International Nickel Ventures Corporation Reports Q3/2008 Results and Provides Exploration Update

TORONTO, ONTARIO – November 11, 2008 – International Nickel Ventures Corporation (“INV” or “Corporation”) (TSX:INV)(TSX:INV.WT) reports its financial results for the period ended September 30, 2008 (see INV’s interim consolidated financial statements and MD&A filed on SEDAR at and on the Corporation’s web site at

The Corporation is pleased to announce its results of operations for the period ended September 30, 2008 and to provide an exploration update.

As at September 30, 2008, the Corporation had cash resources of $18.8 million. The Corporation continues to conserve cash while evaluating and prioritizing its projects and opportunities. The Corporation will aggressively pursue the planned exploration program at the Montcalm property in Northern Ontario as a result of the multiple drill targets identified in the initial exploration program and due to the Corporation’s flow-through financing obligations. Management also continues to prioritize INV’s Brazilian projects and plans to initiate an exploration program at the Itapora gold target upon the receipt of the necessary permits. However, in light of the current uncertain economic environment, INV has re-evaluated the timing of other contemplated winter exploration programs in Northern Ontario and will continue to be prudent with all expenditures in order to be well positioned to withstand the market uncertainty.

Robert Bell, President and CEO, stated, “The Board of Directors and INV management are committed to being prudent and cautious throughout this period of economic uncertainty. Given our strong management expertise and balance sheet, we will continue to evaluate opportunities that may arise as a result of the current investment and metal price environments and lack of financing options for mining companies.”

The Corporation’s mineral properties are in the early to advanced stages of exploration and are not in production. INV incurred a loss of $1,314,128 or $0.02 per share in the third quarter of 2008, compared to a loss of $1,237,137 or $0.03 per share in the third quarter of 2007. The third quarter 2008 loss includes $594,443 for general exploration expenses and general and administrative expenses of $569,279. Cash flow from operating activities was a net outflow of $1,064,982 compared to a net outflow of $1,361,093 for the same period last year. Interest income during the quarter of $149,325 decreased by $164,647 compared to the third quarter of 2007.

The cash balance as of September 30, 2008 was $18.8 million, compared to $24.5 million at December 31, 2007. Working capital at September 30, 2008 was $18.4 million, compared to working capital of $23.8 million at December 31, 2007. The Corporation believes that the funds on hand are sufficient to conduct all of its currently planned business activities for the remainder of 2008.

Exploration Update and 2008 Outlook

For the remainder of the year, the Corporation has scheduled drill programs on the Montcalm property, located in Ontario and the Itapora property, located in Brazil. INV is currently awaiting the ground conditions to freeze at the Montcalm property and as such, the commencement of the drill program will be weather dependent. At Itapora, the drill program will commence upon the receipt of the necessary permits. The exploration budget for these drill programs, along with certain other exploration costs on the remaining properties, is estimated to be approximately $1.3 million. The timing of the expenditures will be dependent upon when INV obtains access to the properties.

INV must incur approximately $3.2 million in Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) prior to December 31, 2009, as a result of INV’s February 2008 flow-through common share offering. As at September 30, 2008, INV has incurred approximately $1.5 million in expenditures relating to Canadian Exploration Expenses.

INV’s portion of the 2008 budget for the Santa Fe/Ipora advanced nickel laterite project is forecast at approximately $1 million, up from the $383,000 previously disclosed, due to the acceleration of the environmental base line studies. The activities currently underway as part of the scoping study include preliminary mine planning, capital expenditure estimating, and engineering design work. The environmental base line studies in progress will also be necessary as part of the feasibility study.

Montcalm, Ontario

At the Montcalm property, near Timmins, Ontario, preparations are underway to commence a winter drill program when ground conditions permit access to the property. The drilling will test a number of ground electromagnetic (“UTEM”) conductors that occur on the property, within the four kilometres of the interpreted strike extension of Xstrata Nickel’s Montcalm nickel mine host rocks.

Itapora, Brazil

At the Itapora gold target, located in Para State, Brazil, on the NS-07 property a soil geochemical survey outlined a 3.0 kilometre long anomaly with gold values greater than 10 parts per billion (ppb). The anomalous trend ranges from 200 metres to 800 metres wide. Within this extensive anomaly, there are two discrete, significant, gold geochemical anomalies in soil. The northern anomaly, as defined by values equal to or greater than 80 ppb gold, is approximately 450 metres long and ranges from about 25 metres wide to 200 metres wide. Within this area, gold values in soil range up to 525 ppb, with a single sample of 24,624 ppb (24.6 grams per tonne) at the centre of the zone. This anomaly is roughly coincidental with moderate induced polarization (IP) chargeability and resistivity anomalies. The southern geochemical soil anomaly is located about one kilometre southeast of the northern anomaly. Based on gold values equal to or greater than 80 ppb gold, it is approximately 450 metres long by 50 to 200 metres wide, with values ranging up to 522 ppb gold. This anomaly is roughly coincidental with a moderate IP chargeability anomaly. Drilling will commence at the property once the necessary permits have been received.

Niquelandia, Brazil

At the Niquelandia property, located in Goias State, Brazil, five drill holes totaling 1,166 metres, completed to test coincidental geophysical and soil geochemical anomalies, intersected anomalous precious metals and weakly anomalous copper-nickel values. In addition, 15 shallow holes totaling 139 metres were drilled to evaluate the nickel laterite potential of the property given its close proximity to two producing laterite operations. The shallow drill results are encouraging, outlining a saprolite zone approximately 300 metres wide by 900 metres long with a minimum thickness of 2 metres, based on a 0.8% nickel cutoff grade.

An updated corporate presentation, which provides graphics pertaining to the projects discussed here-in, is available for review on INV’s website at

About INV

INV is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil and Canada. Currently, INV’s primary assets are: (1) the advanced-stage Santa Fe-Ipora nickel laterite deposits located in Goias State, Brazil; (2) the Montcalm nickel-copper property located contiguous to Xstrata Nickel’s operating nickel mine in the Timmins, Ontario area; (3) its nickel-copper-precious metals properties located in the ‘Ring of Fire’ area in northern Ontario; (4) its nickel-copper sulphide properties and gold properties, located in Brazil and (5) an option/joint venture agreement with Votorantim Metais Niquel S.A. on all but two of INV’s nickel laterite exploration properties located in Brazil. For further information on the Santa Fe-Ipora properties, please refer to the Technical Report of March 10, 2008, entitled “43-101F1 Technical Report On The Santa Fe And Ipora Nickel Laterite Properties In Brazil for International Nickel Ventures Corp.” which details all QA/QC procedures and interpretation of the exploration data and a summary description of the geology and is available on SEDAR at Please also refer to INV’s Management’s Discussion and Analysis dated November 10, 2008 and other technical reports on INV’s website at to view additional details relating to the properties.

All scientific and technical disclosure contained or referenced in this press release has been prepared and verified by R. Mohan Srivastava of FSS Canada Consultants Inc., Paul Golightly, President of Golightly Geoscience Ltd. (Brazil projects), and by Garry Clark, President of Clark Expl. Consulting Inc. (Ontario projects), all independent consultants to INV and Qualified Persons as defined under NI 43-101 of the Canadian Securities Administrators. All drill hole assay data have been gathered under a quality assurance and quality control (QA/QC) program that conforms to international mining industry best practices.

Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on any of the Montcalm, Itapora, or Niquelandia properties and it is uncertain if further exploration will result in any such targets being delineated as a mineral resource.

Forward-Looking Statement

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 drill targets or economic mineral deposits will be found on INV’s properties. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of nickel and other minerals, economic and political stability in Canada and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV’s most recent annual information form with Canadian securities regulators available on or INV’s website at