Nikos Explorations Ltd. (NIK: TSX-V) has received confirmation from Falconbridge Limited that Nikos has met all conditions to earn a 55% interest in the Island Copper copper-gold project north of Sault Ste. Marie, Ontario. Falconbridge also informed Nikos that it declines the right to bump-up its interest and confirms that a Joint Venture is hereby formed with Nikos having a 55% interest and Falconbridge a 45% interest. Nikos will remain operator of the Joint Venture.

The target of exploration at Island Copper is an iron-oxide copper gold deposit. Recent stripping and channel sampling by Nikos revealed significant copper, gold and silver mineralization in three separate areas. Values up to 3.97% Cu, 7.8 g/tonne Ag and 0.78 g/tonne Au over 7 metres were obtained from the hilltop showing (see News Release dated December 23, 2004) where historical drilling intersected 11.59 metres grading 3.4% Cu and 0.9 g/tonne Au. Nikos plans to follow up the results of the stripping and channel sampling with the aim of defining drill targets to test for continuity between the three mineralized areas.

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
Tel: 416-516-6050

Or visit our website at: www.nikosexplorations.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.