International Nickel Ventures Corporation reports results for the first quarter 2007

TORONTO, ON — May 15, 2007 — International Nickel Ventures Corporation (“INV” or “Company”) (TSX: INV) reports its results for the three months ending March 31, 2007. (See INV’s unaudited interim financial statements and MD&A for the three months ending March 31, 2007 filed on SEDAR at and on the Company’s website at

INV is a Canadian mineral resource company focused on the acquisition, exploration and development of laterite and sulphide nickel projects in Brazil. Its primary asset is an option to acquire, with partner and operator Teck Cominco Limited, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fe and Iporá, in the Goiás nickel camp of Brazil. In addition, INV has 100% ownership in an extensive land package of prospective laterite and sulphide properties in Goiás, Para and Tocantins states which currently totals approximately 390,000 hectares.

The Company’s mineral properties are at the exploration stage and are not in production; therefore INV did not have any operating revenues and incurred a loss of $718,603 or $0.02 per share in the first quarter of 2007, compared to a loss of $675,626 or $ 0.05 per share in the three months ended March 31, 2006. General and administration expenses of $358,376 plus general exploration expenditures of $252,382 and stock-based compensation of $231,037 accounted for most of this quarter’s expenses, while interest income of $125,367 partially offset the expenses.

The net change in cash balances as a result of operating, financing and investing activities was a net outflow of $1,873,916 for the first quarter of 2007, compared to a net inflow of $20,336,169 during the comparable quarter in 2006 as a result of the sale of common shares associated with the Company’s IPO in March 2006. Cash flow from operating activities for this reporting quarter saw an outflow of $386,519, compared to an inflow of $297,296 during the first three months of 2006. Financing activities, from the exercise of warrants and stock options in the first quarter of 2007, saw a net cash inflow of $290,000, compared to a net cash inflow of 20,523,728 primarily as a result of a common share issuance from an IPO during the equivalent period in 2006. Investing activities during this quarter saw a net cash outflow of $1,777,397 for INV’s share of the Santa Fe/Iporá joint venture and mineral property and deferred exploration, compared to an outflow of $484,855 for the same period of 2006.

Cash balances and working capital at March 31, 2007 were $11,924,366 and $11,476,594 respectfully (See Subsequent Events note in this new release), compared to $13,798,282 and $13,451,525, respectfully at December 31, 2006.

2007 Outlook

Joint Venture partners, Teck Cominco and INV, have approved an exploration budget of $6.4 million for the first half of 2007 for the Santa Fe/ Iporá project, consisting primarily of addition drilling, further metallurgical test work and test mining or trenching in the higher grade portions of the Santa Fe deposit. The joint venture also has a provisional budget for the second half of 2007 totaling $8.4 million, subject to the results of the first half year program. This will likely include additional scoping work and a decision on a feasibility study for the Santa Fe/ Iporá project.

In addition, INV has also approved a budget of $3.0 million on generative and preliminary exploration work on its 100%-owned portfolio of laterite and sulphide nickel properties in Goias, Para and Tocantins States.

Subsequent Events

On April 27, 2007 INV announced that it had entered into an agreement to sell, on a bought deal basis, 9.7 million units at a price of $1.75 per unit to a syndicate of underwriters. INV has also agreed to a concurrent private placement of units at the same price to FNX Mining Company Inc. and Teck Cominco Limited in order for both parties to maintain their desired level of share ownership in INV. There is a provision for a 15% over-allotment for the underwriters. Excluding the over-allotment, the aggregate size of the financing will be approximately $20,067,834. It is expected to close on or about May 18, 2007.

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. In this news release, the closing of the April 27, bought deal financing and future budgets are both examples of forward-looking statements. 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