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INDEPENDENT NICKEL CORP.
102 - 957 Cambrian Heights Drive
Sudbury, ON P3C 5M6
(the "Company")
NEWS RELEASE
April 10, 2008
Independent Nickel Drills New Zone of Nickel at Lynn
Lake
Sudbury, Ontario – April 10, 2008 – Independent Nickel Corp. (TSX:
INI) announced today positive drilling results from its ongoing
exploration program on the Company’s Lynn Lake Nickel Mine Property in
Northern Manitoba.
Hole LLN-024b was drilled as a second wedged daughter hole off of
parent drillhole LLN-024. Highlights from drillhole LLN-024b include:
- 5.5 metres grading 0.87% nickel, 0.21% copper, 0.02% cobalt
starting from 380.5 metres;
- 12.7 metres grading 0.66% nickel, 0.38% copper, and 0.02% cobalt
starting from 560 metres. This intersection occurs within a wider
mineralized zone grading 0.57% nickel, 0.25% copper, 0.02% cobalt
over 30.6 metres, starting at 546 metres, and;
- 5.0 metres grading 0.61% nickel, 0.39% copper, 0.02% cobalt
starting from 519.2 metres.
All of the intercepts described in the highlights above are located
outside of the currently defined resource, and display grades above the
mineable cutoffs reported in the Company’s prefeasibility study for the
Lynn Lake property.
In addition, parent drillhole LLN-024 intersected 69 metres of 1.01%
nickel, 0.38% copper and 0.03% cobalt and its primary wedged daughter
hole, LLN-024a, intersected 76.5 metres of 0.65% nickel, 0.29% copper,
and 0.02% cobalt, as previously reported in respective press releases
dated February 12, 2008 and March 11, 2008.
Drillholes LLN-024, LLN-024a, and LLN-024b were drilled to test
possible extensions off the southern portion of the ‘N’ ore body, with a
view to adding to, and improving the Company’s existing mineable reserve
of 10.7 million tonnes grading 0.65% nickel and 0.36% copper. The
Company believes that these results clearly demonstrate the potential to
add to the current resource and reserve base.
Drilling is ongoing at Lynn Lake, where the Company is currently
drilling a wedged hole to test a portion of the ‘Golf’ target located
south of hole LLN-003 which intersected 10 feet of nickel mineralization
grading 1.2% nickel and 0.3% copper and a separate section of 2 feet
grading 1.9% nickel and 0.6% copper along the lower edge of the ‘Golf’
target. See the Company’s May 30, 2006 press release.
In addition to the ongoing drilling, the Company is in the process of
compiling a comprehensive set of new geophysical data. This geophysical
interpretation is being undertaken to identify new areas for drilling
within the mine environment.
About Independent Nickel Corp.
Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located
in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return
Royalty (“NSR”) on Victory Nickel Inc.’s Minago Nickel Property, also
located in Northern Manitoba. The NSR pays the Company 3% of all mineral
product value when nickel prices exceed US$6/lb.
FOR FURTHER INFORMATION PLEASE CONTACT:
Independent Nickel Corp.
Richard Murphy, President and CEO
Tel: (705) 521-8444
Email:
info@independentnickel.com
Web:
www.independentnickel.com
957 Cambrian Heights Drive
Suite 102
Sudbury Ontario P3C 5M6
Assay lengths reported in this release are core
lengths. Due to the irregular nature of some of the orebodies at Lynn
Lake, true mineralized widths will be determined in the context of an
updated resource/reserve estimate.
Samples have been analyzed by ALS Chemex in North
Vancouver, British Columbia. Assays for nickel, copper, and cobalt are
completed on by four acid “near total” digestion and AAS finish. Select
samples are analyzed by Sodium Peroxide Fusion, acid dissolution and
ICPAES analysis. The Qualified Person responsible for the technical
content of this news release is Richard Murphy, P. Geo., President and
CEO of Independent Nickel Corp.
The prefeasability study referenced in this press
release has been completed by Wardrop Engineering under the direction of
Tim Maunula P.Geo. in accordance with Standards of Disclosure for
Mineral Projects as defined by National Instrument 43-101 (NI 43-101).
Mr. Maunula is the Project Manager for the Lynn Lake pre-feasibility
study. In addition, the following qualified persons contributed to the
study: Ivan Arriagada, P. Eng., Peter, Broad, P.Eng., Alex Veresezan,
P.Eng. and Shahe Naccashian, P.Geo.
This document may contain forward-looking
statements relating to Independent Nickel Corp.’s (INI) operations or to
the environment in which it operates. Such statements are based on
operations, estimates, forecasts and projections. They are not
guarantees of future performance and involve risks and uncertainties
that are difficult to predict and may be beyond INI’s control. A number
of important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements, including
those set forth in other public filings. In addition, such statements
relate to the date on which they are made. Consequently, undue reliance
should not be placed on such forward-looking statements. INI disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, save and except as may be required by applicable securities
laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES
NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
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