Victory Nickel Estimates 21 Million to 34 Million Tonne ETMI in Minago North Limb
Published : August 16, 2011

Exploration Target Mineralization Inventory Supports Potential for North Limb Resource

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TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - Victory Nickel Inc. (the "Company") (News - Market indicators) (www.victorynickel.ca) today announced that AGP Mining Consultants Inc. has completed an Exploration Target Mineralization Inventory ("ETMI") on the North Limb mineralization at Victory Nickel's 100%-owned Minago sulphide nickel project in Manitoba. The ETMI demonstrates the potential, indicated by previous Diamond drilling, for a significant expansion of the nickel resource exploitable by open pit over and above current known resource in the Nose Deposit.

The ETMI incorporates all the drilling done to date on the North Limb and establishes the target estimate at between 21 million and 34 million tonnes grading 0.49% to 0.59% total nickel, based on a 0.30% total nickel cutoff and 2.43 tonne/m3 bulk density. Any resources identified in the North Limb would be in addition to the known total nickel resource of 54.2 million tonnes Measured and Indicated and 14.6 million tonnes Inferred in the Minago Nose deposit (estimated by Wardrop Engineering a Tetra Tech Company, tabulated below and announced by news release on January 6, 2009).

"This ETMI supports our longstanding conviction of the potential for the North Limb to support additional nickel resources on the property that will extend the mine life at Minago," said René Galipeau, Vice-Chairman and CEO. "The ETMI compares favourably in terms of grade with the current resource and the nickel mineralization and host rock at the North Limb are identical to that of the Nose Deposit. There is still excellent potential to expand the extent of mineralization in the Nose Deposit and the North Limb, which will be a focus of future drilling on the property."

The current resource, located entirely in the Minago Nose Deposit, is as follows:

Minago Total Nickel Resource Estimate   
Classification Tonnes Grade Total In-Situ Nickel
At 0.25% Nickel Cut-off Grade (millions) (% Ni) (millions of pounds)
Measured Resource 11.1 0.56 136
Indicated Resource 43.1 0.51 484
Total Measured and Indicated 54.2 0.52 620
Inferred Resource 14.6 0.53 170

Minago Feasibility Study highlights include:

  • A superior location approximately 485 KM north of Winnipeg, adjacent to a 230 Kv power line that runs directly beside paved provincial highway #6 linking Winnipeg and Thompson.
  • The ability to produce the world's highest grade nickel concentrate grading up to 35.0% Ni.
  • Projected average annual ore production of 3.6 million tonnes.
  • Projected average annual nickel production in concentrate of approximately 11,000 tonnes.
  • A valuable co-product in 11.2 million tonnes of frac sand, a high-demand product used in the oil and gas industry that has the potential to generate average annual revenue, net of freight, of $70 million.
  • Cash cost per pound of nickel before by-product credits: $6.95 (US$6.34).
  • Metal by-product credits of $0.79 (US$0.72) per pound of nickel.
  • Frac sand by-product value of $4.04 (US$3.68) per pound of nickel.
  • Cash costs per pound of nickel, net of credits, of $2.12 (US$1.94).

The ETMI was estimated by Michael Waldegger of AGP Mining Consultants Inc. of Barrie, Ontario. Mr Waldegger modelled a serpentinite body based on lithological logs from Diamond drill core. The serpentinite bodies ranged from 100 to 185 metres thick. High-grade cores within the serpentinite bodies were modelled based on a cut-off grade of 0.4% Ni. The high-grade cores ranged in thickness from 5 to 80 metres, and the main high-grade zone within the central serpentinite body was 50 to 60 metres thick. Nickel grade was estimated into blocks within the high-grade and the surrounding serpentinite blocks from assays of Diamond drill core samples. A specific gravity of 2.43 was assigned to the block model based on the mean of SG determinations completed on serpentinite core samples within the modelled zones. The potential quantity and grade of the ETMI is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource, furthermore no metallurgical recoveries were considered in the estimate and the reported grades are based on total nickel. Paul Jones, P.Geo, Vice-President, Exploration for Victory Nickel and Michael Waldegger P.Geo have reviewed and approved the technical contents of this press release.

About Victory Nickel

Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant NI 43-101-compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago, Mel and Lynn Lake in Manitoba, and Lac Rocher in northwestern Québec, and by evaluating opportunities to expand its nickel asset base. Victory Nickel also owns shares in Prophecy Coal Corp. (TSX VENTURE:PCY), Prophecy Platinum Corp. (TSX VENTURE:NKL)and Wallbridge Mining Company Limited (TSX:WM), the third largest landholder in the Sudbury Basin, which in turn owns an interest in Duluth Metals Limited.

Please visit the Company's website at www.victorynickel.ca. Should you wish to receive Company news via email, please email cathy@chfir.com and specify "Victory Nickel" in the subject line.

Forward-Looking Information: This news release contains forward-looking information. All statements, other than statements of historic fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from estimates and assumptions; uncertainties relating to the availability and costs of financing needed in the future; failure to establish estimated mineral resources; fluctuations in commodity prices and currency exchange rates; inflation; recoveries being less than those indicated by the testwork carried out to date (there can be no assurance that recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company's activities; the uncertainties involved in interpreting geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 31, 2010 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

To view the map North Limb and Nose Deposit - Minago Sulphide Nickel Project, please visit the following link:

http://media3.marketwire.com/docs/north.pdf.



Victory Nickel Inc.
Rene Galipeau or Sean Stokes
416.363.8527
416.626.0890 (FAX)
admin@victorynickel.ca
www.victorynickel.ca
or
CHF Investor Relations
Cathy Hume
416.868.1079
416.868.6198 (FAX)
cathy@chfir.com

Victory Nickel Inc.

DEVELOPMENT STAGE
CODE : NI.TO
ISIN : CA92647F1027
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Victory Nickel is a nickel development stage company based in Canada.

Victory Nickel develops nickel and palladium in Canada, and holds various exploration projects in Canada.

Its main asset in development is MINAGO in Canada and its main exploration properties are MEL PROPERTY and LAC ROCHER SULPHIDE NICKEL in Canada.

Victory Nickel is listed in Canada. Its market capitalisation is CA$ 1.7 millions as of today (US$ 1.3 millions, € 1.2 millions).

Its stock quote reached its highest recent level on January 08, 2010 at CA$ 2.20, and its lowest recent point on January 29, 2016 at CA$ 0.01.

Victory Nickel has 57 640 000 shares outstanding.

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Annual reports of Victory Nickel Inc.
2007 Annual report
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7/31/2013Announces Successful Rights Offering to Shareholders
6/14/2013Announces Rights Offering to Shareholders
Nominations of Victory Nickel Inc.
8/7/2013Announces Changes to Board of Directors
6/19/2012Creates Victory Silica Ltd., Appoints Ken Murdock as CEO, In...
Financials of Victory Nickel Inc.
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Project news of Victory Nickel Inc.
4/14/2015Temporarily Suspends Frac Sand Production
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4/12/2012(Minago)Drilling Nickel Bearing Area South of Minago Sulphide Nickel...
4/4/2012(Minago)Drill Program Progressing at Minago Sulphide Nickel Project
9/19/2011(Minago)Receives Board Approval to Proceed With Development of Minag...
8/24/2011(Minago)Granted Environment Act Licence for Minago Sulphide Nickel M...
8/16/2011(Minago)Estimates 21 Million to 34 Million Tonne ETMI in Minago Nort...
8/8/2011(Minago)Identifies Western Extension of Nose Deposit at Minago
7/25/2011(Minago)Completes Reporting of North Limb Drilling at Minago Project
7/20/2011(Minago)Reports Further Positive North Limb Drilling at Minago Proje...
6/28/2011(Minago)North Limb Drilling Continues to Return Positive Results at ...
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2/28/2011(Minago)Winter Work Program Underway at Victory Nickel's Minago Proj...
Corporate news of Victory Nickel Inc.
12/14/2015Victory Nickel Unsecured Note Holder Provides Notice of Defa...
11/26/2015Victory Nickel Announces Debt Restructuring Package
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10/2/2015TSX Delisting Review - Victory Nickel Inc. (Symbol: NI)
8/14/2015Victory Nickel Announces Second Quarter 2015 Financial and O...
8/5/2015Victory Nickel Comments on Remedial Delisting Review Initiat...
8/5/2015TSX Delisting Review - Victory Nickel Inc. (Symbol: NI)
7/31/2015Victory Nickel Updates Secured Debt Status
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6/29/2015Victory Nickel Announces Results of Annual and Special Meeti...
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4/14/2015Victory Nickel Announces Receipt of Payment for Lynn Lake Pr...
4/14/2015IIROC Trading Halt - NI
4/6/2015Announces Receipt of Payment for Lynn Lake Project Option
4/6/2015Victory Nickel Announces Receipt of Payment for Lynn Lake Pr...
4/1/2015Victory Nickel Announces Fourth Quarter and Fiscal 2014 Fina...
3/25/2015Victory Nickel Announces Management Change
3/25/2015Announces Management Change
3/18/2015Victory Nickel's Bear Coulee Frac Sand Project Exceeds API S...
3/18/2015Bear Coulee Frac Sand Project Exceeds API Specs
2/25/2015Victory Nickel Provides Update and Outlook for Frac Sand Ope...
2/3/2015Victory Nickel Announces NI 43-101 Resource on Wisconsin Fra...
1/9/2015Victory Nickel Expands Its Wisconsin Frac Sand Supply Chain
11/14/2014Victory Nickel Announces Third Quarter and Nine Month Financ...
11/12/2014Victory Nickel Board Approves Proceeding with Phase Two of F...
11/4/2014Victory Nickel Options Lynn Lake Nickel Project to Corazon M...
10/29/2014Victory Nickel Adds Final Crew to Operate 24/7 at 7P Frac Sa...
10/2/2014Victory Nickel Options Wisconsin Frac Sand Property
9/12/2014Victory Nickel Announces Consolidation of Common Shares
9/5/2014Victory Nickel to Present at the 16th Annual Global Investme...
8/14/2014Victory Nickel Announces Second Quarter Financial Results
8/13/2014Victory Nickel Enters Into Sales Contract for 20% of 7P Plan...
8/11/2014Victory Nickel Announces Successful Commissioning at 7P Frac...
7/7/2014Victory Nickel Announces Closing of Convertible Note Financi...
5/30/2014Victory Nickel Announces Results of Annual and Special Meeti...
5/28/2014Victory Nickel Reminder: Annual and Special Meeting of Share...
5/16/2014Victory Nickel Files Q1 Financial Statements
5/15/2014Victory Nickel Obtains Line of Credit for Frac Sand Business
4/30/2014Victory Nickel Applies for Amendment to Minago EAL
4/22/2014Victory Nickel and Nuinsco Announce Conversion of Loan to Di...
11/4/2013Provides Update on Frac Sand Plant Development
8/6/2013Silica Ltd., a Subsidiary of Victory Nickel Inc., Hires Frac...
8/2/2013Acquisition of Securities of Victory Nickel Inc. and Filing ...
7/17/2013Announces Hiring of Key Personnel, Equipment Orders for Albe...
7/11/2013Set to Begin Development of Seven Persons Frac Sand Plant
6/28/2013Announces Results of Annual and Special Meeting
5/28/2013Adopts Advance Notice By-Law
3/26/2013Announces Amended and Restated Loan Agreement
3/22/2013Completes $2.2 million Private Placement
2/25/2013Announces Filing of Application to Change Permit Status of S...
1/25/2013Announces Loan Agreement
1/9/2013Completes Asset Purchase Agreement for Seven Persons Sand Pl...
10/18/2012s Status of Victory Silica Frac Sand Initiative
6/26/2012Ken Murdock Discusses Plans for Victory Silica's Entry Into ...
5/14/2012Reports on Winter Programs
8/10/2011(Minago)Again Improves Economics at Minago
8/3/2011Identifies Depth Extension to Known Resource at Mel Nickel P...
7/26/2011Receives Draft Environment Act Licence
6/29/2011CORRECTION FROM SOURCE: Victory Nickel Receives Draft Enviro...
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