Victory Nickel Takes Up and Pays for Shares of Independent Nickel and Extends Bid to October 17th; Special Meeting of Shareholders Cancelled

SUDBURY, ONTARIO--(Marketwire - Oct. 7, 2008) - Independent Nickel Corp. (TSX:INI) ("Independent Nickel") today announced that, as per Victory Nickel Inc.'s press release of yesterday evening, Victory Nickel has waived the minimum tender condition of its offer (the "Offer") to acquire all of the outstanding common shares (the "Independent Shares") of Independent Nickel and taken-up and paid for 46,741,434 Independent Shares, being all of the Independent Shares tendered pursuant to the Offer as of October 6, 2008. As a result of the take-up of the Independent Shares deposited to the Offer, Victory Nickel holds 46,741,434 Independent Shares, representing approximately 77% of the issued and outstanding Independent Shares.

Victory Nickel has extended its offer to 6 p.m. (Toronto time) on October 17, 2008 to allow Independent Nickel shareholders who have not yet tendered their shares to deposit their shares to the offer. For further details please see the Victory Nickel press release at www.victorynickel.ca.

Independent Nickel also announces that the special meeting of shareholders scheduled for October 8, 2008 has been cancelled and will not be rescheduled.

About Independent Nickel Corp.

Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty ("NSR") on Victory Nickel Inc.'s Minago Nickel Property, also located in Northern Manitoba. The NSR pays the Company 3% of all mineral product value when nickel prices exceed US$6/lb.

This document may contain forward-looking statements relating to Independent Nickel Corp.'s (INI) operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond INI's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. INI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.