Share price of First Nickel Inc. fell more than a third on Monday after the company suspended production and initiating a care and maintenance program at its Lockerby mine.

William Anderson, president and CEO of First Nickel. said:

Regrettably, the prevailing nickel prices are below Lockerby’s cash costs per pound of payable nickel even though the company has worked diligently throughout 2008 to reduce costs.We believe this is the best option to conserve cash and position the operation for future success while maintaining the long-term benefit to the community and our shareholders.

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