INV Options Thorne Lake Gold Property from Northern Superior Resources Inc.
TORONTO, ON – May 28, 2009 – International Nickel Ventures Corporation (“INV” or “Corporation”) (TSX: INV) reports it has entered into an option/joint venture agreement with Northern Superior Resources Inc. (“Northern Superior”) on the Thorne Lake, Ontario gold property.
Mr. Robert Bell, President and CEO, stated, “I am pleased to announce that INV has entered into an option/joint venture on an exciting gold project with a partner possessing a proven exploration track record.” Mr. Bell added, “This transaction satisfies the Corporation’s flow-through expenditure requirements, while allowing management to continue to aggressively seek out and evaluate mineral exploration projects and business development opportunities.”
Northern Superior has identified three significant gold grain-in-till dispersal trains at its 100% owned Thorne Lake gold property (“Thorne Lake” or “the property”), which is situated in the Ellard Lake greenstone belt, northwestern Ontario. The property is located 15 km west of the past-producing Sachigo River gold mine which historically produced 52,560 ounces of gold at an average grade of 1.1 ounces of gold per ton (38.8 grams of gold per tonne). Northern Superior conducted an exploration program at the property last fall, which included the collection of an overburden sample containing 476 gold grains, 454 of which were pristine, from a 10.6 kg sample, indicating the property has high potential to host gold mineralization (see Northern Superior’s press release dated January 26, 2009). Northern Superior will act as field operator of the project and plans to initiate an aggressive exploration program, with the intention of establishing drill targets by the third quarter of 2009.
Under the terms of the agreement, INV may earn a 50% interest in the property by funding $1.5 million in exploration expenditures over four years, with a first year commitment of $500,000. Upon INV completing its funding obligations, a joint venture will be formed with INV and Northern Superior both holding a 50% interest in the property. INV may elect to sole-fund additional work programs, after earning its 50% interest, through to the completion of a pre-feasibility study to earn a final interest of 60%.
INV is an international mineral resource company currently focused on the acquisition, exploration and development of base and precious metal projects in Brazil and Canada. INV’s primary assets are: (1) the advanced-stage Santa Fé-Iporá nickel laterite deposits located in Goiás State, Brazil; (2) the Montcalm nickel-copper property located contiguous to Xstrata Nickel’s operating nickel mine in the Timmins, Ontario area; (3) its nickel-copper-precious metals properties located in the ‘Ring of Fire’ area in northern Ontario, (4) its Itaporã gold property, located in Brazil and (5) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. For further information on the Santa Fé-Iporá properties, please refer to the Technical Report of March 10, 2008, entitled “43-101F1 Technical Report On The Santa Fé And Iporá Nickel Laterite Properties In Brazil for International Nickel Ventures Corp.” which details all QA/QC procedures and interpretation of the exploration data and a summary description of the geology and is available on SEDAR at www.sedar.com. Please also refer to INV’s Management’s Discussion and Analysis dated May 6, 2009 and other technical reports on INV’s website at www.nickelventures.com to view additional details relating to the 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. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of nickel and other minerals, economic and political stability in Canada and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV’s annual information form with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.