INV Begins Drilling on 100% Owned Properties in Brazil
TORONTO, ONTARIO – (CCNMatthews – September 21, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:INV) INV continues to explore with Amazonia, a private Brazilian based exploration services company, an extensive land position of over 230,000 hectares of prospective nickel properties in Goias, Para and Tocantins States in Brazil.
Exploration work has been focused on the optioned Aviao property located 55 km southeast of Xstrata’s (formerly Falconbridge) significant Araguaia nickel laterite discovery in Para State. At Aviao, historical work by CPRM (Brazilian Geological Survey) including 133 pits and 9 diamond drillholes yielded nickel laterite intersections of up to 4 metres at 1.21% nickel. INV has completed an airborne magnetic survey, geological mapping, ground magnetic surveys, and augering (21 holes to maximum depth of 12 metres totaling 135 metres). In three of these auger holes, 2 metre sections returned over 1% nickel (upper detection by ICP, being re-assayed by XRF). As a follow-up to these results, a sixteen hole diamond drill program is underway and about 50% completed. When the assays are received, additional holes may be drilled.
INV also has about 20,000 hectares in four claim blocks (called “Itapora”), located about 100 km southwest of Xstrata’s Araguaia nickel laterite discovery. Staked on the basis of airborne magnetic anomalies and favourable geology, rock samples in the claims have graded over 0.5% nickel. Auger drilling is planned for September.
Work also continued on the Santa Fe/ Ipora regional properties located near Santa Fe and CVRD’s Agua Branca nickel laterite deposit. Based on ground magnetometer surveys, diamond drilling is planned for three of these properties, starting in September. In the area about 60 km south of Goiania in Goias State, geological mapping, ground magnetometer surveys and anomalous soil sample results (up to 0.13% nickel) have led to a drill program planned for October on the Pontalina property.
This press release was prepared under the supervision and review of J. Alan Spence, President of Spence Resource Management Inc. (‘Spence”) an independent consultant to INV and Qualified Person as defined under National Instrument 43-101 of the Canadian Securities Administrators.
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 230,000 hectares which INV is exploring through a strategic alliance with Amazonia, a private Brazilian based exploration services company. This includes the recently optioned Aviao property located 55 km from Xstrata’s significant Araguaia nickel laterite discoveries in Para State. INV has a cash position of about $20 million 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 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.