International Nickel Ventures Corporation: Three Mineralized Areas Identified at Santa Fe Nickel Property Update on Stage 2 Drilling Program

TORONTO, ONTARIO – (CCNMatthews – June 23, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:NVC) is pleased to report on the progress during May 2006 of the ongoing drilling program at the Santa Fe and Ipora nickel laterite properties in Goias State, Brazil with partner and operator, Teck Cominco Limited (“Teck Cominco”). Based on drilling to date on the Santa Fe property, three main mineralized areas (Southwest, Southeast, Central) have been identified within a 10 km by 5 km area.

From the inception of the Stage 1 drilling program to the end of May 2006, the Santa Fe/Ipora joint venture with Teck Cominco has drilled over 32,000 metres in a total of 2,426 holes. The Stage 2 drilling program, which began in January 2006, is now approximately 60% complete.

Santa Fe Property

At the end of May 2006, drilling at the Santa Fe property was 75% complete with 369 holes drilled during the month at 50 x 50 and 100 x 100 metre spacing for a total of 4,308 metres. Currently four diamond drills and one reverse circulation (RC) drill are in operation. Results to date have been particularly encouraging on the Southwest portion of the property where a zone extending 1 kilometre wide hosting mineralization greater than 1% nickel has been delineated and remains open. The mineralized zone is at an average depth of 4 metres with an average thickness of 3 metres, suggesting a potential stripping ratio of slightly higher than 1:1. Drilling during the month has also better defined the Southeast zone, 3 km to the east, where numerous analyses indicate favourable mineralization.

Drilling at the Southwest zone is on target for completion at the end of July. Selected highlights from the month’s drilling in the Southwest zone are listed below:

    Hole No. % Ni % Co % Fe From (m) To (m) Length (m)
SFDD-711 2.16 0.075 27.3 5.00 12.39 7.39
SFDD-713 2.50 0.033 21.7 3.42 10.60 7.18
SFDD-801 1.79 0.064 34.1 4.20 13.20 9.00
SFDD-870 1.84 0.065 30.5 6.15 17.55 11.40
SFDD-920 2.02 0.071 35.1 6.64 15.05 8.41
SFDD-966 2.83 0.066 38.9 2.69 6.30 3.61
SFDD-987 2.14 0.045 29.7 1.74 9.00 7.26
SFDD-1022 2.54 0.063 33.3 6.00 11.10 5.10
SFDD-1067 2.56 0.043 21.3 3.00 10.74 7.74
SFDD-1020 2.24 0.055 31.1 5.70 11.56 5.86

Infill drilling at the Southeast zone is expected to be completed in June and will be followed by infill drilling in the Central zone. With the advancement of the Southwest and Southeast zones, infill drilling in the Central zone may confirm INV management’s belief that the three main mineralized zones identified to date form a continuous horizon. Metallurgical test work is ongoing on a suite of samples from the Santa Fe property.

Ipora Property

Encouraging assay results have been received from the Ipora property, 70 kilometres south of Santa Fe, where three diamond drills and 1 RC drill have been focusing on the northeast sector in the Rio dos Bois area. A total of 3,080 metres in 178 holes at 100 x 100 metre spacing were completed during May, as the program at Ipora nears the 50% completion mark. The style of mineralization on the Ipora property appears similar to that at Santa Fe, with locally thicker mineralized zones.

Selected drilling highlights from the month’s drilling at Ipora North are tabled below:

    Hole No. % Ni % Co % Fe From (m) To (m) Length (m)
RBDD-019 1.54 0.076 41.8 3.00 12.00 9.00
RBDD-041 1.98 0.071 32.8 6.00 19.35 13.35
RBDD-043 2.36 0.038 17.6 2.35 4.75 2.40
RBDD-071 1.88 0.155 43.1 7.41 25.35 17.94
INRC-021 2.04 0.047 20.8 4.00 6.00 2.00
RBRC-009A 1.41 0.140 42.0 7.00 24.00 17.00

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 www.sedar.com. 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. and Mohan Srivastava, President of FSS Canada Consultants Inc., 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 www.sedar.com 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 for this release have been provided by Teck Cominco Limited, 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 Limited, 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 covering 130,000 hectares of prospective nickel properties in Goias, Para and Tocantins States, including the recently optioned Aviao property located 55 km from Falconbridge Limited’s significant nickel laterite discoveries in Para State.

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.