Mel

Mel Links March 17, 2007 Revised Mel Resource Estimate March 2007 - Summary March 17, 2007 Revised Mel Resource Estimate March 2007 - Full Report

Situated on the Mel lease, the Mel nickel deposit hosts a National Instrument 43-101-compliant Measured and Indicated resource of 4.3 million tonnes grading 0.875% nickel (83 million pounds in-situ nickel). The resource is located between 46 and 183 metres and open to depth, making access to the mineralization relatively straightforward via open-pit and/or ramp.

The Mel Claims offer significant upside potential. Past drill programs have tested numerous geophysical anomalies associated with known nickel bearing geology. In addition, a preliminary evaluation has been carried out to determine the potential for open pit and underground mining of the Mel Deposit. Geotechnical studies have been completed to evaluate the overburden cover and metallurgical test work carried out.

Victory Nickel retains 100% of the Mel Project after Vale Inco's back-in right expired in 2010. The Company welcomes this development to be master of the exploration and development plan and timetable at Mel.

A Milling agreement at Vale Inco's Thompson facilities is potentially viable at a cash cost of approximately 5%, provided the ore meets their specifications.