Nikos Explorations Ltd. (NIK:TSX-V) has completed a mobile metal ion (MMI) survey over a portion of the Island Copper property in the Sault Ste. Marie area of Ontario.

Four areas that showed anomalous copper in soil in a 2003 mobile metal ion (MMI) survey were selected for a more detailed follow up survey. Soil samples were analyzed for copper, zinc, cadmium and lead at SGS Canada Inc. in Toronto. Results showed ranges of <5 ppb to 109,500 ppb copper, 34ppb to 18,220 ppb zinc, <10ppb to 398 ppb cadmium and <20ppb to 372,900ppb lead. The largest copper anomaly covers the hilltop showing where historical drilling intersected 3.4% Cu and 0.9 g/tonne Au over 11.59 metres. The anomaly extends 600 metres northwest-southeast and up to 400 metres east-west and remains open to the north and south (see attached map).

The copper and gold mineralization is hosted by a brecciated albite granite enclosed within brecciated gneiss of Archean age. Two major faults intersect in the southern portion of the property and are believed to control the distribution of the albite granite. Copper-rich breccia style mineralization, consisting dominantly of chalcopyrite with minor bornite, has been identified on surface intermittently over an area of approximately 450 metres by 300 metres and occurs within a 1,000 metre by 400 metre envelope of hematite mineralization.

Structural mapping and trenching is underway on the property and is expected to be completed during November. The structural mapping will assess the control of fault related structures on the copper-gold mineralization. The trenching program is designed to follow up MMI and selected geophysical anomalies in order to extend the area of known surface mineralization.

The results of historical drilling on the property for which records exist are being incorporated into a 3 dimensional model that will be used together with structural, geophysical and geochemical information to aid in planning future drill programs.

The target of exploration on the Island Copper property is iron-oxide copper gold mineralization, the best known example of which is the Olympic Dam deposit in Australia. Nikos is earning a 55% interest in the property from Falconbridge Limited.

Roger Moss, Ph.D., P.Geo. supervised the sampling reported in this release and is the qualified person for the project.

Nikos Explorations Ltd. is an exploration company focused on the acquisition, exploration and development of copper-gold projects in the Americas and is currently exploring three Ontario properties for their iron-oxide copper gold potential.

For more information please contact:

Roger Moss, President 416-516-6050 or
Peter Dunfield, Director, 604-684-6264

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adequacy or accuracy of this release.