NiCo Mining Limited announces that it has engaged Becher McMahon Capital Markets Inc. to act as agent of the Corporation on a commercially reasonable efforts basis in connection with the proposed private placement of up to 18,750,000, units of the Corporation for gross proceeds of up to $7.5 million.

Each Unit will consist of one common share of the Corporation at $0.40 per share: one-half of one class A share purchase warrant of the Corporation and one-half of one Class B share purchase warrant. Each whole Class A Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.60 during the period of 12 months following the closing date of the Private Placement. Each whole Class B Warrant will entitle the holder thereof to purchase one Common Share at a price of $1.00 during the period of 24 months following the Closing Date.

The net proceeds of the Private Placement will be used by the Corporation to fund expenditures related to the acquisition and/or development of mineral properties, to pursue and complete strategic transactions, and as working capital.

The Agent has also been engaged as advisor to the Corporation to assist it with respect to identifying potential strategic transactions for the Corporation.

The Corporation has agreed to pay the Agent a commission of 7% of the gross proceeds of the Private Placement and has agreed to issue the Agent compensation options entitling the Agent to purchase, at a price of $0.40 per Share, such number of Common Shares as is equal to 7% of the number of Units sold under the Private Placement. The Compensation Options will be exercisable for a period of 18 months from the Closing Date.

Closing of the private placement is expected on or before December 5, 2008 and is subject to receipt of all applicable regulatory approvals, including the approval of TSX Venture Exchange Inc.