Independent Nickel Corp.

Independent Nickel Corp.

October 09, 2008 13:07 ET

Victory Nickel Nominees Appointed to Independent Nickel Board; Special Meeting of Shareholders Set to Consider Subsequent Acquisition Transaction

SUDBURY, ONTARIO--(Marketwire - Oct. 9, 2008) - Independent Nickel Corp. (TSX:INI) ("Independent Nickel") today announced that five directors have resigned from the board of directors of Independent Nickel and that four new directors have been appointed, all in accordance with the support agreement entered into between Independent Nickel and Victory Nickel Inc. ("Victory") in respect of Victory's offer (the "Offer") to acquire all of the outstanding common shares (the "Independent Shares") of Independent Nickel. Resigning from the board of Independent Nickel are Ron Arnold, Guy Mahaffy, Kerry Knoll, Thomas Obradovich and Conrad Swanson. The new directors of Independent Nickel are Rene Galipeau, Warren Holmes, Cynthia Thomas and George Archibald, who were nominated to the board of directors by Victory, which currently holds 46,741,434 Independent Shares, representing approximately 77% of the issued and outstanding Independent Shares. Richard Murphy and Wayne Whymark continue to act as directors of Independent Nickel.

Independent Nickel wishes to thank each of the outgoing directors for their guidance and dedication in growing the Company over the past three years.

It is anticipated that Independent Shares not tendered to the Offer by October 17, 2008, the expiry date of the Offer, will be acquired by Victory at the end of 2008 for the same per share consideration of 1.1 of a Victory Share that was offered in the Offer. A special meeting of Independent Nickel shareholders is planned for December of 2008, to approve this transaction. Further details pertaining to the meeting will be provided by Independent Nickel shortly. Victory owns sufficient Independent Shares to approve this acquisition, assuming no additional Independent Shares are issued. Independent Shares are expected to be delisted from the TSX upon the completion of this transaction.

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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