Continental Nickel Limited

Continental Nickel Limited

March 31, 2011 16:35 ET

Continental Nickel Provides Updates on Management Changes

TORONTO, ONTARIO--(Marketwire - March 31, 2011) - Continental Nickel Limited (TSX VENTURE:CNI) ("Continental Nickel" or the "Company") announced today that Mr. John S. Nitschke is acting as Executive Chairman of the Company and will fulfill the role of Chief Executive Officer upon the effective date of the resignation of Craig S. MacDougall on March 31, 2011 (see the press release of January 21, 2011). In addition, the Company is pleased to confirm that Ms. Patricia Tirschmann, Vice President, Exploration, and Mr. Gary Hill, Chief Financial Officer and Company Secretary, are continuing as senior officers of the Company.

John Nitschke, Chairman of the Board of Directors commented "We thank Mr. MacDougall for his contribution during his time with the Company and in particular his commitment to ensure the completion and timely release of the revised Mineral Resource estimate at Nachingwea (Press Release - March 2, 2011) which has resulted in a significant upgrade of Mineral Resources. Our top class exploration and corporate support teams are in place and will be implementing our 2011 field program which will focus on step out drilling of the Sleeping Giant discovery which is open in all directions (Press Release – January 24, 2011) and continue to explore our highly prospective mineral licenses at Nachingwea in Tanzania. The process of recruiting a new Chief Executive Officer is on-going and we are confident that there will be an orderly transition in leadership."

The team continues to work on the technical and logistical planning for the 2011 exploration programs for which an update will be provided once finalized.

About Continental Nickel

Continental Nickel Limited 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 NI 43-101 compliant Mineral Resources (Measured and Indicated) have defined 60,900 tonnes of contained nickel, and an additional 131,000 tonnes of contained nickel in Inferred Mineral Resources. The project is a 75:25 Joint Venture between the Company and IMX Resources Limited ("IMX") of Australia.

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

Continental Nickel Limited has 39,047,608 shares issued and outstanding (47,011,514 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company remains well-funded with currently over C$8.8 million in the treasury.

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, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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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