International Nickel Ventures set to commence drill program on its Damolândia nickel/copper sulphide project in Brazil
TORONTO, ON — October 17, 2007 — International Nickel Ventures (“INV”) (INV, INV.WT: TSX) is pleased to announce that drill targets have been identified as a result of the extensive work program that is currently underway on its Damolândia nickel sulphide property. The property is located in the Anápolis Belt approximately 60 km north of Goiânia city, Goiás State, Brazil, and 60 km east of the producing Americano do Brasil nickel-copper mine (Prometálica Mineração Ltda).
“The acceleration of the work program at Damolândia demonstrates INV’s strategy to fast-track exploration and prioritize its nickel sulphide properties,” says Robert Bell, President and CEO of INV. “At the same time we are aggressively seeking new opportunities that show potential to rapidly lead to an advanced stage project.”
As the property is considered highly prospective for both disseminated and massive nickel sulphide deposits, a variety of geophysical surveys, designed to detect either style of mineralization, are currently underway. This includes an airborne electromagnetic survey (“VTEM”), a fixed loop electromagnetic survey, and an induced polarization (“IP”) survey.
An 8-hole 2,000 metre diamond drill program will commence on or about October 22. The drill program will be targeted on a combination of geological and geophysical targets. To date the geophysical program has resulted in the detection of two conductors which had not been previously drill tested, and a strong IP anomaly associated with and extending beyond the known mineralization. INV’s geophysical surveys will continue to look for additional anomalies and drill targets.
In 1981-82 Billiton drilled ten holes clustered near two copper-nickel–precious metal-bearing gossan zones located about 1.5 km apart. The Billiton drilling intersected broad zones of anomalous copper-nickel sulphide mineralization, ranging from 0.02 to 0.56% Ni and 0.01 to 0.44% Cu over downhole lengths of 12 to 64 metres, including an intersection of 1 m @ 1% Ni, 0.18% Cu. Potential grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Damolândia property and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
INV holds an option with BCV – Consultoria e Projetos (“BCV”), a private Brazilian company, to earn a 100% interest in the 4-claim 7,916 ha property (see press release July 10, 2007).
– Damolandia Detail Field Work Color
– Damolandia Detail Geology Color
– Damolandia Detail Geophysics Color VSH
– Damolandia Detail Geophysics Programm Color
– Damolandia Regional AS VTEM
– Damolandia Semi Regional Geo
About INV and Status of Projects
INV is a Canadian mineral resource company focused on the acquisition, exploration and development of base metal projects in Brazil. Currently, its primary asset is an option to acquire, along with partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fé and Iporá, in the Goiás nickel camp of Brazil. Once earned, INV will hold 27% of the 75% interest for a total project interest of 20.25%.
In addition to the Santa Fe-Ipora Joint Venture with Teck Cominco and the Damolândia option with BCV, INV has a 100% ownership in an extensive land package, totaling 480,712 hectares in Goiás, Pará and Tocantins States. INV is currently accumulating and reviewing data on these claims, which are prospective for both laterite and sulphide nickel deposits, in order to prioritize areas for further exploration. As part of this program, the VTEM survey, once completed at Damolândia, will cover the 100%-owned Taquaral and Aguas Claras properties as a follow up to interesting indications of Cu-Ni-precious metal potential. At Taquaral, a soil geochemical survey carried out by INV identified a 600 metre long coincidental Cu-Ni anomaly. At Aguas Claras, INV located a gossan that returned values of 689 ppm Cu, 1,159 ppm Ni, and 1,028 ppb platinum and palladium (see press release dated June 21, 2007).
Please visit INV’s website at www.nickelventures.com to view technical details pertaining to the property, which will be updated as information becomes available.
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. These risks include, without limitation, risks inherent in mining operations and the availability of future financing of the company on acceptable terms or at all. In this news release there is no guarantee that any drill targets or economic mineral deposits will be found on INV’s properties. For a more detailed discussion of such risks and other factors, refer to INV’s filing with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.