Independent Nickel Corp.
TSX : INI

Independent Nickel Corp.

August 07, 2008 06:00 ET

Independent Nickel Identifies New Geophysical Targets in Proximity to Disco Zone at Lynn Lake

SUDBURY, ONTARIO--(Marketwire - Aug. 7, 2008) - Independent Nickel Corp. (TSX:INI) has received results from an induced polarization ("IP") geophysical survey in and around its recently discovered Disco Zone on the Lynn Lake nickel mine property. In addition to characterizing the Disco Zone mineralization, the geophysical survey has highlighted 10 similar targets. Drilling on the Lynn Lake property has now resumed following a brief shutdown.

The Company has also completed 3D modeling of the Disco Zone, to aid in interpretation of the controls and potential volume of the mineralization. This modeling has confirmed "open" areas in proximity to the Disco zone both at depth and to the southeast of the zone as defined to date.

The 3D modeling has also confirmed the presence of a previously unknown structure that controls the mineralization and trends to the south-southwest. Historically, Lynn Lake ore bodies were associated with a different, south-southeast trending structure. It is believed that this new structure is related to the historic structure and offers similar exploration potential along its main trend. This main trend of the newly discovered controlling structure represents some of the highest potential for future discovery of near-surface mineralization.

The combined results of the 3D modeling and IP survey demonstrate the excellent exploration potential at Lynn Lake, as well as the potential for the Disco Zone to become an important new resource. The current phase of diamond drilling will test all of the newly defined targets, as well as further defining the extents of the Disco Zone.

Images of the IP survey results, and 3D model images, can be viewed at the Company's web site at www.independentnickel.com.

About Independent Nickel Corp.

Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty ("NSR") on Victory Nickel Inc.'s Minago Nickel Property, also located in Northern Manitoba. The NSR pays the Company 3% of all mineral product value when nickel prices exceed US$6/lb.

The Qualified Person responsible for the technical content of this news release is Richard Murphy, P. Geo., President and CEO of Independent Nickel Corp.

This document may contain forward-looking statements relating to Independent Nickel Corp.'s (INI) operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond INI's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. INI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

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