Victory Nickel Inc.
TSX : NI

Victory Nickel Inc.

September 18, 2007 07:00 ET

Victory Nickel, Waswanipi Cree First Nation Sign MOU on Lac Rocher

Groups to work together to expedite development and mining of Lac Rocher nickel deposit

TORONTO, ONTARIO--(Marketwire - Sept. 18, 2007) - Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX:NI) (www.victorynickel.ca) today announced that it has entered into a Memorandum of Understanding ("MOU") with the Waswanipi Cree First Nation ("WCFN") whereby the parties have agreed to work together to support and expedite development and mining of the Company's high-grade Lac Rocher Nickel Project in northern Quebec in a way that respects the collective interests of Victory Nickel, the WCFN and other stakeholders.

Under the MOU, the parties acknowledge that the Company's Lac Rocher Nickel Project is on lands traditionally used and currently occupied by WCFN members, and that the WCFN supports the project and will endorse Victory Nickel's application for an exemption from preparing a full environmental impact statement in order to expedite receipt of a Certificate of Authorization ("CoA") from the Quebec Ministry of Environment. A CoA is necessary to begin mine development, and it is expected that receipt of this exemption could shorten the mine development time table by approximately six months.

The MOU also establishes a framework covering communication; environmental; social support; training, employment and contract opportunity; and education issues that will allow Victory Nickel and the WCFN to create a mutually beneficial working relationship.

"I am very pleased with the positive nature of the consultation process and the support provided by the WCFN for rapid development of the Lac Rocher deposit," said Brian Robertson, President of Victory Nickel. "We look forward to working closely with the WCFN to create a project that capitalizes on the robust nickel price while at the same time respecting the interests and needs of all stakeholders."

Studies currently underway to move the Lac Rocher deposit to production include:

- environmental studies and a Preliminary Economic Assessment by Roche Engineering;

- metallurgical testing by Corem and Xstrata Process Support; and,

- an updated 43-101-compliant resource by Geostat Systems International Inc.

About Lac Rocher

The Lac Rocher property is located on the Frotet-Evans Greenstone Belt in northwestern Quebec, 140 kilometres northeast of the village of Matagami. The Lac Rocher nickel-sulphide discovery occurs in the zoned, unmetamorphosed "Discovery Intrusion" that is in sharp intrusive contact with the enveloping country rock. The 3.2 metre massive sulphide intersection at the footwall contact of the intrusion returned a weighted average of 10.8% nickel as part of a 61.5 metre interval grading 1.69% nickel. Subsequent drilling identified a larger halo zone in excess of 1% nickel surrounding the massive sulphide discovery.

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. Victory Nickel is well financed and focused on becoming a producer by developing its existing properties and evaluating opportunities to expand its asset base.

For further information, please visit our website at www.victorynickel.ca.

Lac Rocher mineral resources were estimated by the Mining Innovation, Rehabilitation and Applied Research Corporation (MIRARCO), located in Sudbury, Ontario. All analyses were performed by Laboratoire Expert of Rouyn-Noranda, Quebec. Please refer to the news release dated September 22, 2006 for the most recent drill results from Lac Rocher and the technical report entitled "Technical Report and Mineral Resource Estimate on the Lac Rocher Project" dated and filed on December 27, 2006 for further information. The Lac Rocher project is under the supervision of Paul Jones, Nuinsco's V.P. of Exploration, who under National Instrument 43-101 is Nuinsco's internal Qualified Person; the Lac Rocher technical report was written by Ted Goettel, P.Geol, an independent qualified person under National Instrument 43-101.

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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