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Continental Nickel Intersects More Nickel-Copper Sulphide Mineralization at Nachingwea Project

Continental Nickel Limited (TSX VENTURE:CNI) has announced that it continues to intersect wide zones of nickel-copper sulphide mineralization at the new "Sleeping Giant" Zone at Ntaka Hill on the Nachingwea nickel-copper sulphide project in Tanzania.

Diamond drill hole NAD10-216 intersected several zones of disseminated, stringer and net textured sulphides including higher grade intervals of 0.60% nickel and 0.15% copper over 12.55 metres and 1.22% nickel and 0.21% copper over 15.9 metres, from within a wider interval of 73.35 metres grading 0.50% nickel and 0.11% copper. The project is a 75:25 Joint Venture between CNI and IMX Resources Limited ("IMX") of Australia.

The Company is currently implementing a $4 million exploration program at Nachingwea. In the current program, thirty-six diamond drill holes have been completed, thirty-five totalling 4,722.7 metres at Ntaka Hill and one drill hole of 266.1 metres at the Lionja target, 8 kilometres to the south. Assay results have now been reported for twenty-one of the thirty-six drill holes, totalling 2,988.5 metres, including the results of the one drill hole totalling 329.1 metres reported herein. The assay results are provided below as Table I; a location figure may be viewed using the link provided with this release.

The primary objective of the Ntaka Hill drilling program is to evaluate selected sulphide deposits for extensions of mineralization beyond the currently defined Mineral Resources and to test prioritized targets for new sulphide zones. Currently, NI 43-101 compliant Measured and Indicated Mineral Resources, from six separate sulphide deposits (G, H, J, L, M and NAD013) at Ntaka Hill, total 3.1 million tonnes grading 1.31% nickel and 0.24% copper at a US$23/tonne Net Smelter Return ("NSR") cut-off (Press Release July 15, 2009).

NAD10-216 (Sleeping Giant)

Drill hole NAD10-216 was drilled to a depth of 329.1 metres and was positioned 120 metres to the east and up dip of drill hole NAD10-211. NAD10-211 intersected a 53.1 metre interval of disseminated, stringer and net textured sulphide mineralization at the Sleeping Giant zone, grading 0.74% nickel and 0.15% copper, including a higher grade interval near the base of the zone, grading 1.07% nickel and 0.19% copper over 19.0 metres (Press Release September 22, 2010). NAD10-216 intersected several intervals of disseminated to net-textured sulphide mineralization starting at 171 metres down hole and extending to 280.8 metres. The assay intervals include an upper interval grading 0.32% nickel and 0.07% copper over 31.0 metres and a lower interval grading 0.50% nickel and 0.11% copper over 73.35 metres. The lower interval includes higher grade intervals of 0.60% nickel and 0.15% copper over 12.55 metres and 0.89% nickel and 0.16% copper over 26.8 metres. The latter interval includes 15.9 metres grading 1.22% nickel and 0.21% copper near the base of the lower mineralized zone.

Nachingwea Drilling Program Expanded

The drilling completed to date has outlined a thick, south plunging, and west dipping zone of mostly disseminated nickel-copper sulphide mineralization which is open in all directions. Based on these encouraging initial drill results, the current drilling program is being expanded to allow for the completion of up to seven additional drill holes totalling approximately 1,800 metres. This drilling will test for extensions of the zone close to surface, up-plunge to the north and up-dip to the east from the area of current drilling.

The drilling program is expected to begin in late October and, if successful, a Mineral Resource Estimate Study of the Sleeping Giant Zone will be considered after all assays are received and validated.

Meanwhile, a reverse circulation drilling program has begun which is testing priority targets developed from the ongoing regional exploration program.

Craig MacDougall, President & CEO of Continental Nickel Limited, said "The newly discovered Sleeping Giant nickel sulphide zone continues to grow and the initial results suggest potential to outline a large, moderate grade, sulphide zone, still open in all directions. The expansion of the current drilling program is important to evaluate the potential of the Sleeping Giant zone, and, if successful, may lead to the first estimation of Mineral Resources for this new discovery."

Qualified Persons

The quality control, technical information and all aspects of the exploration program are supervised by Patricia Tirschmann, P. Geo., Vice President, Exploration for CNI. The information in this release was prepared under the direction of Craig MacDougall, P. Geo., President and CEO for Continental Nickel Limited. Both Ms. Tirschmann and Mr. MacDougall are qualified persons as defined by National Instrument 43-101.


Continental Nickel Limited

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