International Nickel Ventures reports second quarter results

TORONTO, Ontario, Canada – August 14, 2007 — International Nickel Ventures Corporation (TSX – INV) (“INV” or “Company” reports its results for the three months ending June 30, 2007 (See INV’s unaudited interim financial statements and MD&A for the second quarter, 2007 filed on SEDAR at and 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 (“Teck”), a 75% interest in two advanced-stage nickel laterite deposits, Santa Fé 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 nickel properties in Goiás, Para and Tocantins states, which currently totals approximately 471,000 hectares.

The Company’s mineral properties are at the exploration stage and are not in production, therefore INV does not have any operating revenues and incurred a loss of $532,670 or $0.01 per share in the second quarter of 2007 and a loss of $1,251,273 or $0.03 per share in the six months ended June 30, 2007. This compares to losses of $407,612 or $0.01 per share and $1,083,238 or $0.04 per share, respectively, in 2006. General and administrative expenses of $436,034, general exploration expenditures of $146,743 and $172,792 in stock-based compensation accounted for most of this quarter’s expenses, while interest income of $229,882 partially offset the expenses.

The net change in cash balances as a result of operating, financing and investing activities was a net inflow of $20,958,379 for the second quarter of 2007, primarily due to gross proceeds of $23,078,010 from a financing completed May 18, 2007. This compares to a net inflow of $99,190 for the quarter ended June 30, 2006. For the six months ended June 30, 2007, the net inflow was $19,084,463, compared to a net inflow of $20,436,079 for six months ending June 30, 2006. Cash flow from operating activities during this quarter was an outflow of $101,243 and 2007 year to date was an outflow of $487,762, compared to outflows of $924,110 and $626,814, respectively during the comparable periods in 2006. Financing activities provided cash inflows of $22,252,901 during the second quarter of 2007 and $22,542,901 for the first half of 2007, compared to cash inflows of $2,680,924 and $23,204,652, respectively for the same periods in 2006. During the second quarter and year to date of 2007, investing activities saw a cash outflow of $1,193,279 and $2,970,676, respectively, compared to outflows of $1,656,904 and $2,141,759, respectively for the second quarter and first half of 2006.

The cash balance at June 30, 2007 was $32,882,745 compared to $13,798,282 at December 31, 2006. Working capital stood at $32,178,218 at June 30, 2007, compared to $13,451,525 at December 30, 2006.

2007 Update and Outlook

During the second quarter, INV completed a bought deal financing for gross proceeds of $23.1 million through the sale of 13,187,434 units at a price of $1.75 per unit. Each unit consisted of one common share plus one-half a common share purchase warrant (See May 18, 2007 news release). Also during this quarter, INV reported initial encouraging geochemical results (up to 6000 ppm or 0.60% nickel) on the high priority Taquaral East, Taquaral West and Aguas Claros nickel sulphide properties within the Anápolis Belt. INV also reported during the quarter (See May 28, 2007), further encouraging drill results at the Santa Fé/Iporá project, which improved the definition of the Santa Fé mineralization and added further in-fill holes at Iporá. This completes the Phase 2 drilling program which began in early 2007. In addition, a 270 meter long trench was completed on one of the higher grade areas on the Santa Fé Deposit to confirm continuity of the mineralization and to test the grade control procedure.

Subsequent Events

Subsequent to the second quarter, INV announced that it had optioned the Damolândia nickel-copper sulphide project located adjacent to 100%-owned claims in the Anápolis Belt, Goiás State, Brazil. The Damolândia project was drilled by Billiton in the early 1980s and several holes intersected wide zones of low grade nickel-copper mineralization (See July 10, 2007 news release). The Damolândia project and several high priority INV claim groups in the Anápolis Belt will be flown by VTEM in the third quarter of 2007 in order to identify potential sulphide conductors which can be rapidly evaluated and brought to the drilling stage.

INV and its joint venture partner and operator, Teck, made a US $6.6 million (INV’s share US$1.78 million) property payment to Mineradora Montita Ltda (“Montita”) with respect to the Santa Fé/Iporá project after the quarter (See July 16, 2007 news release). A final purchase payment of US$ 9.25 million (INV’s share US$2.5 million) is due by November 16, 2007. Once that payment is made, the Company’s 20.25% interest will be earned and the Santa Fé/Iporá project becomes a joint venture wherein Teck holds a 54.75% and Montita owns a 25% interest and all future exploration expenditures are shared proportionately.

Effective July 30, 2007, Bob Bell, P.Geo. was appointed President and CEO of INV after a 27 year career in domestic and international exploration with CVRD Inco, including extensive exploration experience in Brazil.

Forward-Looking Statement

This news 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 certainty that the Company will earn its interest in the Santa Fé and Iporá assets or that the properties will ever produce commercially. For a more detailed discussion of such risks and other factors, refer to INV’s filing with Canadian securities regulators available on or INV’s website at