TORONTO, ON -- January 21, 2010 - International Nickel Ventures

Corporation ("INV" or "Corporation") (TSX: INV) is pleased to provide

guidance on the Corporation's 2010 operating budget and exploration

program. The Corporation's unaudited cash balance as at December 31,

2009, was approximately $13.6 million. The Corporation's exploration

and operating budget for 2010 is estimated at $7.8 million, including

planned exploration expenditures of $2.7 million at the Rio Novo

copper-gold property ("Rio Novo") and $2.2 million at the Kaoko copper

property ("Kaoko"). INV entered into agreements with Teck Resources

Limited and its local subsidiaries ("Teck") which provide INV the right

to acquire an initial 50% interest in the Rio Novo property in Carajás,

Brazil and the Kaoko property in Northwest Namibia. Terms of the

agreements between INV and Teck were announced on August 4, 2009.

The approximately 9,000 km2 Kaoko copper property is located in

Northwest Namibia. The primary target at Kaoko is sediment hosted

open-pit copper, cobalt and silver deposits similar to those in the

African Copper Belt. The planned 2010 exploration program at Kaoko

consists of a reverse circulation drill program totalling approximately

5,100 m at the high priority target areas of Okohongo, Manuela and

Horseshoe. Drilling is expected to begin at Okohongo after the rainy

season which typically ends in April and results will be released once

they have been received and evaluated. Regional mapping is planned at

various targets throughout the year, with additional mapping recently

completed at Okohongo to aid in the definition of specific drill

targets. INV expects to complete induced polarization ("IP") surveys

at Horseshoe, Oravanjai, Otjohorowara and Sesfontein. A stream

sediment sampling program began in late 2009 at two target areas

(Ozombombo and Onganga) for which results are pending. A detailed

review of the historic exploration data is also underway. Additional

geological prospecting and mapping at the Sesfontein area in late 2009

revealed numerous additional copper surface showings over 26 km which

further demonstrates the prospective nature of the property.

At the approximately 29,000 hectare Rio Novo copper property located in

the Carajás district, Brazil, a diamond drill program commenced in

December 2009. The first drill hole was completed at RN-7 with assays

pending, while a second hole is in progress. An IP survey was

completed in December 2009 at RN-11, the results of which indicate a

moderate chargeability anomaly roughly coincident with the previously

defined copper-gold soil geochemical anomaly. An ongoing detailed

review of the historic exploration data is also underway to aid in the

definition of priority targets. The 2010 drill program is estimated at

4,450 m, including an additional 2 holes at RN-7 and drilling at the

RN-5 and RN-11 target areas, scheduled to commence after the rainy

season which also typically ends in April. Further soil sampling and

IP surveys over selected areas are also planned. An auger drill

program is planned for the Rio Novo north area to assess the potential

of the area which is located approximately 2 km west of the well known

Serra Pelada gold and precious metals deposit.

Given the large number of very prospective targets at both the Kaoko

and Rio Novo properties, management will continually assess the

priority of each target as exploration results are evaluated.

About INV

INV is an international mineral resource company focused on the

acquisition, exploration and development of base and precious metal

projects in Brazil, Namibia and Canada. Currently, INV's primary assets

are: (1) its option to acquire 50% of the Rio Novo property, located in

Brazil, (2) its option to acquire 50% of the Kaoko property, located in

Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil

and (4) its option to acquire 50% of the Thorne Lake gold property,

located in northwestern Ontario. Please also refer to INV's

Management's Discussion and Analysis dated November 2, 2009 available

on SEDAR at www.sedar.com and the corporate presentation on INV's

website at

www.nickelventures.com to view additional details relating

to the properties.

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 any drill targets or economic mineral

deposits will be found on INV's properties. 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 metals,

economic and political stability in Canada, Namibia 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 annual information form with Canadian

securities regulators available on

www.sedar.com or INV's website at

rbell@invc.ca