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Victory Nickel Advised by Manitoba Government That Minago Road Construction Permit and Quarry Lease Will be Granted

^{Published on 2009-12-11 08:47:13 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2009) - Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX:NI)([ www.victorynickel.ca ]), today announced that it has been advised by the Mineral Resources Division of the Manitoba Department of Science, Technology, Energy and Mines that instructions have been given to grant to the Company a quarry lease and a general permit for road construction at its 100%-owned Minago sulphide nickel project on Manitoba's Thompson Nickel Belt.

As previously announced, the Company has been planning for construction of a 4.1 kilometre road from a limestone outcrop to highway 6, which runs adjacent to the Minago property, in order to provide access for exploration and to the property in general. A quarry will be developed at the limestone outcrop to provide construction material for the road.

"The granting of these permits is an important development for Victory Nickel, the Minago project and the province of Manitoba, as it represents a tangible step forward at the Minago site," said President and COO Steve Harapiak.

Minago Definitive Feasibility Study Update

The Company is pleased to announce that it will hold a conference call at 10:30 am (Toronto time) on Monday December 14, 2009 to discuss the results of the Minago Definitive Feasibility Study, which will be released prior to that time. To participate in the conference call, please dial 416-340-2216 or 866-226-1792. The call can also be accessed on the Internet at [ http://events.digitalmedia.telus.com/victory/121109/index.php ]. The conference call will subsequently be available for replay until December 21, 2009 at 11:59 pm, and will be able to be accessed by dialling 416-695-5800 or 800-408-3053 and entering the pass code: 3768817.

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 Quebec, and by evaluating opportunities to expand its nickel asset base. Victory Nickel also owns approximately 5% of Wallbridge Mining Company Limited (TSX:WM), the third largest landholder in the Sudbury Basin.

For further information, please visit the Company's website at [ www.victorynickel.ca ]. Should you wish to receive Company news via email, please email [ catarina@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 historical 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, 2009 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.