International Nickel Ventures Corporation
TSX : INV
TSX : INV.WT

International Nickel Ventures Corporation

January 17, 2008 08:31 ET

International Nickel Ventures Reports the Santa Fe Nickel Laterite Option Has Been Exercised and Resources Expanded

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2008) - International Nickel Ventures (TSX:INV)(TSX:INV.WT) is pleased to announce that the Santa Fe-Ipora Joint Venture (INV equals 27% and Teck Cominco Limited equals 73%) has made a final cash payment of US$9,250,000 and total cash payments of US$32,250,000 over the past 39 months to earn an indirect 75% interest in the Santa Fe-Ipora property from Mineradora Montita Ltda., a private Brazilian company who retain a 25% indirect interest in the property. INV's contribution of US$2,500,000 (27%) to the final payment enabled INV to maintain its 20.25% beneficial interest in the Santa Fe-Ipora properties located in Goias State, Brazil.

INV is also pleased to report a significant increase in total mineral resources. The new National Instrument 43-101 ("NI 43-101") mineral resource estimates, using a cutoff grade of 0.8% nickel, now consist of 35.7 million tonnes of Indicated Mineral Resources grading 1.14% nickel, and 104.3 million tonnes of Inferred Mineral Resources grading 1.03% nickel, using all data available to October 15, 2007. Previously, INV reported no indicated mineral resources and 109.0 million tonnes of inferred mineral resources.

The new NI 43-101 mineral resource estimates and models were completed by R. Mohan Srivastava, P. Geo., FSS Canada Consultants Inc. ("FSS") using drill hole data provided by Teck Cominco, the Santa Fe-Ipora Joint Venture operator. Scott Wilson Roscoe Postle Associates Inc. conducted a high-level NI 43-101 level audit of the new mineral resource estimates and in their opinion, "the FSS mineral resource estimate is quite acceptable and effectively incorporates the use of trend models to interpolate grades and bulk density."

Robert Bell, President and CEO, stated "INV is very pleased to significantly increase the total mineral resources. In addition to maintaining over 100 million tonnes of inferred mineral resource, we are able to report, for the first time, an additional 35.7 million tonnes of Indicated Mineral Resources. The very successful 2007 drill program significantly extended the area of the deposit, increased the mineral resources and provided a greater level of confidence to upgrade the inferred mineral resource in certain areas to indicated mineral resources. This advancement at the Santa Fe-Ipora project will assist us in meeting our objective to advance the project towards pre-feasibility as quickly as possible."

In the previous published resource estimates, all of the mineral resources were classified as inferred mineral resources. The 2007 drill program included in-fill drilling over significant parts of the Santa Fe and Ipora deposits and resulted in significant portions of the resource to now become classified as indicated mineral resources. The new drilling also identified significant new inferred mineral resources. As in previously reported mineral resource estimates (please see November 23, 2006 INV press release), the new mineral resource estimates use a minimum mineable thickness of two metres and a variety of cutoff grades (see table below).



INDICATED MINERAL
RESOURCES INFERRED MINERAL RESOURCES
Cutoff Tonnage Nickel Cobalt Iron Tonnage Nickel Cobalt Iron
(millions (millions
(%Ni) of tonnes) (%) (%) (%) of tonnes) (%) (%) (%)
--------------------------------------------------------------------
0.8 35.7 1.14 0.08 35.9 104.3 1.03 0.05 24.0
--------------------------------------------------------------------
0.9 27.5 1.23 0.08 35.8 61.9 1.15 0.05 23.7
--------------------------------------------------------------------
1.0 20.9 1.32 0.08 36.0 39.2 1.26 0.05 23.2
--------------------------------------------------------------------


The updated mineral resource estimates have used the same block modeling method that was used for the previous mineral resource estimates reported by INV: simple kriging with vertical trend models used to capture the gradational nature of the chemical changes across the laterite profile. Grade estimation has been restricted in map view to regions where nickel mineralization is supported by both bedrock geology and surface topography. Classification of the block model estimates into the Indicated and Inferred Mineral Resource categories is based on drill hole spacing, variogram analysis and lithology, with limonite resource blocks being classified as Indicated if supported by drilling at less than 70-metre spacing. All other resource blocks, including all saprolite resources, were classified as Inferred if supported by drill hole data within the range of the nickel grade variogram.

Qualified Person

This press release and the data set forth herein was prepared under the supervision and review of, and verified by J. Alan Spence, President of Spence Resource Management Inc., Paul Golightly, President of Golightly Geoscience Ltd. and Mohan Srivastava, President of FSS Canada Consultants Inc., each independent consultants to INV and Qualified Persons as defined under NI 43-101 of the Canadian Securities Administrators. The drill hole and assay data (from SGS Geosol Laboratorios Ltda., Belo Horizonte, Brazil) for this release have been provided by Teck Cominco, with industry standard QA/QC procedures in place.

A complete NI 43-101Technical Report is in preparation and will be filed on SEDAR within 45 days.

About INV

INV is an international mineral resource company focused on the acquisition, exploration and development of base metal projects in Brazil and Canada. Currently, INV's primary asset is its interest in the Santa Fe-Ipora Joint Venture (INV equals 27% and Teck Cominco Limited equals 73%) which owns 75% the Santa Fe-Ipora properties located in Goias State, Brazil, that host two advanced-stage nickel laterite deposits. For further information on these properties, please refer to Technical Report of May 10, 2007 which details all QA/QC procedures and interpretation of the exploration data and a summary description of the geology and is available on SEDAR at www.sedar.com.

INV holds a 100% interest in three prospective projects in northern Ontario. Two projects are located in the James Bay Lowlands area near the McFaulds Lake high grade nickel-copper-precious metals discovery. The third property is contiguous with Xstrata Nickel's operating Montcalm nickel mine in the Timmins area (see press release November 12, 2007).

INV is currently carrying out exploration programs on its Niquelandia and Damolandia properties in Brazil (see press releases of November 27, 2007 and October 17, 2007). As well, INV has a 100% ownership in an extensive land package, which now totals 480,712 hectares in Goias, Para and Tocantins States considered prospective for both lateritic and sulphide nickel deposits. INV is currently focusing on two high-priority areas within this land package, Aguas Claras and Taquaral, and is carrying out exploration activity to identify possible drill targets.

Please visit INV's website at www.nickelventures.com to view technical details relating to the property.

Forward-Looking Statement

This press release contains certain forward-looking statements. These forward-looking statements are subject to variety of risks and uncertainties beyond INV's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release there is no guarantee that any drill targets or economic mineral deposits will be found on INV's properties. For a more detailed discussion of such risks and other factors, refer to INV's filing with Canadian securities regulators available on www.sedar.com or INV's website at www.nickelventures.com.

Contact Information

  • International Nickel Ventures
    Robert C. Bell
    President and Chief Executive Officer
    (416) 703-8416
    Email: rbell@invc.ca
    or
    International Nickel Ventures
    Ann Gibbs
    Director Investor Relations
    (416) 703-8416 ext.231
    Email: agibbs@invc.ca
    Website: www.nickelventures.com