INV Initiates Aggressive 2008 Exploration Programs In Canada and Brazil
Toronto, ON – February 7, 2008 – International Nickel Ventures (TSX: INV, INV.WT) announces an aggressive C$5.2 million 2008 budget for its 100%-owned exploration projects in Canada and Brazil. The exploration budget for Phase 1 programs at the Montcalm, Lansdowne and Fishtrap properties in Ontario is C$1.5 million. Additional funds will be allocated pending identification of drill targets. The exploration budget for Brazil has been set at C$3.7 million.
The 2008 budget and plan for the Santa Fé-Iporá Joint Venture’s advanced nickel laterite project is currently being formulated with joint venture partner Teck Cominco Limited and will be announced when finalized.
Surface exploration programs are expected to be conducted on all of INV’s mineral properties during the year. Exploration programs are already in progress on the four projects discussed below.
Montcalm Property, Ontario (Sulphide Nickel-Copper)
The Montcalm property, which is adjacent to Xstrata Nickel’s producing Montcalm nickel-copper mine, is located about 80 km northwest of Timmins, Ontario. INV acquired a 100% interest in the property in late 2007 (see INV press release, Nov. 12, 2007). The Montcalm property covers an underexplored four km long extension of the geology that hosts the Montcalm nickel-copper deposit and has excellent potential to host similar nickel-copper sulphide deposits. Line cutting is currently underway, with ground magnetic and electromagnetic geophysical surveys designed to test for sulphide deposits scheduled to begin in late February and March. Drilling is expected to start later in the spring following completion and interpretation of the geophysical surveys
Niquelândia Property, Brazil (Sulphide Nickel-Copper-Precious Metals and Laterite Nickel)
The Niquelândia property, located contiguous with Anglo American’s Codemin and Votorantim Metais’ nickel laterite producing operations, was also acquired by INV in November, 2007 (see INV press release, Nov. 27, 2007). INV’s primary targets are nickel-copper-precious metal sulphide deposits with very prospective secondary targets of nickel laterite deposits. Line cutting, geological mapping, soil sampling, auger drilling and ground induced polarization and electromagnetic geophysical surveys are currently underway. Preliminary results from the ongoing soil geochemical survey have confirmed the presence of a strong multi-element copper-nickel-precious metal soil anomaly, as per the historic data described in the November 27, 2007 press release. Diamond drilling for both sulphide and laterite mineralization will commence upon the completion of the above programs.
Damolândia, Brazil (Sulphide Nickel-Copper)
The Damolândia property, located 60 km north of Goiânia city, Goiás State, Brasil, lies 60 km east of the Americano do Brasil nickel-copper mine (Prometálica Mineração Ltda) and 90 km east of the Mangabal nickel-copper deposit, currently being explored by Castillian Resources Corp. The property, in which INV has an option to earn a 100% interest, covers two nickel sulphide targets which were drilled by Billiton Plc. in the early 1980’s, with several holes intersecting wide zones of low grade nickel-copper mineralization (see INV press release Oct. 17, 2007). INV’s targets are both disseminated and massive nickel-copper sulphide deposits. A 2,000 metre diamond drilling program, consisting of eight bore holes, is currently underway. Results will be provided once the program is completed and all analyses are received.
Taquaral, Brazil (Sulphide Nickel-Copper)
The Taquaral property is part of INV’s 100%-owned large land position (currently 487,734 hectares) in central Brazil, and covers a 600 m long copper in soil geochemical anomaly that is coincident with a 4,200 m long nickel in soil anomaly (see INV’s Q-3, 2007 MD&A, Sept. 30, 2007). Work currently underway includes line cutting and infill soil sampling, which will be followed by ground geophysics (magnetic and induced polarization surveys). Identification and drilling of targets will follow upon completion and interpretation of the geophysical data.
This press release and the data set forth herein has been reviewed and verified by Paul Golightly, President of Golightly Geoscience Ltd. (Brazil projects), and by Garry Clark, President of Clark Expl. Consulting Inc. (Montcalm project), both independent consultants to INV and Qualified Persons as defined under NI 43-101 of the Canadian Securities Administrators.
INV is an international mineral resource company focused on the acquisition, exploration and development of base metal projects in Brazil and Canada. INV’s primary asset is its interest in the Santa Fé-Iporá Joint Venture (INV, 27% and Teck Cominco Limited, 73%) which owns 75% of the Santa Fé-Iporá properties located in Goiás State, Brazil, that host two advanced-stage nickel laterite deposits with 35.7 million tonnes of Indicated Mineral Resources grading 1.14% nickel and 104.3 million tonnes of Inferred Mineral Resources grading 1.03% nickel (see INV press release Jan. 17, 2008).
Please visit INV’s website at www.nickelventures.com to view technical details relating to the Company and its mineral properties.
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.