TORONTO, ONTARIO--(Marketwire - March 3, 2008) - 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.