Victory Nickel Drilling Returns 1.51% Ni Over 38.42 Metres Beneath Minago Resource

TORONTO, ONTARIO--(Marketwire) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:NI)(www.victorynickel.ca) today reported a significant intersection from the first hole of the ongoing drill program at its Minago nickel project. Diamond drill hole V-08-01 confirms the presence of higher-grade nickel mineralization at depth, assaying 1.51% nickel over 38.42 metres as part of a 193.01 metre interval grading 0.59% nickel. "This is a tremendous start to the drill program that we began in January as it demonstrates the continued presence of widespread and locally strong nickel mineralization that extends to depth beneath the currently identified near-surface resource at Minago," said Brian Robertson, President. "Additional intersections of mineralization with similar grade to that in DDH V-08-01 will clearly establish the potential for substantial enhancement of the current Minago nickel resource." DDH V-08-01 was drilled to test for continuity of nickel mineralization immediately beneath the near surface resource at Minago - the hole was drilled to a depth of 578 metres. Assay results are as follows: ----------------------------------------------------------- Hole # From (m) To (m) Interval (m) Ni (%) ----------------------------------------------------------- DDH V-08-01 334.51 527.52 193.01 0.59 ----------------------------------------------------------- including 346.08 359.00 11.78 0.71 ----------------------------------------------------------- and 452.21 527.52 75.31 0.99 ----------------------------------------------------------- including 452.21 490.63 38.42 1.51 ----------------------------------------------------------- including 509.94 527.52 17.98 0.93 ----------------------------------------------------------- The long interval of 193.01 metres grading 0.59% nickel clearly demonstrates the continued widespread nature of the nickel mineralization in the Minago host rocks, while the 38.42 metre intersection grading 1.51% nickel between 452.21 metres and 490.63 metres demonstrates the potential for higher grade nickel mineralization at depth. All intervals reported in this news release are core lengths and not true widths. All analyses were conducted by TSL Laboratories of Saskatoon, Saskatchewan. The program is subject to ongoing QA/QC procedures to ensure the veracity of results and data. The Minago work program is being supervised by Paul Jones, Vice-President, Exploration for Victory Nickel, who acts as QP under National Instrument 43-101 and has reviewed and approved the contents of this news release. PDAC 2008 Please come and visit us at the PDAC show in Toronto, where we will be joining with Nuinsco Resources Limited (TSX:NWI) in booth Number 2531. In addition, Victory Nickel is hosting virtual reality tours of the Minago nickel deposit in room 802 of the Metro Toronto Convention Centre - South Building on Monday, March 3rd at 15:30 or Tuesday March 4th at 14:15. Please RSVP at http://seeit.mirarco.org/NI. About Victory Nickel Victory Nickel Inc. is a Canadian company with over 660,000,000 pounds of in-situ nickel in National Instrument 43-101-compliant measured (154,000,000 pounds) and indicated (511,000,000 pounds) resources in three sulphide nickel projects: Minago and Mel on Manitoba's Thompson nickel belt, and the high-grade Lac Rocher deposit in northwestern Quebec, and an additional 530 million pounds of in-situ nickel in inferred resources. Created from the nickel assets of Nuinsco Resources Limited (TSX:NWI), Victory Nickel is well financed and focused on becoming a substantial nickel producer by developing its existing properties and evaluating opportunities to expand its nickel asset base. FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than