operations at the MAN Alaska property were underway during the third quarter. The drill program concluded on September 6, 2011 and 2,580 metres in 11 holes were completed. Assays from the program are pending. In addition to the drill program, ground-based mapping and sampling of the northern portion of the MAN Alaska property was conducted by both Pure Nickel and ITOCHU geologists.

Our exploration partner on the MAN Alaska property, ITOCHU Corporation, can earn an interest in the property of up to 75% by incurring US$40 million of exploration expenditures by 2013. To date ITOCHU has earned a 30% interest in the property. Larry Hulbert, D.Sc., P.Geo is the designated Qualified Person for this project.

Milford Utah Property
In July, Pure Nickel announced that it had reached a letter of intent with respect to the Milford property. The letter of intent paves the way for a group including Skye Mineral Partners to ultimately acquire the project in the course of it emerging from bankruptcy. Terms under the letter of intent include: subject to the exit of Western Utah Copper Company (WUCC) from bankruptcy, a series of payments aggregating $3.5 million over a twelve-month period, and the granting by the Skye group to Pure Nickel of a 1% Net Smelter Return (NSR) in all properties acquired by Skye and its partners from WUCC and Nevada Star. The NSR is subject to a royalty cap of US$8 million. Note that the terms of the final agreement may differ from those contemplated in the letter of intent.

Manibridge Manitoba Property
Pure Nickel today announces that during the quarter ended August 31, 2011, the 2007 Manibridge Manitoba joint venture agreement with Crowflight Minerals (now CaNickel Mining Limited) was terminated. The original agreement was designed to explore and develop properties controlled by both companies. An initial jointly funded exploration program was conducted in 2008 and the drill results were very encouraging. Subsequent to the program, market conditions were not conducive to the advancement of the joint venture and it was mutually agreed to terminate the agreement and have the claims returned to each original owner.

Salt Chuck Alaska Property
During the quarter the permitting process for the Salt Chuck property was completed. Permits are now in place and the exploration team is planning the next logical exploration step in order to advance the property. Located on Prince of Wales Island in the Alaskan Panhandle, the property consists of 146 contiguous federal lode mining claims. The Salt Chuck mine produced approximately 300,000 metric tonnes of ore, reported by US government summaries (1948) to be 0.95 % copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t silver. The mine was the largest producer of palladium in the United States during its era of production. Larry Hulbert, D.Sc., P.Geo is the designated Qualified Person for this project.

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Results for nine months ended August 31, 2011

Pure Nickel reported that its net loss was in line with expectations: $204,101 ($0.003 per share) for the three months ended August 31, 2011, compared to a net loss of $117,517 ($0.002 per share) for three months ended August 31, 2010, and a net loss of $1,088,344 ($0.02 per share) for the nine months ended August 31, 2011, compared with a net loss of $1,464,892 ($0.02 per share) in the prior year. The Company ended the quarter with cash and short-term investments of $2.2 million, and working capital of $2.3 million. Total assets were $41.7 million at August 31, 2011.

For further information please refer to Pure Nickel’s consolidated interim financial statements and the accompanying management discussion and analysis on the company’s website at www.purenickel.com , on SEDAR at www.sedar.com , and on EDGAR at www.sec.gov/edgar/searchedgar/companysearch.html . (All dollar amounts herein are in Canadian funds unless otherwise indicated.)

Voluntary deregistration
Pure Nickel’s common stock is currently traded on both the Toronto Stock Exchange (TSX – symbol NIC) and the OTC Bulletin Board (OTCBB – symbol PNCKF). The Company intends to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended (Securities and Exchange Act) by filing a Form 15F with the SEC on or about October 12, 2011. Upon the filing of the Form 15F, Pure Nickel’s obligation to file periodic reports and other filings with the SEC, including annual and current reports on Forms 20-F and 6-K respectively, will be immediately suspended. Pure Nickel’s common stock is eligible for deregistration under the Securities and Exchange Act because the average daily trading volume of its common stock in the United States for a recent twelve-month period has been no greater than 5 percent of the average daily trading volume of Pure Nickel’s common stock on a worldwide basis.

In approving the decision to deregister, Pure Nickel’s Board of Directors considered the costs associated with preparing and filing periodic reports and other filings with the SEC, the costs associated with complying with the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010, the limited trading volume of the common stock on the OTCBB, and that preparation of duplicate regulatory filings in Canada and the United States is inappropriate for a small company and may detract from the time available to management for adding value to operations of the company. Pure Nickel will remain subject to Canadian securities regulations which require ongoing public disclosure, with new filings continuing to be available at www.sedar.com and on the Company’s website at www.purenickel.com .

Following deregistration, Pure Nickel’s common stock will no longer be quoted on the OTCBB. However, persons in the United States will continue to be able to trade the Company’s shares on the TSX.

Pure Nickel expects that the deregistration of its common stock under the Securities and Exchange Act will be completed no later than 90 days after the date the Form 15F is filed with the SEC. The Company’s common stock will continue to be quoted on the TSX after its deregistration under the Securities and Exchange Act becomes effective.

About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of mineral exploration projects in North America.

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Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans (including the plan to file a Form 15F), and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

For further information, please contact:

CHF Investor Relations
Cathy Hume
T. (416) 868-1079
Email: cathy@chfir.com
Website: www.chfir.com

The Howard Group Investor Relations
Jeff Walker
T. (888) 221-0915
Email: info@howardgroupinc.com
Website: www.howardgroupinc.com

Pure Nickel Inc.
David McPherson
President and CEO
T. (416) 644-0066
Email: info@purenickel.com
Website: www.purenickel.com

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