International Nickel Ventures Corporation: New Zones at Santa Fe and Ipora Expand Mineralized Areas

TORONTO, ONTARIO – (CCNMatthews – October 18, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:INV) is pleased to report on the successful results of the expanded 2006 drill program at the Santa Fe/Ipora nickel laterite projects in Goias State, Brazil, with joint venture partner Teck Cominco Limited (“Teck Cominco”). Approximately 60% of the expanded drill program was completed by the end of September with about 4,000 metres drilled in 233 holes. Total drilling since inception of the joint venture program is now about 55,000 metres in more than 4,100 holes. The expanded drill program and scoping studies are expected to be completed by the end of October, 2006. The scoping studies will consider two potential production scenarios of 30,000 tonnes and 60,000 tonnes per annum of nickel respectively.

Santa Fe Property Drilling: New Nickel Rich Zone Discovered

Recent prospecting has discovered garnierite, an important nickel ore, in outcrop and surface float extending over an area of about 300 metres by 400 metres located southeast of the Central Area. The area is open in three directions and a program of intensified exploration is being initiated to quantify the extent and grade of this new occurrence.

Drilling in September on 50 to 100 metre centers continues to confirm mineralized areas previously outlined by test pitting. New extensions to the Southwest, Southeast, and North Areas have been outlined by 100 to 200 metre grid drilling and collectively cover an area of 1.8 square kilometres.

The drilling program to date has successfully outlined four well-mineralized areas of greater than 1.0% nickel within a 10 km by 5 km area on the Santa Fe property (see Santa Fe map), consisting of:

1) The Southwest Area, extending approximately 4 km long by 0.7 to 1.0 km wide;

2) The Southeast Area, 3 km to the east, extending approximately 1.5 km long by 0.7 km to 1.0 km wide;

3) The Central Area, between the Southwest and Southeast Areas, which includes three zones collectively covering an area of 3.0 km by 1.5 km; and

4) The North Area, about 3 km to the north, covering an area of approximately 1.5 km by 0.4 km.

Selected highlights from the month’s drilling in the Southwest Area are listed below:

Hole No. % Ni % Co % Fe From (m) To (m) Length (m)
SFDD-2119 1.93 0.029 14.2 1.70 8.20 6.50
SFDD-2123 2.14 0.022 10.6 2.64 7.50 4.86
SFDD-2147 1.93 0.023 12.2 3.50 8.30 4.80
SFDD-2149 2.49 0.026 13.8 3.50 6.50 3.00
SFDD-2151 2.27 0.021 9.2 3.90 7.50 3.60
SFDD-2166 1.86 0.091 35.7 4.10 10.00 5.90
SFDD-2167 1.89 0.079 24.5 4.50 12.50 8.00
SFDD-2168 1.55 0.064 31.0 4.20 13.00 8.80
SFDD-2170 2.22 0.029 14.8 3.28 10.20 6.92
SFDD-2171 1.83 0.078 33.1 3.63 10.31 6.68

(Since these are nickel laterite deposits, widths reported are very close to true widths.)

Ipora Property Drilling: New Extensions Outlined

Drilling at 200 to 400 metre centers in the Rio dos Bois region (Ipora North) continues to expand the extensions to the Northeast and Central Areas. These extensions collectively cover an area of 2.1 square kilometres (see Ipora maps).

Selected drilling highlights from September’s drilling at Rio dos Bois (Ipora North) are listed below:

Hole No. % Ni % Co % Fe From (m) To (m) Length (m)
RBDD-044 1.91 0.053 26.3 8.00 17.00 9.00
RBDD-358 1.70 0.078 31.3 2.63 13.45 10.82
RBDD-404 1.62 0.059 13.3 24.40 34.33 9.93
RBDD-406 1.98 0.097 25.5 13.54 16.00 2.46
RBDD-408 1.78 0.132 22.9 25.45 35.25 9.80
RBDD-444 1.43 0.071 25.2 6.45 16.65 10.20
RBDD-458 1.62 0.082 32.2 8.50 19.28 10.78
RBDD-462 1.92 0.044 20.6 3.35 6.60 3.25
RBRC-044 1.90 0.065 37.2 9.00 20.00 11.00
RBRC-131 2.27 0.065 16.8 18.00 20.00 2.00

(Since these are nickel laterite deposits, widths reported are very close to true widths.)

New Resource Estimates

New resource estimates are currently being completed for both Santa Fe and Ipora and are expected to be available in early November.

INV has prepared tables of all Santa Fe and Ipora drill holes with assays which are available on its website and are posted on SEDAR at The tables show composite values in nickel, cobalt and iron for intersections that meet or exceed a 1.0% nickel grade cut-off with a minimum thickness of 1.0 metre.

This press release was prepared under the supervision and review of J. Alan Spence, President of Spence Resource Management Inc. (‘Spence”) and Mohan Srivastava, President of FSS Canada Consultants Inc., (Srivastava”) both independent consultants to INV and Qualified Persons as defined under National Instrument 43-101 of the Canadian Securities Administrators. Spence and Srivastava were retained by INV to prepare a technical report on the mineral resources of the Santa Fe and Ipora deposits which was published and filed on on February 22, 2006 (the “Technical Report”). (The Technical Report summarizes an inferred mineral resource of 63.4 million tonnes grading 1.41% nickel using a 1.0% nickel cut-off and a minimum thickness of 1 metre.) 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 Spence and Srivastava during the preparation of the Technical Report.

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 over 230,000 hectares. This includes the recently optioned Aviao property located 55 km from Xstrata’s significant Araguaia nickel laterite discoveries in Para State. INV has a cash position of about $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 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 or the Company’s website at

To view a copy of the “Ipora Deposit – Morro Do Macaco Area”, “Ipora Deposit – Rio Dos Bois Area” and “Santa Fe Deposit” click the link below: