International Nickel Ventures Corporation Exploration Update

TORONTO, ONTARIO – (CCNMatthews – October 24, 2006) – International Nickel Ventures Corporation (“INV”)(TSX:INV) is exploring through its strategic alliance with Amazonia, a private Brazilian based exploration company, an extensive land position of approximately 300,000 hectares of prospective nickel properties in Goias, Para and Tocantins States in Brazil. Over the past month, INV has staked an additional almost 70,000 hectares in Para State near Xstrata’s (formerly Falconbridge) Araguaia nickel laterite discovery.

Exploration work has been focused on the optioned Aviao property located in Tocantin State, 55 km southeast of Xstrata’s significant Araguaia nickel laterite discovery. At Aviao historical work by CPRM (Brazilian geological Survey), including 133 pits and 9 diamond drillholes, yielded nickel laterite intersections of up to 4 metres of 1.21% nickel. INV has completed an airborne magnetic survey, geological mapping, ground magnetic surveys, and augering (21 holes to maximum depth of 12 metres totaling 135 metres). The best values in three separate auger holes were 3 m of 1.27% nickel, 4 m of 1.15% nickel, and 3.6 m of 1.24% nickel. As a follow-up to these results, a 20 hole diamond drilling program is underway with 19 holes totaling 288 m completed by the end of September. Assay results are pending.

On the Sao Jose properties totaling approximately 56,000 hectares in 7 separate properties within a 30 km radius of Xstrata’s Araguaia nickel laterite discovery, detailed airborne magnetic surveys commissioned by INV over 2 of these properties have outlined strong aeromagnetic anomalies which will be followed up with ground magnetic surveys, mapping and prospecting.

INV also has about 30,000 hectares (increased by 10,000 hectares in September) in nine claim blocks (called “Itapora”), located about 100 km southwest of Xstrata’s Araguaia nickel laterite discovery. These properties were staked on the basis of airborne magnetic anomalies and favourable geology. Rock samples in the claims have graded over 0.5% nickel. During September, 13 auger holes totaling 64 m were completed with assays pending. Additional augering and diamond drill holes are expected to be completed in October and November.

Work also continued on the Santa Fe/ Ipora regional properties located near Santa Fe and CVRD’s Agua Branca nickel laterite deposit. Based on ground magnetometer surveys, diamond drilling will begin on these properties in November. In an area about 60 km south of Goiania in Goias State (Pontalina Property), geological mapping, ground magnetometer surveys and anomalous soil sample results (up to 0.13% nickel and 200 ppm copper) have indicated nickel/copper sulphide potential. An induced polarization survey is scheduled in October and pending results, diamond drilling in November.

In September, INV granted options to purchase 100,000 common shares at $1.50 per share and in October INV granted options to purchase 50,000 common shares at $1.25 per share under its strategic alliance with Amazonia. An additional 50,000 options will be granted to Amazonia in December. These options provide incentive to Amazonia’s executives and staff as they explore INV’s nickel properties in Brazil and identify nickel property acquisitions in Brazil to INV. Issued and outstanding shares of INV remain at 34.5 million with fully diluted shares now 39.85 million.

This press release was prepared under the supervision and review of J. Alan Spence, President of Spence Resource Management Inc. (‘Spence”) an independent consultant to INV and Qualified Person as defined under National Instrument 43-101 of the Canadian Securities Administrators.

About INV

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 partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fe and Ipora, in the Goias nickel camp of Brazil. In addition, INV has 100% ownership in an extensive land package of prospective nickel properties in Goias, Para and Tocantins States which now totals approximately 300,000 hectares. INV has a cash position of approximately $20 million (June 30, 2006) and has 34.5 million outstanding shares.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements are subject to a 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 risks and uncertainties include, but are not limited to: the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters, future price of nickel, changes in labour costs or other costs of production, failure of plant equipment or processes to operate as anticipated, possible variations in mineral grade or recovery rates and other general risks of the mining industry. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, refer to INV’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.nickelventures.com.