INV Provides 2010 Outlook
TORONTO, ON – January 21, 2010 – International Nickel Ventures Corporation (“INV” or “Corporation”) (TSX: INV) is pleased to provide guidance on the Corporation’s 2010 operating budget and exploration program. The Corporation’s unaudited cash balance as at December 31, 2009, was approximately $13.6 million. The Corporation’s exploration and operating budget for 2010 is estimated at $7.8 million, including planned exploration expenditures of $2.7 million at the Rio Novo copper-gold property (“Rio Novo”) and $2.2 million at the Kaoko copper property (“Kaoko”). INV entered 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 property in Carajás, Brazil and the Kaoko property in Northwest Namibia. Terms of the agreements between INV and Teck were announced on August 4, 2009.
The approximately 9,000 km2 Kaoko copper property is located in Northwest Namibia. The primary target at Kaoko is sediment hosted open-pit copper, cobalt and silver deposits similar to those in the African Copper Belt. The planned 2010 exploration program at Kaoko consists of a reverse circulation drill program totalling approximately 5,100 m at the high priority target areas of Okohongo, Manuela and Horseshoe. Drilling is expected to begin at Okohongo after the rainy season which typically ends in April and results will be released once they have been received and evaluated. Regional mapping is planned at various targets throughout the year, with additional mapping recently completed at Okohongo to aid in the definition of specific drill targets. INV expects to complete induced polarization (“IP”) surveys at Horseshoe, Oravanjai, Otjohorowara and Sesfontein. A stream sediment sampling program began in late 2009 at two target areas (Ozombombo and Onganga) for which results are pending. A detailed review of the historic exploration data is also underway. Additional geological prospecting and mapping at the Sesfontein area in late 2009 revealed numerous additional copper surface showings over 26 km which further demonstrates the prospective nature of the property.
At the approximately 29,000 hectare Rio Novo copper property located in the Carajás district, Brazil, a diamond drill program commenced in December 2009. The first drill hole was completed at RN-7 with assays pending, while a second hole is in progress. An IP survey was completed in December 2009 at RN-11, the results of which indicate a moderate chargeability anomaly roughly coincident with the previously defined copper-gold soil geochemical anomaly. An ongoing detailed review of the historic exploration data is also underway to aid in the definition of priority targets. The 2010 drill program is estimated at 4,450 m, including an additional 2 holes at RN-7 and drilling at the RN-5 and RN-11 target areas, scheduled to commence after the rainy season which also typically ends in April. Further soil sampling and IP surveys over selected areas are also planned. An auger drill program is planned for the Rio Novo north area to assess the potential of the area which is located approximately 2 km west of the well known Serra Pelada gold and precious metals deposit.
Given the large number of very prospective targets at both the Kaoko and Rio Novo properties, management will continually assess the priority of each target as exploration results are evaluated.
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 100% owned 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 November 2, 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.
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 metals, economic and political stability in Canada, Namibia 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.