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Re:   News - Thursday, February 05, 2009
      International Nickel Ventures Corporation Provides 2009 Outlook
      and Exploration Update
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TORONTO, ON -- February 5, 2009 - International Nickel Ventures
Corporation ("INV" or "Corporation") (TSX: INV) is pleased to provide
an exploration update and guidance on the Corporation's 2009 operating
budget.  The Corporation's unaudited cash balance as of December 31,
2008 was approximately C$17.8 million. The Corporation's exploration
and operating budget for 2009 is estimated at C$4 million, including
INV's planned exploration programs at the Montcalm (Ontario, Canada)
and Itapor� (Goi�s State, Brazil) properties, business development
expenditures to seek out, identify, evaluate, and if warranted acquire
an interest in advanced mineral exploration projects and the
Corporation's general and administrative costs.

Drilling has commenced on the Montcalm property, located near Timmins,
Ontario.  The drilling will test a number of ground electromagnetic
conductors that occur on the property, within the four kilometres of
the interpreted strike extension of Xstrata Nickel's Montcalm nickel
mine host rocks.  The planned program anticipates drilling nine holes
totalling 2,000 metres at an estimated cost of C$450,000.  Further
funds will be allocated if positive results warrant additional
exploration work on the property. 

At the Itapor� gold project, located in Brazil, the Corporation is
still awaiting the receipt of the required permits to commence
drilling.  Upon receipt of the permits, INV will begin the planned
drill program of six holes totalling 1,200 metres at an estimated cost
of C$300,000.

As a result of INV's February 2008 flow-through common share offering,
INV is required to incur approximately C$3.2 million in Canadian
Exploration Expenses ("CEE") prior to December 31, 2009. As at December
30, 2008, INV had incurred approximately C$1.7 million in CEE
expenditures, therefore, the Corporation is required to spend an
additional approximate C$1.5 million in CEE expenditures prior to
December 31, 2009. In addition to the planned CEE expenditures on the
Montcalm property, the Corporation is evaluating a number of Canadian
exploration opportunities to satisfy its total CEE expenditure
requirements.

The Corporation has provided notice to Teck Cominco Limited, its
partner in the Santa F�/Ipor� project, that it has elected not to fund
its pro-rata share of expenditures with respect to the project.
Although management believes that its investment in the Santa F�/Ipor�
project continues to be the underpinning asset of the Corporation,
given the market uncertainty, management and the Board of Directors are
focused on preserving the Corporation's treasury.   The effect of not
funding INV's share of the remainder of the Santa F�/Ipor� 2008 budget
and the proposed 2009 budget, will result in dilution of the
Corporation's interest in International Nickel Ventures Inc. but is not
expected to have a material effect on its indirect ownership percentage
of the project.

The Corporation continues to conserve cash and lower operating costs.
The Brazilian and Vancouver offices have been closed in an effort to
reduce the Corporation's expenses.  The Corporation is committed to
allocating its cash resources prudently and is well positioned to
withstand the current market uncertainties. The Corporation will
continue to evaluate and prioritize its ongoing projects and to seek
out new promising business opportunities and outstanding advanced
exploration targets.

About INV

INV is an international mineral resource company focused on the
acquisition, exploration and development of base and precious metal
projects in Brazil and Canada. Currently, INV's primary assets are: (1)
the advanced-stage Santa F�-Ipor� nickel laterite deposits located in
Goi�s State, Brazil; (2) the Montcalm nickel-copper property located
contiguous to Xstrata Nickel's operating nickel mine in the Timmins,
Ontario area; (3) its nickel-copper-precious metals properties located
in the 'Ring of Fire' area in northern Ontario; (4) its nickel-copper
sulphide properties and gold properties, located in Brazil and (5) an
option/joint venture agreement with Votorantim Metais N�quel S.A. on
all but two of INV's nickel laterite exploration properties located in
Brazil. For further information on the Santa F�-Ipor� properties,
please refer to the Technical Report of March 10, 2008, entitled
"43-101F1 Technical Report On The Santa F� And Ipor� Nickel Laterite
Properties In Brazil for International Nickel Ventures Corp." which
details all QA/QC procedures and interpretation of the exploration data
and a summary description of the geology and is available on SEDAR at
www.sedar.com. Please also refer to INV's Management's Discussion and
Analysis dated November 10, 2008 and other technical reports on INV's
website at www.nickelventures.com to view additional details relating
to the properties.

Forward-Looking Statement

This press release contains certain forward-looking statements. These
forward-looking statements are subject to 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. In this news release
there is no guarantee that any drill targets or economic mineral
deposits will be found on INV's properties. Forward looking statements
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievement of INV to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks related to the actual results
of current exploration activities, conclusions of economic evaluations,
uncertainty in the estimation of mineral resources, changes in project
parameters as plans continue to be refined, future prices of nickel and
other minerals, economic and political stability in Canada and Brazil,
environmental risks and hazards, increased infrastructure and/or
operating costs, labour and employment matters, and government
regulation. For a more detailed discussion of such risks and other
factors, refer to INV's most recent annual information form with
Canadian securities regulators available on www.sedar.com or INV's
website at www.nickelventures.com.

For further information, please contact:

Candace MacGibbon
Vice-President and Chief Financial Officer
(416) 703-8416
E-mail: cmacgibbon@invc.ca

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Copyright (c) 2009 INTERNATIONAL NICKEL VENTURES INC. (INV)  All rights
reserved.  For more information visit our website at
http://www.nickelventures.com/ or send mailto:info@invc.ca
Message sent on Thu Feb 5, 2009 at 4:04:11 AM Pacific Time
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