INV Acquires Major Land Position in Nickel Sulphide Belt in Goias State, Brazil
TORONTO, ONTARIO – (CCNMatthews – December 8, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:INV) is pleased to announce that it has staked over 50,000 hectares of prospective nickel sulphide properties (“Anapolis Properties”) based on recently released aeromagnetic maps in Goias State, Brazil.
This highly prospective nickel sulphide belt, located in a 100 km radius from Goiania, hosts several sulphide nickel deposits and occurrences, including Americano do Brasil, Mangabal, Pontalina, and Damolandia. Mineralization is typically associated with mafic-ultramafic complexes. For example, at Mangabal, located 110 km west of Goiania, Castillian Resources Corporation, in a joint venture with Falconbridge Brasil Ltd, an Xstrata subsidiary, has recently announced near surface nickel-copper mineralization (1.67% nickel and 0.39% copper over 9.95 metres – press release of October 10, 2006). Others working in the area include majors CVRD, Votorantim and Anglo-American.
Mr. Roberto Pereira, Exploration Co-ordinator for INV in Brazil, who is supervising Amazonia’s exploration work for INV on this new Anapolis project, states “We are very excited about the excellent land position we have been able to obtain in this belt. We have made additional staking applications and expect to add to our holdings in this underexplored nickel belt. We will continue to work on our extensive 300,000 hectares of prospective nickel laterite properties, but this adds a new dimension for INV. While we have decided not to continue with the Aviao option, we have many other promising nickel laterite properties to explore next year.”
In other developments, INV is also pleased to announce that the Definitive Agreements, comprising the Option Agreement and the Shareholder Agreement, based on the September 24, 2004 binding letter agreement, have been signed amongst Mineradora INVI Ltda. (the Brazilian subsidiary of the joint venture company owned by Teck Cominco Limited and INV) and our Brazilian partners. While the Definitive Agreements reflect the same terms as the binding letter agreement, signing of the Definitive Agreements represents significant progress in advancing the Santa Fe/Ipora nickel properties.
INV’s consultants, Spence Resources Management (“SRM”) and FSS Canada Consultants Inc. (“FSS”), will be filing a new Technical Report on the new resource estimates released November 23, 2006. This new Technical Report is expected to be filed before December 22, 2006 and will incorporate certain aspects of the Minproc and Golder scoping studies.
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, 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 of prospective nickel properties in Goias, Para and Tocantins States which now totals over 350,000 hectares. INV had a cash position of approximately $17.5 million at September 30, 2006 and has 34.5 million shares outstanding.
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 parametres, future price of nickel, changes in labor 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.