Independent Nickel Corp. Provides Update For the Lynn Lake Nickel Mine

Independent Nickel Corp. is providing an update on the Company’s activities at the Lynn Lake Nickel mine Property.

With the completion of recent financings, the Company is now funded to begin a large scope exploration program at the Lynn Lake nickel mine. The Company has signed a contract for 20,000 metres of diamond drilling with Foraco Canada Ltd. Work planned for 2007 will be mostly diamond drilling, but also includes key engineering studies and establishing the permit requirements for the mine’s reopening.

The drilling program is designed to test the highest priority targets in the mine. Drilling of 20,000 metres should provide sufficient data to revise the resources at Lynn Lake. The Company’s goal with the current program is to complete the necessary work so that drilling can then move underground and the project can then be taken to full feasibility.

Priority drill targets include:

– Testing of the ‘Golf’ mineralized zone and the highly conductive body above the known mineralization; – Infill drilling of the Hotel target; – Testing of the 1,200 foot long ‘Echo’ zone, which extends from surface to below the 3,000 feet level and where historic intercepts included 14.4 feet of mineralization grading 2.2% nickel; and

– Drilling around the historic ‘M’ deposit.

A large, strongly conductive body was identified above the ‘Golf’ target when the Company carried out down hole geophysics in hole LLN-003. This target is estimated to have a strike extent of at least 1,000 feet and a vertical extent of at least 1,000 feet, extending vertically up to the 2,000 foot level. This conductor extends upward from known mineralization at the top of the ‘Golf’ complex into a part of the mine environment that was never drilled. It is interpreted that this conductor is the up-dip extension of ‘Golf.’

The ‘Echo’ target is a 1,200 foot long zone with an average of 66 feet true thickness that was intersected in 13 boreholes between the 740 foot level and the 3,180 foot level (2,440 feet). Mineralized intersects included high grade intervals of up to 2.2% nickel and 1.06% copper over 14.7 feet. ‘Echo’ is open to surface and at depth.

Drilling of the ‘Hotel’ zone in the spring of 2006 resulted in several wide intersections including 6.6 feet of 1.0% nickel, 0.2% copper starting at a vertical depth of 1,618 feet and within a broader zone of 91.2 feet of 0.6% nickel and 0.3% copper starting at a vertical depth of 1,615 feet. It is believed that additional holes in the area will allow the Company to upgrade the ‘Hotel’ zone to a resource category.

The ‘M’ zone is known to be a zone of near surface mineralization for which all historic drill logs and assays were apparently lost. The Company was, however, able to recover all of the drill core, which was preserved at the mine site. The Company was able to log and resample all holes in the vicinity of the ‘M’ in the fall of 2006, thereby recreating the missing documentation.

Results indicate that nickel mineralization persist near surface at the ‘M’ deposit, including: – Hole 197 containing several intervals of mineralization, including 15.4 feet of 0.5% nickel, 0.2% copper from 77.4 feet to 92.8 feet and; – Hole 197 also intersected 13.8 feet of 0.8% nickel, 0.5% copper from 200.1 feet to 213.9 feet; – 6.2 feet grading 0.6% nickel, 0.3% copper from 43.3 feet to 49.5 feet in hole No. 222; – 17.4 feet of 0.5% nickel, 0.2% copper from 37.1 feet to 54.5 feet in

hole No. 198;

The Company is very encouraged with the results of the work to date, which indicate strong nickel mineralization near surface in the ‘M’ zone. Ore zones at Lynn Lake tend to be very elongated, pipe-like bodies with great vertical extent, such that the area below the current drilling represents an untested, prime exploration target. The ‘M’ zone also remains open to the south. In addition to the drill indicated potential at the ‘M’ zone, the Company has delineated an undrilled 400 feet by 120 feet magnetic anomaly starting 125 feet of the eastern extent of the currently defined zone. The Company will test both the extent of the known ‘M’ zone and the associated magnetic anomaly in the upcoming drill campaign.

All reported ‘M’ zone holes were drilled vertically. Samples have been analyzed by ALS Chemex in North Vancouver, British Columbia. Seven elements are analyzed by four acid “near total” digestion and ICPAES finish. Assays for nickel and copper are completed on selected samples by four acid “near total” digestion and AAS finish. Select samples are analyzed by Sodium Peroxide Fusion, acid dissolution and ICPAES analysis. The Qualified Person responsible for the technical content of this news release is Richard Murphy, P. Geo., President and CEO of Independent Nickel Corp.

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.

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For further information

Independent Nickel Corp., Richard Murphy, President and CEO, Tel: (705) 521-8444, Email: info@independentnickel.com, 957 Cambrian Heights Drive, Suite 102, Sudbury, Ontario, P3C 5M6

Source: Independent Nickel Corp.