Victory Nickel Acquires Additional Common Shares of Independent Nickel

Victory Nickel Inc. announced today that pursuant to its offer (the “Offer”) to acquire all of the outstanding common shares (the “Independent Shares”) of Independent Nickel Corp. (“Independent”) (Toronto:INI.TO) on the basis of 1.1 of a Victory Nickel share for each Independent Share, pursuant to its offer to purchase and takeover bid circular dated August 19, 2008, as amended by its notice of variation and extension dated September 2, 2008 and as amended by its notice of extension dated September 24, 2008 and October 6, 2008, Victory Nickel has taken-up and paid for an additional 4,088,815 Independent Shares, being all of the Independent Shares tendered and not previously acquired pursuant to the Offer as at 6:00 p.m. (Toronto time) on October 17, 2008 (the “Expiry Time”).

As a result of the take-up of the additional Independent Shares deposited to the Offer, Victory Nickel has ownership and control over an aggregate of 50,830,249 Independent Shares, representing approximately 84% of the 60,613,738 issued and outstanding Independent Shares.

Victory Nickel has now acquired ownership and control over 84% of the issued and outstanding Independent Shares by the issuance of an aggregate of 55,913,274 Victory Nickel shares (“Victory Nickel Shares”). As of the date hereof, the closing trading price of the Victory Nickel Shares on the Toronto Stock Exchange (the “TSX”), as reported by the TSX, was $0.075 per Victory Nickel Share.

Victory Nickel has not extended the Offer and, as a result, the Offer has expired and is no longer open for acceptance. Victory Nickel intends to acquire all of the Independent Shares not acquired by the Expiry Time pursuant to a Subsequent Acquisition Transaction, which is expected to be considered at a special meeting of holders of Independent Shares on December 23, 2008.

Victory Nickel Inc. is a Canadian company with three sulphide nickel deposits containing significant 43-101-compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago and Mel in Manitoba, and Lac Rocher in northwestern Quebec, and by evaluating opportunities to expand its nickel asset base.