International Nickel Ventures Corporation: US $2 Million Exploration Program Underway on INV’s 100%-Owned Brazilian Nickel Claims
TORONTO, ONTARIO – (CCNMatthews – May 31, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:NVC) is pleased to report on the status of exploration work on its 100%-owned properties in Brazil.
INV’s 100%-owned land position now encompasses over 120,000 hectares among Brazil’s major nickel camps. The three main areas cover:
1) The vicinity of the Santa Fe/Ipora properties in Goias State;
2) Northeast towards Votorantim’s producing Niquelandia nickel laterite mine and Anglo American’s developing Barro Alto nickel laterite mine; and
3) In Para and Tocantins States near Falconbridge’s Araguaia nickel laterite discovery first announced in September, 2005.
INV is conducting exploration work through Amazonia Mineracao, a Brazilian based exploration and mining company with an exceptional team including Marco Tulio, Exploration Manager and Joao Antonio da Silva, Nickel Exploration Project Manager formerly in charge of the development drilling program at Onca Puma for Canico. The overall exploration program is supervised by INV’s consultant Roberto Pereira, based in Rio de Janeiro, who brings extensive geological and geophysical experience from BHP.
Although limited exploration work was carried out prior to INV having gone public, the full exploration program began in mid-April, 2006. Exploration is focused on aeromagnetic anomalies located in similar favourable ultramafic rocks known to host all of the major nickel laterite deposits in Brazil. To date, INV has identified 24 such targets. Follow-up is being conducted via ground magnetometer surveys, geological mapping, auger drilling and reverse circulation (RC) drilling. While total expenditures will depend on results, INV expects to spend over US$2 million this year on overall exploration on its 100%-owned claims.
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, the Santa Fe and the Ipora, in the Goias nickel camp of Brazil. At April 30, 2006, the Stage 2 drilling program was over one-third completed – see press release of May 18th, 2006 for the excellent progress being made at Santa Fe/Ipora. INV’s 100%-owned land position of prospective nickel properties in Goias, Para and Tocantins States now totals over 120,000 hectares.
The Company’s Annual Shareholders Meeting will be held on Friday, June 2, 2006 at 11:00 a.m. at the Toronto Stock Exchange Gallery, 130 King St. West, Exchange Tower, Toronto. We look forward to seeing you there and providing further updates.
This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict which could cause actual events or results to differ materially from those anticipated in such 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 www.sedar.com or the Company’s website at www.nickelventures.com.