Victory Nickel Engages Advisor for Minago Frac Sand Resource

Raymond James to help maximize return from valuable high-demand by-product

TORONTO, ONTARIO, Jul 30, 2008 (MARKET WIRE via COMTEX News Network) --

Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX: NI)(www.victorynickel.ca) today announced that it has engaged Raymond James Ltd. as advisor to the Company to determine the most effective strategy to maximize the value of the frac sand by-product at its Minago nickel project on Manitoba's Thomson Nickel Belt.

"The sand layer that overlies the nickel deposit at Minago gives Victory Nickel a tremendous opportunity to benefit from rising demand for frac sand in western Canada and the US," said Rene Galipeau, Vice-Chairman and CEO. "Outotec (USA) Inc. is currently designing a frac sand processing plant and at the same time we are evaluating the quickest way to get the frac sand operation into production. Raymond James' Calgary-based oil and gas group understands the energy and oil field services sectors, and will work aggressively with us to identify potential partners and structures to maximize the return for shareholders from this valuable by-product resource."

Frac sand, which is used to enhance recoveries in the oil and gas industry, forms part of the overburden that must be removed before mining nickel from the Minago open pit. As part of the definitive feasibility study of the 100%-owned Minago nickel project, Wardrop Engineering Inc. has concluded that Victory Nickel could sell 824,000 tonnes of sand per year to existing and emerging markets in North America for potential annual revenue, net of freight, of approximately $44 million (see news release dated April 17, 2008).

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 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 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.

Contacts: Victory Nickel Inc. Rene Galipeau (416) 626-0470 Victory Nickel Inc. Paul Jones (416) 626-0470 Victory Nickel Inc. Sean Stokes (416) 626-0470 Email: admin@victorynickel.ca Website: www.victorynickel.ca

SOURCE: Victory Nickel Inc.

mailto:admin@victorynickel.ca http://www.victorynickel.ca

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