We've known since late 2006 that Nintendo intended to add classic titles from the Commodore 64's library to its Virtual Console service, but Nintendo of Europe has been hesitant to reveal any concrete details until now.
According to NoE, the C64 games are only planned for release in Europe so far, and they will be available to purchase for 500 Wii Points (€5, approximately $7.35) later this year. 500 Wii Points?! That's as much as an NES release on the Wii Shop Channel!
Nintendo has already confirmed Uridium and International Karate as potential VC titles, both of which you can find video for after the post break. The 25-year-old console has a line-up of over 4,000 games to draw from, so it's guaranteed that we'll see regular C64 releases for years. Maybe this means that Nintendo will start putting out three to four Virtual Console games a week again.