TORONTO, ONTARIO -- (Marketwire) -- 06/04/12 -- Continental Nickel Limited (TSX VENTURE:CNI) (the "Company") announces that the Board of Directors has received the resignation of Director Mr. Anthony J. (Tony) Haggarty. Mr. Haggarty was appointed to the Board on August 23, 2011 and has resigned due to his increasing responsibilities as Managing Director of Whitehaven Coal.
Mr. John Nitschke, Chairman of the Board said, "The Board would like to thank Mr. Haggarty for his contributions during his service as a Director and wishes him well in his future endeavours."
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% joint venture interest in the Nachingwea project in Tanzania, where measured and indicated mineral resources have been estimated at 12.8 Mt grading 1.21% nickel and inferred mineral resources have been estimated at 45 Mt grading 0.30% nickel (CNI press release April 17, 2012). The project is a 75:25 joint venture between the Company and IMX Resources Limited. The Company also has an option to joint venture on the St. Stephen project in New Brunswick, Canada where the 2010 and 2011 diamond drill programs discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,793,508 common shares issued and outstanding (46,866,008 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company had over $6.6 million in the treasury as at March 31, 2012.
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.
Continental Nickel Limited
President and CEO
(416) 603-8760 (FAX)