Continental Nickel Limited

Continental Nickel Limited

August 30, 2011 08:00 ET

Continental Nickel Limited Announces a New Board Appointment

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2011) - The Board of Continental Nickel Limited (TSX VENTURE:CNI) ("CNI" or the "Company") is pleased to provide the following update with respect to Board composition.

Mr. Tony Haggarty has been appointed as a non executive director replacing Mr. Yuangang Song. Mr. Haggarty is a seasoned business professional with an extensive career in the mining and resource sector spanning over thirty years in the development, operation and financing of mining companies.

Tony was a co-founder of Excel Coal Limited and was its Managing Director from 1993 until its acquisition by Peabody Energy Corporation in 2006. Prior to this he worked for BP Coal and BP Finance in Sydney and London, and for Agipcoal as the Managing Director of its Australian subsidiary.

Mr Haggarty is currently the Managing Director of Whitehaven Coal Limited, the non-executive Chairman of ASX-listed King Island Scheelite Limited and a non-executive director of IMX Resources Limited ("IMX").

Mr John Nitschke, Chairman, commented "We are very pleased to confirm the appointment of Mr. Haggarty as a Director. Tony will bring a wealth of experience in the development, management and financing of resource projects to the CNI Board. His experience complements the accomplished nickel exploration team with a discovery track record and the technical studies team that together will enable us to define the extent of the resource at Sleeping Giant, continue exploration of the Nachingwea land package and progress with the evaluation of the economic viability of the already delineated Resources in Tanzania. At the same time we wish to acknowledge and thank Mr. Yuangang Song for the contributions he has made. Mr. Song, a major shareholder, Board member, Joint Venture partner and customer of IMX, has brought a clear business focus to the Company's strategy while on the CNI Board."

About Continental Nickel Limited

Continental is focused on the exploration, discovery and development of nickel sulphide deposits in geologically prospective, but under‐explored regions globally. The Company's key asset is its 75% interest in the Nachingwea project in Tanzania, where Mineral Resources (Measured and Indicated) have been estimated at 60,900 tonnes of contained nickel, and an additional 131,000 tonnes of contained nickel in Inferred Mineral Resources. See CNI's press release of April 15, 2011. The project is a 75:25 exploration joint venture between the Company and IMX.

The Company also has an option to joint venture on the St. Stephen project in New Brunswick, Canada where the 2010 diamond drill program discovered new Ni‐Cu sulphide zones.

As at the date of this release, the Company has 42,713,508 common shares issued and outstanding (51,031,914 on a fully‐diluted basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company remains well funded with over C$8.7 million in the treasury as at March 31, 2011.

On behalf of Continental Nickel Limited

Dave Massola, President and Chief Executive Officer

CAUTIONARY STATEMENT: This News Release includes certain "forward‐looking statements". All statements other than statements of historical fact included in this release including, without limitation, statements regarding potential mineralization, potential or estimated metal recoveries, resources and reserves, exploration results, future plans and objectives of Continental Nickel Limited, is forward‐looking information that involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Continental Nickel Limited's expectations are the risks detailed herein and from time to time in the filings made by Continental Nickel Limited with securities regulators.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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