International Nickel Ventures Corporation reports diamond drilling at Santa Fé and Iporá expands nickel mineralization.

TORONTO, Ontario, Canada. May 28, 2007 — International Nickel Ventures Corporation (“INV”) (TSX:INV) and Teck Cominco Limited (“Teck Cominco”), initiated a $8.5 million (INV’s share C $2.3 million) work program, effective November 1, 2006, on their Santa Fé/Iporá nickel laterite joint venture in Brazil to be completed by mid-2007.

The principal components of the program are:

  • Up to 18,000 metres of drilling on both the Santa Fé and Iporá properties to define and expand mineral resources.
  • Metallurgical testing of Iporá material and upgrading test work on material for Santa Fé and Iporá.
  • Additional resource evaluation and engineering studies to update the resource models with new data, estimate mined grades and complete project scoping study.

 
The original budget provided a contingency for a test mining project at Santa Fé to open a pit (150 by 100 metres 10-15 metres deep) over one of the high grade zones to test continuity, grade control procedures and selective mining methods. Due to rainy season conditions, the test mining project was deferred and a 270 metre long, by 10 metre wide, 6 metre deep trench was dug to test mineralization continuity and a hand held XRF unit was used to test grade control procedure.

Current activities on site consist of water table level surveying, land owner negotiations and settlements, and environmental studies.

At Santa Fé the Phase 2 diamond drill program is now complete and final assays can be expected within a month. Recent results of the in-fill program continue to improve the definition of mineralization in the north, central and southern extension to the Southeast area. Drilling highlights are shown in the table below.

Santa Fé Highlights

Hole No. From (m) To (m) Length (m) % Ni % Co % Fe
SFDD-2786 3.60 8.50 4.90 1.72 0.035 21.8
SFDD-2789 2.59 7.40 4.81 1.89 0.060 36.8
SFDD-2795 3.41 7.86 4.45 2.05 0.039 17.8
SFDD-2814 1.35 5.70 4.35 1.85 0.032 15.5
SFDD-2894 4.08 8.30 4.22 1.83 0.078 22.2
SFDD-2916 3.40 10.50 7.10 1.68 0.080 43.4
SFDD-2923 3.00 7.78 4.78 1.64 0.090 41.8
SFDD-3023 1.83 4.40 2.57 2.07 0.036 16.3
SFDD-3024 1.40 5.30 3.90 1.95 0.030 16.5
SFDD-3026 1.12 6.40 5.28 1.84 0.036 18.4

 
At Iporá, the Phase 2 drill program was also completed by the end of March and final assays should be available in 4 to 6 weeks. Recent results from the program which is primarily in-fill drilling, show continuing improvement in the definition of mineralization in the Northeast, Central and Southeast areas. Of note is the identification of a zone of unusually thick mineralization (>8m) over an area of approximately 1.5 by 0.5 km in the Northeast area. Highlights are shown in the table below.

Iporá Highlights

Hole No. From (m) To (m) Length (m) % Ni % Co % Fe
MMRC-009 7.00 17.00 10.00 1.68 0.056 19.5
RBDD-816 2.20 15.20 13.00 1.61 0.092 41.0
RBDD-827 5.47 20.09 14.62 1.62 0.069 35.4
RBDD-828 11.30 25.53 14.23 1.60 0.065 38.1
RBDD-868 2.50 7.64 5.14 1.97 0.068 31.5
RBDD-875 2.27 6.50 4.23 2.27 0.031 16.4
RBDD-877 4.31 16.60 12.29 1.68 0.037 18.5
RBDD-894 4.30 16.80 12.50 1.60 0.059 29.4
RBDD-896 4.90 26.00 21.10 1.65 0.069 37.3
RBDD-919 5.50 19.64 14.14 1.82 0.071 39.7

 
INV has prepared a table of complete current Santa Fé and Iporá drill holes with assays, which is posted on SEDAR and the Company’s website at www.nickelventures.com. The table shows composite values in nickel, cobalt and iron for intersections that meet or exceed 0.8% Ni grade cut off with a minimum thickness of 2.0m.

Also filed on SEDAR and INV’s website and attached are the following maps, all at 1:25,000 scale:

(1) Santa Fé Project Area — Drilling Status Map showing positive drill holes;
(2) Iporá North Project Area — Drilling Status Map showing positive drill holes.

This press release was prepared under the supervision and review of J. Alan Spence, President of SRM and Mohan Srivastava, President of FSS, both independent consultants to INV and Qualified Persons as defined under NI 43-101. The drill hole and assay data (from SGS Geosol Laboratórios Ltda., Brazil) for this release have been provided by Teck Cominco, with industry standard QA/QC procedures in place. Independent assessment including site visits, review of QA/QC protocols and check results were made by SRM and FSS during the preparation of the Technical Report.

Iporá Composites
Santa Fé Composites
Morro Do Macao Drilling Map
Rio Dos Bois Drilling Map
SantaFé Drilling Map

About INV

INV is a Canadian mineral resource company focused on the acquisition, exploration and development of nickel projects in Brazil. Its primary asset is an option to acquire, with 73% partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fé and Iporá, in the Goiás nickel camp of Brazil. In addition, INV also has 100% ownership in an extensive land package of prospective nickel properties in Goiás, Para and Tocantins States, which now totals over 390,000 hectares. After giving consideration for the Offering and Concurrent Offering, INV has outstanding approximately 48.2 million Common Shares.

Forward-Looking Statement

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 either the Santa Fé or Iporá deposits will be economically viable. 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.