Independent Nickel Corp.

Independent Nickel Corp.

October 20, 2008 06:00 ET

Victory Nickel Acquires Additional Common Shares of Independent Nickel

SUDBURY, ONTARIO--(Marketwire - Oct. 20, 2008) - Independent Nickel Corp. (TSX:INI) ("Independent Nickel") today announced that Victory Nickel has taken-up and paid for an additional 4,088,815 outstanding common shares of Independent Nickel ("Independent Shares"), being all of the Independent Shares tendered and not previously acquired pursuant to the Offer (as defined below) as at 6:00 p.m. (Toronto time) on October 17, 2008 (the "Expiry Time").

This take up of additional Independent Shares has occurred in connection with to the offer by Victory Nickel (the "Offer") to acquire all of the Independent Shares on the basis of 1.1 of Victory Nickel share for each Independent Share, pursuant to Victory Nickel's offer to purchase and takeover bid circular dated August 19, 2008, as amended by its notice dated September 24, 2008 and October 6, 2008.

As a result of the take-up of the additional Independent Shares deposited to the Offer, Victory Nickel has ownership and control over an aggregate of 50,830,249 Independent Shares representing approximately 84% of the 60,613,738 issued and outstanding Independent Shares.

Victory Nickel acquired ownership and control over this 84% of the issued and outstanding Independent Shares by issuing an aggregate of 55,913,274 Victory Nickel shares ("Victory Nickel Shares").

Victory Nickel has not extended the Offer and, as a result, the Offer has expired and is no longer open for acceptance. Victory Nickel intends to acquire all of the Independent Shares not acquired by the Expiry Time pursuant to a Subsequent Acquisition Transaction, which is expected to be considered at a special meeting of holders of Independent Shares on December 23, 2008.

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.

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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