Victory Nickel Inc.

Victory Nickel Inc.

July 10, 2008 14:02 ET

Positive Drill Results at Depth Continue at Victory Nickel's Minago Project

Hole V-08-06 intersects 47.82m grading 1.30% Ni within 623.48m of 0.36% Ni

TORONTO, ONTARIO--(Marketwire - July 10, 2008) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI) ( today reported further positive results, including 47.82 metres of 1.30% nickel within a 623.48 metre intercept grading 0.36% nickel, from the 2008 winter drilling program at its Minago project. Drill holes V-08-06 through V-08-08 continue to intersect impressive intercepts of nickeliferous rock, demonstrating the presence of higher-grade nickel domains below the existing open pit resource.

"These results complement the positive assays reported from the first five holes of this program, including 38.42 metres of 1.51% nickel in Hole 1 and 46.29 metres of 1.31% nickel in Hole 4," said Vice-President, Exploration Paul Jones. "Thus far this program has provided continuing evidence of a significant nickel resource at depth while supporting and supplementing results from the open pit resource. The balance of results from the resource definition drilling in the Nose Deposit, as well as from exploration holes in the North Limb, will be released as they are received."

The focus of the 2008 winter drill program was to test for continuity of nickel mineralization to depth beneath the large, open pit exploitable, resource at the Minago Deposit. To this end a total of 10 drill holes were collared comprising 7,532 metres, eight of which have now been released. The holes were drilled as part of a larger work program that included condemnation drilling around planned infrastructure sites and exploration drilling elsewhere on the property. Further drilling was undertaken to provide data for hydrogeological and geotechnical studies. Significant results from holes V-08-06 to V-08-08 include:

Hole ID From (m) To (m) (m) Ni(%)

V-08-06 136.55 760.03 623.48 0.36
Including 217.44 265.26 47.82 1.30
547.59 647.45 99.86 0.84

V-08-07 481.19 522.06 40.87 0.51
including 516.47 522.06 5.59 0.78

V-08-08 824.46 834.98 10.52 1.21

The intersections tabulated above were obtained from the east part of the Minago Deposit and demonstrate the widespread distribution of nickel within the ultramafic host rock. Significantly they also show that nickel mineralization continues to substantial depth.

All intervals reported in this news release are core lengths and not true widths. All analyses were conducted by TSL Laboratories of Saskatoon, Saskatchewan and are reviewed for QA\QC purposes prior to public release. The Minago work program is being supervised by Paul Jones, Vice-President, Exploration, who acts as QP under National Instrument 43-101 and has reviewed and approved the contents of this news release.

About Victory Nickel

Victory Nickel Inc. is a Canadian company with over 660,000,000 pounds of in-situ nickel in National Instrument 43-101-compliant measured (154,000,000 pounds) and indicated (511,000,000 pounds) resources in three sulphide nickel projects: Minago and Mel on Manitoba's Thompson nickel belt, and the high-grade Lac Rocher deposit in northwestern Quebec, and an additional 530 million pounds of in-situ nickel in inferred resources. Created from the nickel assets of Nuinsco Resources Limited (TSX:NWI), Victory Nickel is well financed and focused on becoming a substantial nickel producer by developing its existing properties and evaluating opportunities to expand its nickel asset base.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Victory Nickel believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Victory Nickel based on information currently available to Victory Nickel. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Victory Nickel to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Victory Nickel. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper, nickel and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Victory Nickel disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Victory Nickel believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

To view a map of the Drill Plan, Minago Deposit, Thompson Nickel Belt, Manitoba, please visit the following link:

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