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INDEPENDENT NICKEL CORP. NEWS RELEASE April 17, 2007
Independent Nickel Acquires Manitoba Nickel RoyaltiesSudbury, Ontario – April 17, 2007 – Independent Nickel Corp. (INI: TSX-V) (the “Company”) reports that it has signed a binding letter agreement with subsidiaries of Glencairn Gold Corporation (“Glencairn”) to acquire their Net Smelter Return Royalty (“NSR”) of up to 3% (when nickel prices exceed US$6/lb) on Victory Nickel Inc.s’ Minago nickel deposit, as well as the 2% NSR on the Company’s Lynn Lake mine property, both located in Northern Manitoba. Nuinsco Resources Limited filed a Preliminary Economic Assessment on the Minago property on SEDAR on November 28, 2006. In addition to purchasing the Minago royalty, the Company also re-purchased the 2% NSR on its own 100% owned Lynn Lake nickel property. The re-purchase of this royalty will significantly enhance the economics of the Company’s own project. “The Minago Royalty is an obvious compliment to Independent Nickel’s Lynn Lake Nickel deposit,” stated Independent Nickel President and CEO, Richard Murphy. “Both assets provide shareholders of Independent Nickel with exposure to advance staged nickel deposits in a very pro-mining jurisdiction. This acquisition provides diversification at the project level and represents a strategic asset to the Company. The Minago Royalty gives our shareholders upside exposure to a high quality nickel deposit and comes with no operational or sustaining capital obligations.” Commenting on the transaction, Glencairn President and CEO Peter Tagliamonte stated: “We view this as a strategic divestiture for Glencairn allowing us to increase the company’s cash position and also retain the upside of the Minago project moving forward. This is a beneficial arrangement for both INI and Glencairn.” Under the terms of the purchase agreement, the Company will pay $5 million in cash and issue 2,500,000 shares of the Company to Glencairn, in exchange for the two royalties. In addition to any regulatory trading restrictions, the shares will be initially subject to a trading restriction under the agreement, the latter of which will be removed on a graduated basis over two years. The Minago royalty payments are determined on a sliding scale, based on nickel prices. When the selling price for nickel exceeds US$6/lb the royalty is 3%. If the selling price for nickel is between US$5 and US$6/lb the royalty is 2%. If the selling price for nickel is between US$4 and US$5/lb the royalty is 1.5%. And if the selling price for nickel is below US$4/lb the royalty is 1%. Nickel currently sells for approximately US$23/lb. The acquisition, which is scheduled to close no later than June 30, 2007, is subject to the Company completing a minimum $5 million equity financing, as well as acceptance by the TSX Venture Exchange. The Company’s web site is www.independentnickel.com. FOR FURTHER INFORMATION PLEASE CONTACT: Independent Nickel Corp. 957 Cambrian Heights Drive This document may contain forward-looking statements relating to Seymour Exploration Corp.’s 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 Seymour’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. Seymour 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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| INDEPENDENT NICKEL CORP. (Head Office) | 705-521-8444 (Phone) | Site Design by |
| 102-957 Cambrian Heights Drive, Sudbury, Ontario P3C 5M6 | 705-521-1845 (Fax) | Trev's Webs |
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