







Victory Nickel and Prophecy Complete Reciprocal Private Placements
Published in Business and Finance on Friday, May 28th 2010 at 16:00 GMT by Market Wire

TORONTO, ONTARIO--(Marketwire - May 28, 2010) - Victory Nickel Inc. (the "Company" or "Victory Nickel") (TSX:NI) ([ www.victorynickel.ca ]) and Prophecy Resource Corp. ("Prophecy") (TSX VENTURE:PCY)(OTCBB:PCYRF)(FRANKFURT:1P2) have completed the reciprocal private placements announced on May 13, 2010.
Prophecy subscribed for 36,615,385 common shares in Victory Nickel at a price of $0.104 per common share for gross proceeds of $3,808,000. In turn, Victory Nickel subscribed for 7,000,000 Prophecy common shares at a price of $0.544 per common share for gross proceeds of $3,808,000. This transaction resulted in Victory Nickel owning a 9.9% interest in Prophecy and Prophecy acquiring a 9.8% interest in Victory Nickel.
The Victory Nickel common shares issued to Prophecy are subject to a four-month hold period expiring on September 29, 2010.
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 9.9% of the shares of Prophecy Resource Corp. (TSX VENTURE:PCY) and approximately 5% of the shares of Wallbridge Mining Company Limited (TSX:WM), the third largest landholder in the Sudbury Basin, which in turn owns approximately 12.9% of Duluth Metals Limited.
For further information, please visit [ www.victorynickel.ca ]. Should you wish to receive Company news via email, please email [ chelsea@chfir.com ] and specify "Victory Nickel" in the subject line.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Victory Nickel believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Victory Nickel based on information currently available to Victory Nickel. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Victory Nickel to differ materially from those discussed in the forward-looking statements, 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 Victory Nickel. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper, nickel and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Victory Nickel disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Victory Nickel believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.