International Nickel Ventures Corporation Reports Results for the Three and Six Months Ended June 30, 2006

International Nickel Ventures Corporation Reports Results for the Three and Six Months Ended June 30, 2006

Tuesday, August 15th 2006

International Nickel Ventures Corporationreports its results for the three and six months ended June 30, 2006. (See INV’s unaudited interim financial statements and MD&A for the three and six months ended June 30, 2006 filed on SEDAR at and on the Company’s website at

INV is a Canadian mineral resource company focused on the acquisition, exploration and development of nickel projects in Brazil. Its primary asset is an option to acquire, with partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fe and Ipora, in the Goias nickel camp of Brazil. In addition, INV has 100% ownership in an extensive land package of prospective nickel properties in Goias, Para and Tocantins States which now totals over 230,000 hectares. This includes the recently optioned Aviao property located 55 km from Falconbridge Limited’s significant Araguaia nickel laterite discoveries in Para State.

As the company’s mineral properties are at the exploration stage and are not in production, INV did not have any operating revenues and incurred a loss of $407,612, or $0.01 per share, for the three months ended June 30, 2006 and a loss of $1,083,328, or $0.04 per share, for the six months ended June 30, 2006. This compares to a loss of $184,031, or $0.41 per share, and $260,108, or $0.58 per share, respectively, in the corresponding periods of 2005. General and administration expenses ($402,215), as well as general exploration ($89,238) and stock-based compensation expenses ($139,302) accounted for most of the quarter’s expenses, while interest income of $225,167 partially offset the expenses. For the six months ended June 30, 2006, general and administrative expenses of $838,817 accounted for most of the expenses in addition to general exploration ($185,926) and stock-based compensation expenses ($298,871).

On March 17, 2006, INV completed an initial public offering (IPO) and became listed on the Toronto Stock Exchange under the trading symbol “NVC”, subsequently changed to trading symbol “INV” on July 6, 2006. In connection with the IPO, and after the exercise of the over-allotment option on April 6, 2006, INV issued 21,120,000 common shares for gross proceeds of $25,344,000. As at June 30, 2006, INV had 34,452,300 common shares issued and outstanding, an increase of 22,919,900 common shares from year end 2005.

The net change in cash balances as a result of operations, financing and investing activities was a net inflow of $99,910 for the quarter ended June 30, 2006 compared to a net outflow of $211, 584 for the same period in 2005. For the six months ended June 30, 2006, the net inflow was $20,436,079, compared to a net inflow of $192,785 in the equivalent 2005 period. Cash flow from operations activities was an outflow of $924,110 during the quarter ended June 30, 2006 and an outflow of $626,814 for the six months ended June 30, 2006, compared to outflows of $527,594 and $89,829 for the respective periods in 2005. Financing activities from common share issuances in the first six months of 2006 saw a net cash inflow of $23,204,652, compared to $2,508,310 during the equivalent period in 2005. Investing activities in the second quarter of 2006 on the Santa Fe/Ipora joint venture and mineral property and deferred exploration resulted in a net cash outflow of $1,656,904 compared to an outflow of $1,346,584 in the second quarter of 2005. During the first six months of 2006, the net outflow from investing activities was $2,141,759 compared to $2,225,696 in the equivalent period in 2005. As a result of the proceeds from the IPO in March 2006, cash balances and working capital at June 30, 2006 were significantly higher at $20,436,079 and $20,089,733, respectively, compared to $nil and a deficiency of $199,574 at December 31, 2005.

2006 Outlook

Teck and INV originally budgeted a $10.1 million work program for the Santa Fe/Ipora properties in 2006. As this program is now over 90% complete, and based upon the encouraging drilling results to date, the $10.1 million program has been increased to $13.7 million, of which INV’s 27% share is $3.7 million. The additional funding will be used for more drilling and to complete scoping studies on the properties. The scoping studies have been initiated to confirm the commercial and technical viability of the properties. Since the results of the scoping studies will not be available until the end of September 2006, Teck and INV have exercised their rights to defer the US$5.0 million Santa Fe/Ipora Option payment due August 16, 2006 for up to three months. Pursuant to the Financing and Rights Agreement, Teck Cominco is to subscribe for additional shares of INV in the amounts needed to fund the Santa Fe/Ipora option payments in 2006.

In addition, INV has increased its budget for the acquisition of additional mineral properties and/or the exploration of its other mineral properties in 2006 by approximately $0.7 million to a total of $2.0 million.

INV is well positioned to conduct all of its currently planned business activities in 2006.

Forward Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements are subject to a 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. Such risks and uncertainties include, but are not limited to: the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters, future price of nickel, changes in labour costs or other costs of production, failure of plaint equipment or process to operate as anticipated, possible variations in mineral grade or recovery rates and other general risks of the mining industry. Accordingly, readers should not place under reliance on forward-looking statements. For amore detailed discussion of such risks and other factors, refer to INV’s filings with Canadian securities regulators available on or the Company’s website at

The Company’s annual report, information circular and associated material have been mailed to shareholders and are available on SEDAR and INV’s website (

Contacts: International Nickel Ventures Corporation Roland Horst President and Chief Executive Officer (416) 368-3590

International Nickel Ventures Corporation James D. Clucas Chairman (604) 696-6180

International Nickel Ventures Corporation Ronald P. Gagel Vice President and Chief Financial Officer (416) 361-9049

International Nickel Ventures Corporation Dave Constable Director Investor Relations (416) 628-5928

International Nickel Ventures Corporation Donna K. Yoshimatsu Investor Relations Consultant (647) 293-7047

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