Victory Nickel Inc.
TSX : NI

Victory Nickel Inc.

March 03, 2008 10:23 ET

Victory Nickel Drilling Returns 1.51% Ni Over 38.42 Metres Beneath Minago Resource

Hole V-08-01 confirms presence of higher grade mineralization at depth

TORONTO, ONTARIO--(Marketwire - March 3, 2008) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI)(www.victorynickel.ca) today reported a significant intersection from the first hole of the ongoing drill program at its Minago nickel project. Diamond drill hole V-08-01 confirms the presence of higher-grade nickel mineralization at depth, assaying 1.51% nickel over 38.42 metres as part of a 193.01 metre interval grading 0.59% nickel.

"This is a tremendous start to the drill program that we began in January as it demonstrates the continued presence of widespread and locally strong nickel mineralization that extends to depth beneath the currently identified near-surface resource at Minago," said Brian Robertson, President. "Additional intersections of mineralization with similar grade to that in DDH V-08-01 will clearly establish the potential for substantial enhancement of the current Minago nickel resource."

DDH V-08-01 was drilled to test for continuity of nickel mineralization immediately beneath the near surface resource at Minago - the hole was drilled to a depth of 578 metres. Assay results are as follows:



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Hole # From (m) To (m) Interval (m) Ni (%)
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DDH V-08-01 334.51 527.52 193.01 0.59
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including 346.08 359.00 11.78 0.71
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and 452.21 527.52 75.31 0.99
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including 452.21 490.63 38.42 1.51
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including 509.94 527.52 17.98 0.93
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The long interval of 193.01 metres grading 0.59% nickel clearly demonstrates the continued widespread nature of the nickel mineralization in the Minago host rocks, while the 38.42 metre intersection grading 1.51% nickel between 452.21 metres and 490.63 metres demonstrates the potential for higher grade nickel mineralization at 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. The program is subject to ongoing QA/QC procedures to ensure the veracity of results and data. 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 and has reviewed and approved the contents of this news release.

PDAC 2008

Please come and visit us at the PDAC show in Toronto, where we will be joining with Nuinsco Resources Limited (TSX:NWI) in booth Number 2531. In addition, Victory Nickel is hosting virtual reality tours of the Minago nickel deposit in room 802 of the Metro Toronto Convention Centre - South Building on Monday, March 3rd at 15:30 or Tuesday March 4th at 14:15. Please RSVP at http://seeit.mirarco.org/NI.

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.

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