International Nickel Ventures and joint venture partner intend to make final payment to complete acquisition of an indirect 75% interest in Santa Fé/Iporá properties in Brazil
TORONTO, ON – November 16, 2007 – International Nickel Ventures (“INV”) (TSX: INV, INV.WT) is pleased to announce continuing progress on the exploration and development of the Santa Fé/Iporá project in Goias State, Brazil with joint venture partner and operator Teck Cominco Limited (“Teck Cominco”) (Teck Cominco 73%: INV 27%). The INV-Teck Cominco joint venture intends to make the final payment of US$9,250,000 (INV’s 27% share is US$2.5 million) to Mineradora Montita Ltda. (“Montita”), a private Brazilian company that is the underlying owner of the property, to complete the acquisition of an indirect 75% interest in the project.
Although the final payment is due on November 16, 2007, Montita has requested, and the joint venture partners have agreed, to extend the payment due date to permit a corporate restructuring of Montita. The parties are currently discussing the nature and timing of the restructuring, which is expected to take at least 30 days to complete.
As of September 30, 2007, the joint venture has incurred expenditures of CDN$50.6 million.
To date 5,303 holes have been drilled totaling 70,762 metres and on November 23, 2006, INV announced an inferred resource, at a 0.8% nickel cutoff, of 109 million tonnes grading 1.11% nickel based on drill results up to October, 2006 (see press release dated November 23, 2006 available on SEDAR at www.sedar.com). INV is currently updating this resource estimation to include information collected from the drilling activity post-October, 2006.
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 (see press release November 12, 2007).
As well, INV has an option agreement with BCV over the Damolândia property (see press release dated October 17, 2007) 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 and the data set forth herein was prepared under the supervision and review of, and verified by J. Alan Spence, President of Spence Resource Management Inc. and Mohan Srivastava, President of FSS Canada Consultants Inc., both independent consultants to INV and
Qualified Persons as defined under NI 43-101 of the Canadian Securities Administrators. For further information on the Santa Fé/ Iporá Project, please refer to the Technical Report dated May 3, 2007 available on SEDAR at www.sedar.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.