White Cliff Nickel Limited ABN 22 126 299 125 Suite 2, 5 Ord Street, West Perth WA 6005, PO Box 368 West Perth WA

6872. Telephone +61 8 9321 2233 Facsimile +61 8 9324 2977 www.wcnickel.com.au

31 March 2008 ASX Code: WCN

C$1.25 Million Lake Johnston Gold/Nickel Project Joint Venture Agreement

Highlights

• Joint venture agreement finalised to advance exploration of the Lake Johnston

gold/nickel project • Canadian company District Gold Inc to earn 50% by expenditure of C$1.25 million • Minimum expenditure of C$500,000

White Cliff Nickel Limited advises that a joint venture agreement to explore the Lake Johnston Gold/Nickel Project has been signed with Canadian company District Gold Inc. Under the joint venture District Gold Inc. will have the option to expend up to C$1.25 million in sole funded exploration on the project over the next 3 years to earn a 50% interest in the Project. Under the terms of the agreement, District Gold must initially expend a minimum of C$500,000 prior to being able to withdraw. White Cliff Nickel will continue to manage the project exploration. District Gold Inc. has gold and base metal projects in Alaska and is seeking a listing upon a qualifying public stock exchange in North America. White Cliff Nickel Managing Director Mr Mike Langoulant commented that “This joint venture agreement continues the Company’s strategy of advancing exploration of its projects while prudently conserving cash assets. This latest initiative by the Company is a great result for shareholders as exploration of this highly prospective project area can advance at a quicker pace now that it will be initially funded by District Gold Inc.” Lake Johnston Gold/Nickel Project Overview The Project lies approximately 180 kilometres east of Hyden and 90 kilometres west of Norseman, Western Australia and consists of sixteen tenement applications in the Lake Johnson Greenstone Belt, which contains Norilsk’s Emily Ann and Maggie Hayes nickel sulphide deposits. These mines have a total resource of approximately 140,000 tonnes of contained nickel. A substantial portion of the project area was previously held by LionOre (Norilsk) and contains excellent prospectively for both komatiite associated nickel sulphides and amphibolite facies high-grade gold mineralisation. The joint venture project area covers 1416 square kilometres and extends over the entire eastern limb and part of the western limb of the Lake Johnston Greenstone Belt. Importantly the tenements cover part of the Jimbalana dyke which is interpreted to be a major structural feature in the development of both the Maggie Hays and Emily Anne nickel deposits. Evaluation of historical data indicates that the eastern limb of the greenstone belt has had little exploration despite being highly prospective for nickel and gold.

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Gold Potential Collation of historical data has identified significant gold anomalies along the eastern limb of the greenstone belt. Drilling has intersected gold mineralisation with 6m @ 5.43 g /t Au along the western edge of the Taylor Rock magnetic anomaly just outside White Cliff tenement E63/1224 (See attached map). Further north within White Cliff Nickel tenements, the Payrise prospect contains gold values of between 0.1 to 0.5 g/t within Fe-stained, sheared and folded quartz-vein migmatite while along strike at Plover Rock prospect small open pits have historically had high grade nuggetty gold mined by prospectors. North of the Plover Rock pits within White Cliff Nickel tenements, previous exploration found extensive regional low level gold in soil anomalies defining a north to north westerly trend. These prospective anomalies have not been drilled. A drill programme over these anomalies will be undertaken early in the exploration program. To the west of E63/1227 at the Hardcore gold project drilling has identified 14m @ 4.65g/t Au from 104m in drill hole LLJD0155. Other significant intersections include: 3.5m @ 11.1 g/t Au in LJPD002 from 127m, 2m @ 4.5 g/t Au in LJC231 from 92m, and 3 m @ 17.7 g/t in LJPD010. During 2008 White Cliff Nickel identified the Lake Johnston Greenstone Belt as having significant potential for both gold and nickel mineralisation and over a period of time has acquired a large land holding in this highly prospective area. The Company believes there has been limited exploration in the area, in particular following up on significant gold anomalisms. The Joint Venture agreement will provide funding to evaluate the already identified gold prospects as well as further funding to explore the regional distribution of the gold anomalism. Nickel Prospectivity The Lake Johnston Project also has significant nickel potential. An initial review of historical work has identified three prospective zones at Lake Percy containing several nickel/copper geochemical anomalies (Ni > 800 ppm, Cu > 300 ppm) from both soil and RAB drilling. Diamond drilling, by LionOre, of geochemical targets along the western ultramafic unit intersected disseminated sulphides near the basal contact including: 8m @ 0.98% Ni (BP160B) and; 18m @ 0.43% Ni (BD160A) Further west at the Round Top Hill West prospect historical drilling has identified the following mineralised zones: Hole ID Intersections Depth of intersection EOH depth RTRB12 12m @ 0.23% Ni, 155 ppm Cu 8m 42m RTRB13 12m @ 0.24% Ni, 263 ppm Cu 20m 35m RTRB16 18m @ 0.45% Ni, >20 ppm Cu 18m to EOH 38m RTRB24 9m @ 0.43% Ni, >20 ppm Cu 4m to EOH 13m RTRB25 6m @ 0.5% Ni, 300 ppm Cu 16m to EOH 22m RTRB27 8m @ 1.1 % Ni, < 40 ppm Cu 36m to EOH 42m Table 1 Summary of RAB Results at Round Top Hill West South of the Taylor Rock magnetic anomaly Norilsk has identified 9m @ 0.24% Ni, 245 ppm Cu & 18m @ 0.37% Ni, 219 ppm Cu) in an area that still remains untested. The Company is currently collating and reviewing previous exploration data to allow the development of exploration programs. For further information please contact: www.wcnickel.com.au Mike Langoulant Todd Hibberd Managing Director Technical Director

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Project Map. Lake Johnston Nickel/Gold Project with leases in black, gold prospects in yellow and nickel prospects in green overlaid on the regional reduced to poles magnetic intensity map

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About White Cliff Nickel Limited White Cliff Nickel Limited is an ASX listed Western Australian based exploration company whose main projects: are. White Cliff Nickel Project: White Cliff Nickel’s core project is the White Cliff nickel project which covers over 1,000 square kilometres in a prospective region situated 60 kilometres south-east of Laverton WA. This project has been joint ventured with a Korean consortium, comprising Daewoo International Corporation and the 100% government owned Korea Resources Corporation, for the Korean consortium to earn up to 50% of the project by the expenditure of up to $5 million over the next 3 years . Lake Johnston Project: This project covers approximately 1,400 square kilometres of exploration tenement applications in the Lake Johnson Greenstone Belt. This Greenstone Belt contains Norilsk’s Emily Ann and Maggie Hayes nickel sulphide mines which combined have a total resource of approximately 140,000 tonnes of contained nickel. Much of the project area was previously held by LionOre and contain excellent prospectively for both komatiite associated nickel sulphides and amphibolite facies high-grade gold mineralisation. The area contains little outcrop, with the bedrock geology concealed by transported cover. Mount Remarkable Project: The project located approximately 170 km N-NE of Kalgoorlie and about 25 km SE of Kookynie in the Northern Goldfields. Included in the project area is the historic Mt Remarkable Mining Centre, which consists of several old workings. Major gold mines in the surrounding area include Sons of Gwalia, Tarmoola, Carosue Dam, Granny Smith, Wallaby and Sunrise Dam Oakover River Iron-Manganese Project: The Oakover River three exploration tenement applications are approximately 140 km east of the town of Newman, Western Australia and cover approximately 970 square kilometres. This area is considered to have potential iron and manganese mineralisation in an underexplored area. The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Todd Hibberd, who is a member of the Australian Institute of Mining and Metallurgy. Mr Hibberd is a full time employee of the company. Mr Hibberd has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)`. Mr Hibberd consents to the inclusion of this information in the form and context in which it appears in this report.

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Tenement Map. A regional geology and location plan of White Cliff Nickel Limited exploration

projects in the Yilgarn Craton, Western Australia

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