September 4, 2008

Nearctic Nickel Mines Inc. Announces Cancellation and Re-Issue of Options

The Board of Directors of Nearctic Nickel Mines Inc. (PINK SHEETS: NNMIF) (the "Corporation") announces that 2,526,123 stock options exercisable at $0.75 each previously outstanding have been cancelled and replaced by 2,526,123 stock options issued in favour of the same parties in the same quantities. The new options have a term which expires September 10, 2013. The exercise price of these new options is $0.40.

Certain other stock options exercisable at $0.10 each have had their exercise term extended to September 10, 2010.

Caution Concerning Forward-Looking Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Nearctic Nickel Mines Inc. believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as may be required by applicable securities laws, Nearctic Nickel Mines Inc. disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Issued and Outstanding: 28,363,276 Common Shares

 Contacts: Nearctic Nickel Mines Inc. Glen Erikson President (905) 274-3164  

SOURCE: Nearctic Nickel Mines Inc.