INV Continues Aggressive Growth Plans With Acquisition Of Highly Prospective Nickel Property In Brazil
TORONTO, ON – November 27, 2007 – International Nickel Ventures (TSX: INV, INV.WT) announces the acquisition of the Niquelândia nickel property situated in Goiás State, Brazil. This acquisition is in keeping with the Company’s stated objective of acquiring highly prospective mineral properties in areas with known nickel deposits and offers the Company the opportunity to aggressively expand its nickel exploration efforts in the Americas.
INV’s Niquelândia property is contiguous with Anglo American’s and Votorantim’s nickel producing properties to the north and south (see Figure 1). Anglo American’s Codemin nickel mining and processing property to the north reportedly produced about 9,800 tonnes of nickel metal in 2006; much of the ore feed was derived locally. The Codemin property reportedly contains reserves of 3.7 million tonnes grading 1.33% nickel and resources of 6.9 million tonnes grading 1.27% nickel (see Anglo American’s 2006 Annual Report). The Votorantim property reportedly produces about 26,000 tonnes nickel metal and 1,200 tonnes of cobalt per year (see http://www.votorantim.com.br).
The INV, Anglo American and Votorantim nickel properties are underlain by mafic-ultramafic rocks of the Niquelândia complex, a highly prospective geological environment which is host to several producing and past-producing nickel deposits.
Historic data from work on INV’s Niquelândia property in 1980 by Metago, the former Goiás geological survey, outlined a nickel soil anomaly 3.2 km long by 150 to 450 m wide, with soil sample values ranging from 0.15% to 1.36% nickel. This anomaly is coincident with a copper soil anomaly 3.8 km long by 250 to 500 m wide, with soil sample values ranging from 0.025% to 0.21% copper. The coincidence of nickel and copper soil anomalies suggests a possible sulphide source as well as a nickel laterite source.
Dr. Cesar F. Ferreira Filho, a Brazilian nickel expert and respected geology professor at the University of Brasilia, recently visited the property as INV’s independent consultant. He reported, “… the available data indicates the potential for stratabound disseminated nickel-copper-precious metal sulphide mineralization at the lower contact of the ultramafic zone. This mineralization is expected to consist of disseminated sulphides (pyrrhotite, pentlandite, and chalcopyrite) and associated precious group metals. The extent of the anomalous geochemical trend is consistent with the potential for a near surface (open pit) deposit.” INV has not yet carried out a work program on the property, hence the potential quantity and grade is conceptual in nature.
The 2,036 hectare Niquelândia property is located approximately 300 km northeast of Goi?nia city in Goiás State, Brazil. The Niquelândia property is subject to an underlying agreement with BCV – Consultoria e Projetos (“BCV”), a private Brazilian company, who have a right to retain a 0.75% royalty on the property. In order to complete the acquisition, INV must make payments to BCV totaling US$400,000 over four years, and a US$500,000 payment upon the decision to mine.
“The acquisition of the Niquelândia property is a major accomplishment for INV and demonstrates our ability to acquire high-potential properties within proven geological environments which are also next to producing mining properties,” said Robert Bell, President and CEO. “Niquelândia’s primary target is nickel-copper sulphide deposits, although the area also has significant nickel laterite potential.”
INV has already initiated an aggressive exploration program, which will include verification of the historic Metago data, geological mapping, an induced polarization geophysical survey, a ground electromagnetic survey, and detailed drilling.
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 and Canada. Currently, INV’s primary asset is its interest, along with partner and operator Teck Cominco Limited, in the Santa Fé and Iporá advanced-stage nickel laterite deposits. On November 16, 2007, INV announced that together with Teck Cominco Limited, it will make the final option payment, which will give INV a total project interest of 20.25%.
INV also has an option agreement with BCV over the Damolândia nickel sulphide property where drilling has commenced (see press release of October 17, 2007) as well as 100% ownership in an extensive land package, which now totals over 480,712 hectares in Goiás, Pará and Tocantins States considered prospective for both lateritic and sulphide nickel deposits. INV is currently accumulating and reviewing data on this land position, including the results of an airborne electromagnetic survey over two properties, in order to determine which areas are the most prospective for further exploration.
On November 12, 2007, INV announced the acquisition of three prospective properties in northern Ontario from FNX Mining Company Inc. in exchange for 2.9 million common shares of INV. Two projects are located in the James Bay Lowlands area near the McFaulds Lake high grade nickel-copper-precious metals discovery. The third property is adjacent to Xstrata Nickel’s producing copper-nickel mine in the Timmins area.
Please visit INV’s website at www.nickelventures.com to view technical details relating to the property.
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. 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.