TORONTO, ONTARIO--(Marketwire - May 21, 2008) - Victory Nickel Inc. (\"Victory Nickel\" or the \"Company\")(TSX:NI) (www.victorynickel.ca) continues to report impressive results from the 2008 winter diamond drilling program at its Minago nickel project on Manitoba's Thompson Nickel Belt. All drill holes reported to date intersected nickeliferous rock, with drill hole V-08-04b intersecting an enormous interval of 656.98m grading 0.4% nickel, including 46.29m grading 1.31% nickel as well as numerous, narrower and much higher grade intervals (see table below).

All of the drill holes reported here were collared to test for continuity of nickel mineralization beneath the large, potentially open pit-able nickel resource at the Minago Deposit. The holes were drilled as part of a larger work program that included condemnation drilling around planned infrastructure sites and exploration drilling elsewhere on the property. Further drilling was undertaken to provide data for hydrogeological and geotechnical studies.

\"We're pleased to see that the exciting results that began with diamond drill hole V-08-01, assaying 1.51% nickel over 38.42 metres as part of a 193.01 metre interval grading 0.59% nickel, have continued in holes two through five,\" said Steve Harapiak, President and COO. \"These holes confirm the potential to expand the Minago nickel resource, and we are moving rapidly toward finalizing the definitive feasibility study later this year.\"

Assay results are as follows:  Hole ID                           From (m)  To (m)      Interval (m)  Ni (%) ----------------------------------------------------------------------------  V-08-02B                           363.20  619.96            256.76    0.21  including                         381.41  386.75              5.34    0.53   and                              487.54  497.97             10.43    0.61   V-08-03                           416.19  652.38            236.19    0.27  including                         483.69  497.53             13.84    0.66   and                              527.90  559.37             31.47    0.98  including                         527.90  539.62             11.72    1.53   and                              548.43  559.37             10.94    1.07   and                              569.20  572.45              3.25    0.55  V-08-04B (i)                       217.61   874.5            656.89    0.40 (i)including sampling gaps for which a zero value was assigned.   including                         232.47   246.6             14.13    0.66  which includes                    232.47  238.17              5.70    1.23   and                              281.23  292.63             11.40    0.97  which includes                     285.8  292.63              6.83    1.29   including                          352.5  404.26             51.76    0.98  which includes                     352.5  356.53              4.03    1.20   and                              361.73   381.2             19.47    1.14   and                              382.25  404.26             22.01    1.06    and                              423.09  462.15             39.06    0.78    and                              511.76  524.05             12.29    0.63    and                              688.97  721.24             32.27    0.24    and                              729.33   874.5            145.17    0.60  including                          763.7  809.99             46.29    1.31  which includes                     763.7  772.43              8.73    1.85   and                              787.32  792.04              4.72    2.45   and                              805.49  809.99              4.50    2.31  V-08-05                            590.37  689.23             98.86    0.42  including                         600.76   629.4             28.64    0.88  which includes                    608.11  622.51             14.40    1.03   and                              672.54   684.5             11.96    0.74  

The intersections tabulated above were obtained from the east and west parts of the Minago Deposit and demonstrate the widespread distribution of elevated nickel values within the ultramafic host rock. They also show that nickel mineralization continues at depth.

The Minago drill program began late in 2007 and consisted of 28 drill holes totalling 11,530m. Ten holes were collared in the vicinity of the Minago Deposit, comprising 7,534m; results from holes one through five have now been released. In addition, eight holes (2,510m) were collared on claims optioned from Xstrata Nickel that cover the northward extension of the nickel mineralized ultramafic host to the Minago Deposit and a further eight holes (1,486m) were collared to assess geophysical responses in areas of planned infrastructure at the Minago site (condemnation drilling). All diamond drills have now been demobilized from the site.

Results from more than 1,200 assay samples are currently pending. All analyses for this program are being conducted at TSL Laboratories of Saskatoon, Saskatchewan. All intervals reported in this news release are core lengths and not true widths. All analyses are reviewed for QAQC purposes prior to public release. The Minago work program is being supervised by Paul Jones, Vice-President, Exploration for Victory Nickel, who acts as QP under National Instrument 43-101 and has reviewed and approved the contents of this news release.

Annual Meeting

Please join us at our Annual Meeting of Shareholders, to be held on May 21, 2008 at 4:00 pm, Toronto time. The meeting will be held at the Toronto Board of Trade, 1 First Canadian Place, Toronto, Ont., and will also be webcast at http://events.onlinebroadcasting.com/victory/052108/index.php or www.victorynickel.ca.

About Victory Nickel

Victory Nickel Inc. is a Canadian company with over 660,000,000 pounds of in-situ nickel in National Instrument 43-101-compliant measured (154,000,000 pounds) and indicated (511,000,000 pounds) resources in three sulphide nickel projects: Minago and Mel on Manitoba's Thompson nickel belt, and the high-grade Lac Rocher deposit in northwestern Quebec, and an additional 530 million pounds of in-situ nickel in inferred resources. Created from the nickel assets of Nuinsco Resources Limited (TSX:NWI), Victory Nickel is well financed and focused on becoming a substantial nickel producer by developing its existing properties and evaluating opportunities to expand its nickel asset base.