International Nickel Ventures Corporation
Acquisition, exploration & development of base & precious metals - Ecuador & Namibia
Message: Provides 2009 Outlook and Exploration Update
| February 5, 2009 |
| International Nickel Ventures Corporation Provides 2009 Outlook and Exploration Update |
| TORONTO, ONTARIO--(Marketwire - Feb. 5, 2009) - International Nickel Ventures Corporation ("INV" or "Corporation") (TSX:INV) is pleased to provide an exploration update and guidance on the Corporation's 2009 operating budget. The Corporation's unaudited cash balance as of December 31, 2008 was approximately C$17.8 million. The Corporation's exploration and operating budget for 2009 is estimated at C$4 million, including INV's planned exploration programs at the Montcalm (Ontario, Canada) and Itapora (Goias State, Brazil) properties, business development expenditures to seek out, identify, evaluate, and if warranted acquire an interest in advanced mineral exploration projects and the Corporation's general and administrative costs. Drilling has commenced on the Montcalm property, located near Timmins, Ontario. The drilling will test a number of ground electromagnetic conductors that occur on the property, within the four kilometres of the interpreted strike extension of Xstrata Nickel's Montcalm nickel mine host rocks. The planned program anticipates drilling nine holes totalling 2,000 metres at an estimated cost of C$450,000. Further funds will be allocated if positive results warrant additional exploration work on the property. At the Itapora gold project, located in Brazil, the Corporation is still awaiting the receipt of the required permits to commence drilling. Upon receipt of the permits, INV will begin the planned drill program of six holes totalling 1,200 metres at an estimated cost of C$300,000. As a result of INV's February 2008 flow-through common share offering, INV is required to incur approximately C$3.2 million in Canadian Exploration Expenses ("CEE") prior to December 31, 2009. As at December 30, 2008, INV had incurred approximately C$1.7 million in CEE expenditures, therefore, the Corporation is required to spend an additional approximate C$1.5 million in CEE expenditures prior to December 31, 2009. In addition to the planned CEE expenditures on the Montcalm property, the Corporation is evaluating a number of Canadian exploration opportunities to satisfy its total CEE expenditure requirements. The Corporation has provided notice to Teck Cominco Limited, its partner in the Santa Fe/Ipora project, that it has elected not to fund its pro-rata share of expenditures with respect to the project. Although management believes that its investment in the Santa Fe/Ipora project continues to be the underpinning asset of the Corporation, given the market uncertainty, management and the Board of Directors are focused on preserving the Corporation's treasury. The effect of not funding INV's share of the remainder of the Santa Fe/Ipora 2008 budget and the proposed 2009 budget, will result in dilution of the Corporation's interest in International Nickel Ventures Inc. but is not expected to have a material effect on its indirect ownership percentage of the project. The Corporation continues to conserve cash and lower operating costs. The Brazilian and Vancouver offices have been closed in an effort to reduce the Corporation's expenses. The Corporation is committed to allocating its cash resources prudently and is well positioned to withstand the current market uncertainties. The Corporation will continue to evaluate and prioritize its ongoing projects and to seek out new promising business opportunities and outstanding advanced exploration targets. About INV 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 Fe-Ipora nickel laterite deposits located in Goias 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 nickel-copper sulphide properties and gold properties, located in Brazil and (5) an option/joint venture agreement with Votorantim Metais Niquel S.A. on all but two of INV's nickel laterite exploration properties located in Brazil. For further information on the Santa Fe-Ipora properties, please refer to the Technical Report of March 10, 2008, entitled "43-101F1 Technical Report On The Santa Fe And Ipora 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 November 10, 2008 and other technical reports on INV's website at www.nickelventures.com to view additional details relating to the properties. |
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