Independent Nickel Confirms Security of Cash in Treasury

    SUDBURY, ON, Aug. 16 /CNW/ - Independent Nickel Corp. (INI: TSX) (the
"Company") confirmed today that its cash resources are not exposed to
repayment risks associated with money market funds or commercial paper. The
Company issued this confirmation in response to recent shareholder enquiries.
    The Company currently holds cash resources of just under $10 million.
Those funds are held almost exclusively in a guaranteed investment certificate
("GIC") backed by the Bank of Montreal. Any funds not held in this GIC are
held in the Company's current account, as short-term working capital.
    The Company does not hold any investments in any money market fund or in
commercial paper.
    The Company has made all cash payments required as part of its
acquisition of the Minago royalty. Accordingly, all of the Company cash
resources of approximately $10 million are available to fund previously
announced exploration at Lynn Lake, completion of the Lynn Lake
pre-feasibility study, as well as general and administrative expenditures for
the coming years.
    Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in
Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty on
Victory Nickel Inc.'s Minago Nickel Property, also located in Northern
Manitoba. The NSR pays the Company 3% when nickel prices exceed US$6/lb.
    The Company's web site is

    This document may contain forward-looking statements relating to
Independent Nickel Corp.'s (INI) 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 INI'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. INI
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.

    %SEDAR: 00007781E

For further information:

For further information: Independent Nickel Corp., Richard Murphy,
President and CEO, Tel: (705) 521-8444, Email:; 957
Cambrian Heights Drive, Suite 102, Sudbury, Ontario, P3C 5M6

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