International Nickel and JV partner make US$6.6 million option payment on Santa Fé/Iporá
TORONTO, Ontario, Canada July 16, 2007 — International Nickel Ventures Corporation (TSX: INV) (“INV” or “Company”) is pleased to announce that, as a result of continuing positive progress with joint venture partner and operator, Teck Cominco Limited (“Teck Cominco”), on their advanced-stage Santa Fé/Iporá nickel laterite deposits, the next option payment of US$6.6 million (INV’s share: US $1.78 million) will be made to Mineradora Montita Ltda (“Montita”) on July 16, 2007.
The joint venture (Teck Cominco 73%: INV 27%) owns the right to earn a 75% interest from Montita in the Santa Fé/Iporá nickel laterite deposits located in southwestern Goiás State in south central Brasil. The 75% interest may be earned by making a final property payment of US$9.25 million (INV’s share: US$2.5 million) by November 16, 2007. Including the July 16, 2007 payment, the joint venture has made total property payments of US$23.3 million to date.
Since 2005, the joint venture has spent a total of CDN$24.7 million on work programs at Santa Fé/Iporá, including 70,600 metres of drilling, resource modeling, metallurgical and upgrading testwork, process plant design and recently initiated environmental baseline studies.
“Encouraging results have been obtained at Santa Fé/Iporá since work began in 2005, including an increased confidence in the size, metal content and processing options,” comments Jim Clucas, Chairman, President and Chief Executive Officer of INV. In addition, a 2006 processing scoping study, which contemplated utilizing an HPAL plant designed by GRD Minproc, assessed both operating and capital costs for a range of production levels and is constantly being updated as new data becomes available.
The joint venture will announce its plans and budget for the balance of 2007 shortly. INV has a strong balance sheet with $11.9 million in cash at the end of the March quarter plus the gross proceeds of $23.1 million from a recently completed financing (See May 18, 2007 News Release). The Company has no debt.
INV is a Canadian mineral resource company focused on the acquisition, exploration and development of nickel projects in Brazil. Its primary asset is an option to acquire, with 73% 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. In addition, INV has a 100% ownership in an extensive land package of prospective nickel properties in Goiás, Para and Tocantins States, which now totals over 471,000 hectares.
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. In this news release there is no guarantee that any 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.