Update on INV’s “Ring of Fire” Properties
Toronto, Ontario – June 12, 2008 – International Nickel Ventures Corporation (“INV” or the “Corporation”) (TSX: INV, INV.WT) is pleased to advise that it has entered into a Letter of Comfort with the Neskantaga First Nation (“Neskantaga”) on INV’s Lansdowne House property, one of two large mineral properties the Corporation has in the prospective “Ring of Fire” area of northern Ontario. INV expects to immediately initiate an exploration program on the property comprised of prospecting, gridding, geological mapping, geochemical sampling and ground geophysics.
Robert Bell, President and CEO stated “INV is delighted to have been able to develop an excellent personal and business relationship with Neskantaga, culminating in the execution of a Letter of Comfort which allows INV to access the Lansdowne property and outlines the benefits and impacts of the project to the Neskantaga community. The first phase of our partnership with Neskantaga includes exploration activities involved with drill target identification. INV has committed, where possible, to employ several members of the community to participate in exploration activities. INV management believes that the strong partnership with Neskantaga will continue to progress as the project is advanced.
INV’s large Lansdowne House and Fishtrap properties (14,880 hectares and 12,160 hectares respectively) are located in the James Bay Lowlands area and are underlain by large mafic-ultramafic igneous complexes emplaced along major structures (see Figure 1, Regional Magnetics and Structure) which appear to be related to the same geological terrane boundary that hosts Noront Resources Ltd’s (“Noront”) McFaulds Lake high-grade, nickel-copper-precious metal deposit. The press release of June 4, 2008, announcing the significant sulphide intersection discovered by the joint venture formed by Arctic Star Diamond Corp., WSR Gold Inc. and Metalex Ventures Ltd., 45 kilometres north of Noront’s Eagle One discovery, highlights the geological potential of the “Ring of Fire” area.
Lansdowne House, located approximately 80 kilometres west of McFaulds Lake, is underlain by a geological environment that has potential to host nickel-copper-platinum-palladium-gold, base metal and gold deposits. Previous diamond drilling on the property was concentrated along a three-kilometre long trend of EM anomalies coincident with magnetic highs (see Figure 2, Property Magnetics and Electromagnetic Conductors, and Figure 3, Detail Area Magnetics and Electromagnetic Conductors). Broad zones of anomalous mineralization were encountered, with results ranging from weakly anomalous to intersections grading 0.74% copper and 0.40% nickel over 17.7 metres in one zone; and 0.79% copper and 0.64% nickel over 21.5 metres, including 1.0% copper and 0.83% nickel over 14.9 metres, in another zone. Diamond drilling for platinum-palladium-gold in the early 2000’s intersected anomalous precious metal values, ranging from 0.32 g/t platinum + palladium + gold (“TPM”) over 220.6 metres to 1.04 g/t TPM over 25.5 metres, including 3.1 g/t TPM over 1.5 metres.
In addition to the nickel-copper-precious metal targets on the property, widespread anomalous zinc and copper values occur in association with felsic volcanics, sediments and iron formations, in some cases coincident with conductive and magnetic bodies with considerable untested strike length. The southern part of the property is transected by shear zones which host two gold showings. Previous owner, Aurora Platinum, reported gold values from outcrop grab samples ranging up to 23.8 g/t at the Goose showing and 9.3 g/t at the Sandvik showing.
In 2006, FNX Mining Company Inc. (“FNX”) carried out an airborne geophysical survey over the property and identified numerous untested conductors, but did not complete any ground surveys or drilling. INV plans to immediately initiate an exploration program at the Lansdowne property, comprised of prospecting, gridding, geological mapping, geochemical sampling and ground geophysics.
Like Lansdowne House, the 49 claim (760 units totaling 12,160 hectares) Fishtrap property, located approximately 60 kilometres south of the McFaulds Lake discovery, covers a large layered mafic-ultramafic complex. The eastern half of the complex is being explored by third parties for precious metals. There is no record of any previous drilling on the Fishtrap property. FNX’s 2006 airborne geophysical survey identified a number of conductive zones associated with the interpreted basal portions of the complex.
An access agreement has been reached with the Marten Falls First Nation, in whose traditional territory the property is located, and gridding has been completed over the previously identified conductive zones. Ground magnetometer and electromagnetic geophysical surveys are underway, with drilling to follow.
Figure 1 – Regional Magnetics and Structure
Figure 2 – Property Magnetics and Electromagnetic Conductors
Figure 3 – Detail Area Magnetics and Electromagnetic Conductors
INV is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil and Canada. Currently, 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 and (4) its nickel-copper sulphide properties, including Niquelândia, Damolândia, and Taquaral, located in Brazil.
For further information please see INV’s Management’s Discussion and Analysis dated May 14, 2008 and other technical reports filed on SEDAR and available on INV’s website at www.nickelventures.com.
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. The potential quantity and grade of possible mineral deposits on INV’s properties is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in any targets being delineated as a mineral resource. 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 most recent annual information form with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.