International Nickel Ventures Corporation-New Inferred Resources for Santa Fe/Ipora Nickel Laterite Deposits: 109 Million Tonnes Grading 1.11% Nickel
TORONTO, ONTARIO – (CCNMatthews – November 23, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:INV) is pleased to report on new resource estimates for the Santa Fe/Ipora nickel laterite deposits in Goias State, Brazil, which are being evaluated with joint venture partner Teck Cominco Limited (“Teck Cominco”). As previously announced, total drilling since inception of the joint venture program to the end of September 2006 was about 55,000 metres in more than 4,100 holes. The new resource estimates are based on Teck Cominco drill hole assay data available as of October 3, 2006.
New Resource Estimates for Santa Fe/Ipora-Block Model Methods
New resource estimates have been calculated by INV’s consultants, FSS Canada Consultants Inc. (“FSS”) and Spence Resources Management Inc. (“SRM”), using the new drill hole data provided by Teck Cominco. FSS and SRM have used ordinary kriging, a block modeling method which produces estimates of grade and tonnage above a cutoff that are considered more reliable than those from a polygonal method. Using a minimum mineable thickness of 2 metres, the new INV resource block model returned the following Inferred Resource estimates at different nickel (“Ni”) cutoff grades:
|Case||% Ni Cutoff||Million Tonnes||% Nickel||% Cobalt||% Iron|
Case 3 shows a decrease in tonnes and grade compared to previous polygonal estimates done by INV and the variations are interpreted to be due to the use of a 2m minimum mineable thickness and the kriging estimating methodology. These estimates (Cases 1 to 3) are classified as Inferred Resources in accordance with Canadian Securities Administrators National Instrument 43-101 (“NI 43-101”) and Canadian Institute of Mining (“CIM”) standards and guidelines. The areas of detailed 50m grid drilling could yield certain Indicated Resources and a more definitive classification of resources will be made next year on completion of further drilling.
Previous Resource Comparisons-Polygonal Method
SRM and FSS were retained by INV to prepare a technical report on the mineral resources of the Santa Fe and Ipora deposits essentially based on historical test pit results, which was published and filed on www.sedar.com on February 22, 2006 (the “Technical Report”). Using a 1.0% nickel cutoff, a 1m minimum mineable thickness and a polygonal estimating methodology INV’s Inferred Resource estimate was 63.4 million tonnes grading 1.41% nickel. Current estimates by INV, based on Teck Cominco’s systematic grid drilling on 50 and 100 metre centers, and using the same parameters and polygonal methodology, yield an inferred resource estimate of approximately 75 million tonnes at 1.40% nickel. This approximately 20% increase in tonnage is due largely to additional resources discovered in peripheral areas where no pit sampling had previously been done.
This press release was prepared under the supervision and review of J. Alan Spence, President of SRM and Mohan Srivastava, President of FSS, both independent consultants to INV and Qualified Persons as defined under NI 43-101. The drill hole and assay data (from SGS Geosol Laboratorios Ltda., Brazil) for this release have been provided by Teck Cominco, with industry standard QA/QC procedures in place. Independent assessment including site visits, review of QA/QC protocols and check results were made by SRM and FSS during the preparation of the Technical Report.
Maps, prepared by SRM and FSS, of the average nickel grades and thicknesses at the 0.8% nickel cut-off grade and 2 metre minimum mineable thickness using the block modeling method will be filed on www.sedar.com. A new Technical Report on the new resource estimates will be published and filed by SRM and FSS under National Instrument 43-101 on www.sedar.com within 30 days of the date of this press release.
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 over 300,000 hectares. INV had a cash position of approximately $17.5 million at September 30, 2006 and has 34.5 million shares outstanding.
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 parametres, future price of nickel, changes in labor 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.