Victory Nickel Inc.
TSX : NI

Victory Nickel Inc.

July 12, 2007 11:33 ET

Victory Nickel Continues to Return Impressive Drill Results at Minago Deposit

Latest results include 64.65 metres of 0.94% nickel and 35.44 metres of 1.14% nickel

TORONTO, ONTARIO--(Marketwire - July 12, 2007) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI)(www.victorynickel.ca) today announced further positive drill results, including 64.65 metres grading 0.94% nickel and 35.44 metres grading 1.14% nickel, from the comprehensive drill program recently completed at its 100% owned Minago sulphide nickel project on the Thompson Nickel Belt in northern Manitoba.

"We have had numerous pleasant surprises throughout the drill program, intersecting grades over significant widths that are well above the average grade of the measured and indicated resource and hitting mineralization in geotechnical holes where none was expected," said Paul Jones, Vice-President, Exploration. "These results continue to compliment historic data, including resource estimates incorporated into the recently completed scoping study, and demonstrate the presence of abundant and continuous nickel mineralization with local higher grade lenses."

The program comprised a total of 44 drill holes that were collared to enhance confidence in the open pit exploitable resource, provide samples for an exhaustive metallurgical program and data for engineering design and geotechnical and hydrogeological study. All information produced from the winter program is being incorporated into the bankable feasibility study that is progressing well.

Notable intervals from 19 holes are tabulated below and (all intervals are core lengths, not true widths).



------------------------------------------------------------------------
Hole No. From (m) To (m) Core
Hole No. From (m) To (m) Length (m) Wt.Av.Ni% Comments
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-26 targeted
------------------------------------------------------------------------
N-07-27 128.68 182.93 54.25 0.80
------------------------------------------------------------------------
N-07-28 102.23 108.47 6.24 1.33
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-29 targeted
------------------------------------------------------------------------
No significant
N-07-30 mineralized
intercepts
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-31 362.02 376.00 13.98 0.69 targeted
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-32 targeted
------------------------------------------------------------------------
N-07-33 187.50 193.50 6.00 0.94
------------------------------------------------------------------------
No significant
N-07-34 mineralized
intercepts.
------------------------------------------------------------------------
N-07-35 132.95 161.90 28.95 1.12
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-36 targeted
------------------------------------------------------------------------
N-07-37 141.14 205.79 64.65 0.94
incl. 170.35 205.79 35.44 1.14
and
N-07-37 215.95 220.90 5.05 0.85
and
N-07-37 229.47 278.14 48.67 0.91
------------------------------------------------------------------------
N-07-38 173.91 185.18 11.27 0.73
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-39 279.08 299.00 19.92 0.92 targeted
------------------------------------------------------------------------
Geotechnical hole,
mineralization not
N-07-40 targeted
------------------------------------------------------------------------
N-07-41B 281.79 308.91 27.12 1.15
------------------------------------------------------------------------
N-07-42 180.07 183.13 3.06 0.73
and
Geotechnical hole,
mineralization not
N-07-42 198.08 213.22 15.14 0.83 targeted
------------------------------------------------------------------------
N-07-43A 194.40 199.34 4.94 0.76
------------------------------------------------------------------------
N-07-44 106.30 126.28 19.98 1.19
------------------------------------------------------------------------


All analyses were conducted by TSL Laboratories of Saskatoon, Saskatchewan. The Minago work program is being supervised by Paul Jones, Vice-President, Exploration for Victory Nickel, who acts as QP under National Instrument 43-101.

About Minago

Minago is one of Canada's largest undeveloped sulphide nickel deposits. Located in Manitoba's prolific Thompson nickel belt, Minago hosts measured and indicated resources of 49.1 million tonnes grading 0.516% nickel, or 558 million pounds of in-situ nickel (0.25% nickel cut-off grade), comprised of a 10.3 million tonne measured resource grading 0.593% nickel and a 38.8 million tonne indicated resource grading 0.496% nickel. A further 44.1 million tonne inferred resource at 0.528% nickel contains 513 million pounds of in-situ nickel (for further information, please see Minago Preliminary Economic Assessment by Wardrop Engineering, November 24, 2006, which is available on SEDAR at www.sedar.com).

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 (TSX:NWI), Victory Nickel is well financed and focused on becoming a producer by developing its existing properties and evaluating opportunities to expand its asset base.

To view a map of the Minago Deposit, please visit the following link: http://www.ccnmatthews.com/docs/vima0712.pdf

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.

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