Yes your reaction will proceed and most probably your product will be soluble in ethanol.  So I would say you can go with the reaction. 

 The reaction proceeds under reflux conditions and gives excellent yields.

Usually a reaction using a suspension of a starting material is going to proceed more slowly than a similar reaction on a fully solvated starting material. However it won't necessarily stop the reaction from occurring, particularly when the product is more soluble. As another person said, it is likely that the amine will be more soluble in ethanol (hydrogen bonding).

I agree with Gary´s analysis.

Dear professors and colleagues,

Thanks a lot for your valuable comments and clarification of this point. Really appreciate your help.

Yes. It will work.Only The raction has to be carried out in refluxing codition.Probably you have to refuxed or heat for loger duraton.

Yes, it may be. Either it is a substance sparingly soluble (TLC) and is renewed after a reduction in the solution in equilibrium, or reduction occurs on the surface of the solid phase. In this case, it is appropriate to restore the surface of solid by sonication. It is very convenient for a variety of heterogeneous reactions.

You might want to try a more polar, higher boiling solvent like DMF. Many solubility issues are lessened in DMF, especially at elevated temperatures, and I have had great success in this type of reduction using these conditions.

If your target (finish) compound i.e. amine is not a strong base and this why is solube in concentrated HCl and not soluble (drops) from weak acid medium, it will be good to do the reducing by Fe powder  in boiling HCl solution (may be water HCl may me etanolic or 50/50) with active stirring. Even if starting compound is not soluble, the reaction will go on and the finishing amine will go into a solution with making a free surface of starting nitrocompound to allow the continue of reduction the next portions. After all the organic material (and may be all Fe) dissolve, add some basic buffer to make the pH 3...4....5....5.5. (but not alkali! to prevent the forming  of Fe rust). An amine will drop out and Fe salts will be leave  in solution

I have done exactly this, reducing a slurry of an insoluble nitro compound in ethanol. (Pt/C, hydrogen at 1 atm.)  The product, too, was insoluble, so the net result in my case was conversion of a suspended reactant to a suspended product. 

The key requirement, of course, is that there be at least a trace of dissolved reactant.  So long as there's a small amount in solution, it will react, and as quickly as it is consumed, is will be replaced by more dissolving solid.