INV Closes Transaction to Option Rio Novo (Brazil) and Kaoko (Namibia) Properties
TORONTO, ON – October 29, 2009 – International Nickel Ventures Corporation (“INV” or “Corporation”) (TSX: INV) is pleased to announce the closure of the transaction to enter into agreements with Teck Resources Limited and its local subsidiaries (“Teck”), which provide INV the right to acquire an initial 50% interest in the Rio Novo copper-gold property in Carajás, Brazil and the Kaoko copper property in Northwest Namibia. The transaction closed on October 28, 2009.
Terms of the agreements between INV and Teck were announced on August 4, 2009. Closure of the transaction was subject to final due diligence and the receipt of the approval of the Namibian Minister of Mines and Energy and the Toronto Stock Exchange.
INV is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil, Namibia and Canada. Currently, INV’s primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. Please also refer to INV’s Management’s Discussion and Analysis dated August 7, 2009 available on SEDAR at www.sedar.com and the corporate presentation on INV’s website at www.nickelventures.com to view additional details relating to the properties.