| ||November 14, 2007|
International Nickel Ventures reports third quarter results
| ||FOR IMMEDIATE RELEASE|
INTERNATIONAL NICKEL VENTURES REPORTS THIRD QUARTER RESULTS
Toronto, ON - November 14, 2007 - International Nickel Ventures ("INV") (TSX: INV, INV.WT) reports its financial results and activity for the third quarter, ended September 30, 2007. Complete Management Analysis and Discussion and Financial Statements are available on the Company's website at www.nickelventures.com and are filed on SEDAR at www.sedar.com. All currency figures are in Canadian dollars unless otherwise noted.
- As a result of the positive progress on the Santa Fé/Iporá nickel laterite properties, on July 16, 2007, the Corporation paid US$1.8 million ($1.9 million) to Mineradora Montita Ltda., representing its 27% share of the US$6.6 million option payment for the Santa Fé/Iporá properties. A final purchase payment of US$ 9.25 million (INV's share US$2.5 million) is due November 16, 2007. Once that payment is made, the Joint Venture's interest will be earned. The Corporation will then hold a 20.25% interest, Teck Cominco Limited ("Teck Cominco") will hold a 54.75% interest and Montita a 25% interest in the Santa Fé/Iporá project.
- An 8-hole 2,000 metre diamond drill program started on October 23 at the Damolândia nickel sulphide property, located in the Anápolis Belt, approximately 60 km north of Goiânia city, Goiás State, Brazil. The drill program is targeting a combination of geological and geophysical targets.
- An airborne electromagnetic survey (VTEM) was flown in mid-October over the Damolândia, Taquaral and Aguas Claras properties with final interpretation expected in the latter half of November. Pending the results, drilling is planned to be carried out in the first quarter of 2008.
- On November 12, INV announced the purchase of three northern Ontario properties from Aurora Platinum Corp, a wholly owned subsidiary of FNX Mining Company ("FNX"), in exchange for 2.9 million common shares of INV. After completion of the transaction and assuming no further changes to the share capital of INV, FNX will own and control 7,662,060 common shares of INV and 3,153,801 share purchase warrants of INV representing 14.9% of the issued and outstanding common shares of INV or approximately 19.8% of the issued and outstanding common shares on a partially diluted basis assuming exercise of the share purchase warrants owned by FNX only.
Two of the properties, Lansdowne House and Fishtrap, are located in the James Bay Lowlands and appear to be located along the same geological terrane boundary that hosts the recently discovered McFaulds Lake high-grade, nickel-copper-precious metal deposit. Drilling by previous explorers at Lansdowne House intersected broad zones of highly anomalous copper-nickel-precious metal mineralization (see press release November 12, 2007). The third property, Montcalm is contiguous to Xstrata Nickel's producing Montcalm nickel-copper mine located northwest of Timmins.
The Corporation is not in commercial production on any of its resource properties and accordingly, it does not generate cash from operations and recorded a net loss of $1,237,137 or $0.03 per share during the third quarter of 2007 compared with a net loss of $406,803 or $0.01 per share for the same period in 2006. For the nine months ended during the same periods, the net loss for 2007 and 2006 were $2,488,410 or $0.06 per share and $1,490,041 or $0.05 per share, respectively.
General exploration costs increased by $34,870 and $248,069 respectively during the three and nine month periods ended September 30, 2007 as compared to the same periods in 2006. Expenditures on mineral property and deferred exploration totaled $577,179 and $1,927,855 in the third quarter and nine months of 2007 (compared to $1,038,617 and $1,671,076 in the third quarter 2006 and nine months of 2007).
As at September 30, 2007 the Corporation had cash of $28.8 million and working capital of $29.2 million. Cash and working capital have increased significantly from December 31, 2006 as a result of the proceeds from the Offering on May 18, 2007.
INV is a Canadian mineral resource company focused on the acquisition, exploration and development of base metal projects. Current projects are located in Brazil and Ontario. INV's primary asset is an option to acquire, along with partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fé and Iporá, in the Goiás nickel camp of Brazil. Once earned, INV will hold 27% of the 75% interest for a total project interest of 20.25%.
In addition to the Teck Cominco Joint Venture, INV has acquired three prospective projects in northern Ontario from FNX in exchange for 2.9 million common shares of INV. Two projects are located adjacent to the James Bay Lowlands area near the McFaulds Lake high grade nickel-copper-precious metals discovery. The third property is adjacent to Xstrata nickel mine in the Timmins area.
As well, INV has an option agreement with BCV over the Damolândia property (see press release dated October 17) as well as 100% ownership in an extensive land package, which now totals 480,712 hectares in Goiás, Pará and Tocantins States considered prospective for both lateritic and sulphide nickel deposits. INV is currently focusing on two high-priority areas within this land package, Aguas Claras and Taquaral, and is carrying out exploration activity to identify possible drill targets.
Please visit INV's website at www.nickelventures.com.
This press release contains certain forward-looking statements. These forward-looking statements are subject to variety of risks and uncertainties beyond INV's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risk factors include, without limitation, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. In this news release there is no guarantee that any drill targets or economic mineral deposits will be found on INV's properties. For a more detailed discussion of such risks and other factors, refer to INV's filing with Canadian securities regulators available on www.sedar.com or INV's website at www.nickelventures.com.
For further information, please contact:
Robert C. Bell, President and Chief Executive Officer
Ann Gibbs, Director Investor Relations
(416) 703-8416 ext.231
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