Mr. Mark Fedikow reports

NORTH AMERICAN NICKEL REPORTS FIRST ASSAYS AND GIVES EXPLORATION UPDATE

North American Nickel Inc. is starting to receive assays from the drilling program that commenced in mid-June at its 100-per-cent-owned Maniitsoq nickel-copper-cobalt-platinum-group-metals sulphide project in southwest Greenland. The company is also pleased to provide an exploration update for the Imiak Hill Complex (IHC) and from drill testing of regional exploration targets. The 2014 drilling program began in mid-June with one drill rig located at the IHC and a second regional drill rig added in early July. A total of 6,954 metres have been completed in 32 holes to mid-August.

Highlights to date from the drill program include:

• Drill hole MQ-14-037 at Imiak Hill, which intersected a zone containing high-grade massive and semi-massive sulphide veins grading 3.07 per cent nickel and 0.53 per cent copper over 11.03 metres, with the strongest interval grading 7.04 per cent Ni over 0.64 metres;
• First intersections of semi-massive sulphides veins from Spotty Hill;
• Regional drill program defines four new locations of sulphide mineralization including discoveries at:
  • P-013 containing zones of heavily disseminated to semi-massive sulphides;
  • Pingo (P-149) with intervals of disseminated, patchy to net-textured and stringer sulphides;
  • Camp area (P-136) with disseminated sulphides;
• Intervals of semi-massive to massive sulphide veins in several holes at Fossilik.

NAN president and interim chief executive officer Mark Fedikow states: "The 2014 exploration program is progressing well, and we continue to intersect nickel sulphide mineralization at both the IHC and regional exploration targets. The intersection of semi-massive and massive sulphide mineralization at Spotty Hill is very encouraging and enhances the grade profile of this sulphide zone. At Imiak Hill, mapping has outlined numerous mylonite zones, and the projection of these structures into the subsurface is helping to understand the controls on sulphide distribution. In addition, new sulphide intersections at a number of our regional exploration targets continue to provide evidence of a large magmatic event with related nickel sulphide mineralization. I look forward to the future assay results from Spotty Hill's semi-massive to massive sulphide intercepts, P-013's mineralization and the other strong regional discoveries."

Assay results have been received for five holes completed to test the down plunge extent of the Imiak Hill mineralization as reported herein and provided in the attached table. Figures are available on-line.

Imiak Hill

Five holes (MQ-14-035 to 39) totalling 1,558 metres were completed to test for extensions of the high-grade nickel mineralization intersected at Imiak Hill in 2012 and 2013. All five holes were collared from the same set-up in order to maximize logistics and were planned to test the mineralization at distances of up to 60 metres down plunge the southern extent of the zone.

MQ-14-035 was drilled to test down plunge and updip of previous hole MQ-13-028 (see news release dated Nov. 7, 2013), but appears to have gone over the plunge of the mineralized zone. This hole intersected a wide zone of norite-hosted disseminated sulphide grading 0.18 per cent Ni and 0.06 per cent Cu over 39.36 metres from 165 metres, similar to disseminated hangingwall zones intersected in previous drilling.

MQ-14-036 was drilled to test downdip of hole MQ-14-035 and intersected a mylonite zone from 264.79 metres to 266.93 metres. A narrow semi-massive, chalcopyrite-rich stringer grading 0.39 per cent Ni and 19.8 per cent Cu over 0.10 metre was caught up within the mylonite zone and is interpreted to be a disrupted edge of the mineralized zone.

MQ-14-037 was drilled to test down plunge and slightly downdip of hole MQ-13-028 (see news release dated Nov. 7, 2013). This hole intersected a zone of semi-massive and massive sulphide veins and stringers grading 3.07 per cent Ni and 0.53 per cent Cu over 11.03 metres from 220.51 m to 231.54 m, including 6.48 per cent Ni and 0.29 per cent Cu over 3.25 metres, and 7.04 per cent Ni and 0.25 per cent Cu over 0.63 metre. This intersection is slightly offset to the east of the main zone of mineralization and may represent a second parallel sulphide lens, which correlates with the southern end of a very strong electromagnetic (EM) anomaly detected in the borehole survey of this hole.

MQ-14-038 was drilled to test down plunge of hole MQ-14-037, and intersected a massive sulphide vein grading 6.07 per cent Ni and 1.35 per cent Cu over 0.60 metre from 228.95 m to 229.55 m. The sulphide vein occurs within a mylonite zone and is interpreted to be the disrupted edge of the targeted sulphide zone. MQ-14-039 was drilled to test downdip of hole MQ-14-037 and intersected a fault from 262.1 m to 265.45 m, near the target depth. No significant mineralization was intersected in this hole.

Drilling completed to date, in combination with recent mapping carried out by out by Dr. John Fedorowich of JFSG Consulting, has helped to further define the geometry, nature and controls on the mineralization. The main sulphide lens consists of semi-massive and massive pyrrhotite-pentlandite-chalcopyrite within a steeply south-plunging shoot, which is intersected by a mylonite at depth. A second parallel sulphide lens is interpreted to lie immediately to the east of the main lens but requires more drill testing to define its extents. The mylonite zone appears to disrupt the down plunge extent of the sulphide lenses, and further drilling is planned to test for potential offsets of the mineralization.

                   SUMMARY OF IMIAK HILL ASSAY RESULTS

                Length
                    of    From      To  Interval
Hole No.       hole (m)     (m)     (m)       (m)  Ni %   Cu %   Co %

MQ-14-035          269     165  204.36     39.36   0.18   0.06   0.01
including                  165     167         2    0.5   0.12   0.02
MQ-14-036          332  266.25  266.35       0.1   0.39   19.8   0.03
MQ-14-037          317  155.25  159.25         4   0.26   0.08   0.01
MQ-14-037               220.51  231.54     11.03   3.07   0.53   0.08
including               220.51  223.76      3.25   6.48   0.29   0.17
including               223.95  227.66      3.71   1.86   1.24   0.06
including               230.91  231.54      0.63   7.04   0.25   0.15
MQ-14-037               235.66  235.76       0.1   3.58   1.24   0.09
MQ-14-037               240.11  240.55      0.44   5.22   0.48   0.15
MQ-14-038          296  228.95  229.55       0.6   6.07   1.35   0.14
MQ-14-039          344                              NSA    NSA    NSA

(1) Intervals represent core lengths, not necessarily true widths.
(2) Pt, Pd and Au assay results are not reported because, in general, they are
    less than 1.0 g/t on a combined basis.
(3) NSA stands for no significant assays.

Exploration update

Imiak Hill Complex

In addition to the drill program at Imiak Hill, nine holes and the deepening of one hole for a total of 2,394 metres have been completed at the Spotty Hill and Mikissoq (Imiak North) areas for which assays are pending. Multiple holes at Spotty Hill have intersected sulphide mineralization, including wide zones of disseminated sulphide and at least one southeast-plunging shoot consisting of semi-massive and massive sulphide stringers and veins. Drilling at Spotty Hill continues to test high-conductance borehole EM anomalies, as well as the down plunge extents of the mineralization. Only two holes have been completed at Mikissoq, and both holes intersected country rock gneiss. Additional drilling and borehole EM are planned to try and determine the plunge direction and extent of the mineralization intersected in previous drilling.

Regional exploration targets

Eighteen holes totalling 3,002 metres have been completed to test 12 regional exploration targets located throughout the Maniitsoq property. Sulphide mineralization has been intersected in 14 of the 18 holes designed to test targets in the Fossilik, Pingo, Camp and P-013 areas for which assays are pending.

Highlights include:

• P-013 target (MQ-14-066):
  • New discovery of multiple intersections of norite-hosted, heavily disseminated to semi-massive sulphide over core lengths of approximately 0.5 metre to six metres within a broader mineralized intersection of approximately 131 metres;
• P-149 target, Pingo area (MQ-14-041):
  • Discovery of a 50-metre-long zone of norite-hosted disseminated sulphide (1 per cent to 5 per cent), including a 0.5-metre interval of patchy to net-textured and stringer sulphide (10 per cent to 20 per cent) at the downhole extent of the disseminated zone;
• P-136 target, Camp area (MQ-14-048):
  • Discovery of a 42-metre-long zone of norite-hosted disseminated sulphide (3 per cent to 5 per cent);
• Fossilik area (MQ-14-053, 54, 57 and 59):
  • Narrow (centimetre-to-decimetre-scale), semi-massive and massive sulphide veins occurring over core intervals of up to approximately four metres.

Borehole EM surveys have been completed in 31 of the 32 holes drilled to date. Interpretation and modelling of EM plates are continuing and are being used to plan follow-up drill holes. Geological mapping at the IHC and Fossilik was carried out over a two-week period by Dr. John Fedorowich of JFSG Consulting and assisted by NAN personnel. The results of this work include outcrop geology maps, and 3-D wireframes of structures and mineralization, and will be used in ArcGIS and GEMCOM modelling to assist in understanding the structural complexities of the mineralization and to plan future drilling.

Quality control

Drill core assay results are evaluated as part of a quality assurance and quality control procedure that includes the use of multielement, certified standards with known precious- and base-metal values, and blank standards to determine accuracy and precision of analytical results. Core sample analysis was completed by SGS Laboratories of Vancouver, Canada. Three methods of analysis were used to determine element concentrations in the rock samples submitted to SGS. These were (1) a multielement scan subsequent to a four-acid digestion and ICP/ICP-AES finish; (2) gold, platinum and palladium lead fire assay on a 30-gram sample with ICP-AES finish; and (3) samples with greater than 1 per cent Ni or Cu were reanalyzed by sodium peroxide fusion ICP-AES calibrated for ore-grade detection limits.

Qualified person

All technical information in this release has been reviewed by Dr. Mark Fedikow, PGeo, who is the qualified person, president and interim chief executive officer North American Nickel.

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