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Message: Minago - Deep Targets Identified

Minago - Deep Targets Identified

posted on Mar 19, 2008 08:54AM

Victory Nickel Defines Deep Drill Targets with Geophysics at Minago Project

Survey shows potential for very large, single, mass encompassing Nose Deposit and North Limb

12:28 EDT Wednesday, March 19, 2008

TORONTO, ONTARIO--(Marketwire - March 19, 2008) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI)(www.victorynickel.ca) today announced that recent re-interpretation of an airborne electromagnetic and magnetic survey identifies drill targets at the Minago nickel project extending to a vertical depth in excess of 1.5 kilometres and confirms the potential for a continuous mineralized body linking the Nose Deposit and the North Limb.

The entire known Minago resource is contained in the Nose Deposit, while the North Limb is an underexplored and highly prospective zone of mineralization with a known strike length of 1.5 kilometres that is located to the north of the Nose Deposit.

The reinterpretation conducted by Condor Consultants of Lakewood, Co. comprises additional study of the airborne electromagnetic data to further prioritize the existing results and a magnetic inversion study of the total-field magnetic data. A very significant result of the inversion study provides continuing and compelling evidence for the presence of a very large magnetic mass interpreted to be continuous with the ultramafic body that hosts the Minago nickel deposit. The magnetic inversion interprets the mass to extend to depths exceeding 1,500 metres vertically while forming a continuous body extending over 2 kilometres north-south and incorporating the Minago Nose Deposit and the North Limb nickel mineralization - a potentially very significant increase in the volume of rock available to host nickel mineralization. To view a video of the Condor Consultants interpretation, please visit http://victorynickel.ca/study.html.

"This survey conclusively identifies that the potential to substantially expand the Minago nickel resource and mine life extends well beyond the depth explored to date by diamond drilling and that, as has been speculated, the North Limb and Nose Deposit may comprise a single mineralized body," said Brian Robertson, President.

Victory Nickel is completing a definitive feasibility study on its 100%-owned Minago deposit on the Thompson Nickel Belt. Minago hosts one of Canada's largest undeveloped sulphide nickel deposits, with measured and indicated resources of 49.1 million tonnes grading 0.516% nickel, or 558 million pounds of in-situ nickel (0.25% nickel cut-off grade), comprised of a 10.3 million tonne measured resource grading 0.593% nickel and a 38.8 million tonne indicated resource grading 0.496% nickel. A further 44.1 million tonne inferred resource at 0.528% nickel contains 513 million pounds of in-situ nickel (for further information, please see Minago Preliminary Economic Assessment by Wardrop Engineering November 24, 2006, which is available on SEDAR at www.sedar.com).

Victory Nickel's Qualified Person for the exploration program under the NI 43-101 guidelines is Paul Jones, Vice-President, Exploration. Mr. Jones has reviewed and approved the contents of this news release.

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