TORONTO, ONTARIO--(Marketwire - Sept. 3, 2009) - Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or the "Company") is pleased to announce that it has commenced a diamond drilling program on its 70% owned Nachingwea nickel-copper project in Tanzania.
Approximately 3,000 metres of drilling is planned, initially focusing on drill testing a number of EM anomalies originally highlighted by the 2007-2008 airborne VTEM surveys completed by the Company and confirmed with subsequent ground and borehole TDEM surveys. The drill program is expected to take six to eight weeks to complete and results, including assays, will be reported on an ongoing basis as they are received, compiled and verified.
The Nachingwea project is a 70:30 Joint Venture with IMX Resources Limited ("IMX") of Australia and is comprised of prospecting licenses and applications for prospecting licenses covering a regionally extensive land position totalling 7,560 square kilometres, much of which has had only minimal exploration. To date, six separate nickel-copper sulphide deposits have been discovered by the Joint Venture at Ntaka Hill for which NI 43-101 compliant Mineral Resources have been calculated (see CNI press release July 15, 2009). In 2009, Continental is conducting a CAD$2.5 million exploration program at Nachingwea to continue the search for nickel sulphide deposits in this emerging new nickel district. Some twenty eight airborne VTEM anomalies have been identified for further work as part of this program which includes the 3,000 metre diamond drill campaign announced above. Continental Nickel remains well funded with CAD$11.3 million in the treasury.
Craig MacDougall, President & CEO of Continental Nickel Limited, reported "the exploration team has identified and confirmed a number of high quality EM targets for exploration and we are now very pleased to see the 2009 exploration program progress to the drill stage. Given the highly encouraging results of our previous efforts at Ntaka Hill, which led to the discovery and definition of Mineral Resources from multiple nickel sulphide deposits, we are very hopeful that additional discoveries remain to be made on this vast and largely unexplored property."
Qualified Persons
The quality control, technical information and all aspects of the exploration program were 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 Chief Executive Officer for Continental Nickel Limited. Both Ms. Tirschmann and Mr. MacDougall are qualified persons as defined by National Instrument 43-101.
About Continental Nickel
Continental Nickel Limited is focused on the exploration and discovery of nickel sulphide deposits in geologically prospective, but under-explored regions globally. Current projects include its 70% controlling interest in the Nachingwea project in Tanzania, where NI 43-101 Mineral Resources have been defined and an option joint venture on the St. Stephen project in New Brunswick, Canada. Continental Nickel has 30,132,395 shares issued and outstanding (32,442,395 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI.
On behalf of Continental Nickel Limited
Craig MacDougall, President & Chief Executive Officer
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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 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.
Information in this announcement relating to exploration results is based on data collected under the supervision of or compiled by Patricia Tirschmann, P. Geo., holds the position of Vice President, Exploration and is a full time employee of Continental Nickel Limited. Ms. Tirschmann is a registered member of the Association of Professional Geoscientists of Ontario and has sufficient relevant experience to qualify as a Competent Person under the 2004 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms. Tirschmann consents to the inclusion of the data in the form and context in which it appears.
