International Nickel Ventures Corporation Reports Q1/2008 Results and Provides Exploration Update

International Nickel Ventures Corporation ("INV" or "Corporation") (TSX: INV)(TSX: INV.WT) reports its financial results for the period ended March 31, 2008 (see INV's interim consolidated financial statements and MD&A filed on SEDAR at www.sedar.com and on the Corporation's web site at www.nickelventures.com ).

The Corporation is pleased to announce its results of operations for the period ended March 31, 2008 and to provide an exploration update. Robert Bell, President and CEO, stated, "We continue to have a strong balance sheet and the ability to fund all of our 2008 projects plus aggressively look for new high value base and precious metal opportunities. INV has assembled a highly qualified team of professionals in Canada and Brazil to execute our aggressive growth strategies. We are very encouraged with the exploration success and progress achieved to-date this year and are beginning to see the positive results of our efforts as we continue to explore our highly prospective projects."

The Corporation's mineral properties are in the early to advanced stages of exploration and are not in production. INV incurred a loss of $1,018,642 or $0.02 per share in the first quarter of 2008, compared to a loss of $718,603 or $0.02 per share in the first quarter of 2007. The first quarter 2008 loss includes $323,909 for general exploration expenses and general and administrative expenses of $587,032. Cash flow from operating activities was a net outflow of $822,785 compared to a net outflow of $386,519 for the same period last year. Interest income during the quarter of $224,988 increased by $99,621 from Q1/2007, as a result of INV's higher cash balance.

The cash balance as of March 31, 2008 was $24.8 million, compared to $24.5 million at December 31, 2007. Working capital at March 31, 2008 was $24.4 million, compared to working capital of $23.8 million at December 31, 2007. The Corporation believes that the funds on hand are sufficient to conduct all of its currently planned business activities in 2008.

Exploration Update and 2008 Outlook

INV owns an indirect 20.25% interest in the Santa Fe and Ipora nickel laterite deposits located in Goias State, Brazil. The Santa Fe/Ipora deposits have an indicated mineral resource of 35.7 million tonnes grading 1.14% nickel and an inferred mineral resource of 104.3 million tonnes grading 1.03% nickel (see INV's January 17, 2008 press release for details). The 2008 program and budget for the Santa Fe/Ipora projects for the first six months of 2008 totals approximately $1.7 million (INV's share is approximately $383,000). Teck Cominco Ltd. has an indirect 54.75% interest in the Santa Fe/Ipora properties and as the project operator is currently conducting a new scoping study on the deposits, which is expected to be completed by year end.

The Corporation's 2008 budget for its 100%-owned exploration projects in Canada and Brazil is $5.2 million. The exploration budget for programs at the Montcalm, Lansdowne and Fishtrap properties in Ontario is $1.5 million, with additional funds to be allocated pending identification of drill targets. The exploration budget for Brazil has been set at $3.7 million. In addition, INV is aggressively seeking new exploration and business opportunities.

Robert Bell also noted, "We have made great progress in advancing our nickel sulphide properties in Canada and Brazil. We have identified multiple drill targets on a number of our projects and anticipate initiating drill programs on several of them over the next few months. Drilling has already commenced at Taquaral on a promising copper-nickel sulphide target and at Niquelandia we have identified high priority, coincident geophysical and geochemical anomalies ranging up to 1.4 kilometres in length. At Montcalm our geophysical survey has identified numerous conductors which are currently being prioritized for drilling."

Montcalm, Ontario

At the Montcalm property, INV has completed line cutting, ground electromagnetic ("UTEM") and magnetometer surveys over the four kilometres of interpreted strike extension of Xstrata Nickel's Montcalm nickel mine host rocks. The UTEM survey, completed by Lamontagne Geophysics Ltd., detected numerous highly prospective conductors. Diamond drilling is anticipated to begin in the second quarter following the compilation and interpretation of the positive results of the UTEM survey.

Fishtrap, Ontario

An access agreement has been reached with the Marten Falls First Nation, in whose traditional territory the Fishtrap property is located. Linecutting and a magnetic survey have been initiated over the northern portion of the property where a number of conductive zones were detected by an airborne electromagnetic survey carried out by FNX Mining Company Inc. in 2006. A ground electromagnetic survey will commence following spring breakup. Drilling is anticipated to begin in the fall 2008.

Niquelandia, Brazil

At the Niquelandia property, the soil geochemical survey carried out by INV has identified two highly anomalous trends ranging from 700 metres to 1,300 metres long by 100 metres to 400 metres wide. Copper in soil values range from 250 ppm to a high of 4,000 ppm, nickel from 2,086 ppm to a high of 15,000 ppm (1.5%), platinum from 49 ppb to a high of 476 ppb, and palladium in soil values range from 109 ppb to a high of 655 ppb. The very high metal assays in soil may be a result in part from lateritic enrichment. The induced polarization ("IP") survey outlined 14 anomalous trends, suggesting a potential copper-nickel sulphide bedrock source. Combining the IP, geological and geochemical data has indicated three high priority coincident anomalies ranging up to 1.4 kilometres in length. Mapping and sampling by INV in and near these anomalous areas located a number of rock samples containing up to 3% disseminated sulphide minerals, indicating nickel-copper sulphide targets rather than nickel laterite targets.