Continental Advises of a New Malachite Showing Identified by Illegal Mining on a Regional License at Nachingwea Project, Tanzani
May 25 2011 - 4:15PM
Marketwired
Continental Nickel Limited (TSX VENTURE: CNI) ("Continental" or
"CNI" or the "Company") wishes to announce that it has received
information confirming the existence of a new malachite showing
that has been identified by small scale illegal mining activity on
one of its remote regional licenses on the Nachingwea Project. The
exploration significance of the new showing is not understood at
this time. The mining activities currently underway are small in
scale and constitute illegal extraction occurring on one of the
Company's granted licenses. The project is a 75:25 Joint Venture
between CNI and IMX Resources Limited ("IMX") of Australia.
The Ntaka Hill camp was re-opened in early May and the Company's
field crew arrived on site on May 11th to begin preparations for
the 2011 exploration program. Shortly after arrival, a local
villager informed the Company that illegal mining may be occurring
on the one of the Company's remote regional licenses. A site visit
has been made by the Company's senior project geologist and has
confirmed the location and existence of small scale illegal mining
activities occurring on one of the Company's granted licenses at a
location approximately 23km northeast of Ntaka Hill. The target of
these activities is malachite mineralization which is hosted in
ultramafic rock and graphitic gneisses and has visual similarities
to the copper oxide mineralization found at surface and overlying
the J Zone at Ntaka Hill. Samples from the new showing have not yet
been sent for analysis and no analytical laboratory data is
available at this time. Extraction of malachite bearing rocks from
this site is on a small scale thus far.
The Company has worked with government officials previously in
successfully stopping such illegal mining activities on its
licenses and is confident that it will be able to do so in this
case. Once the area is properly secured, the Company will make a
detailed assessment and follow-up of this interesting new mineral
occurrence and will report results as they become available.
Qualified Persons
Patricia Tirschmann, P. Geo., Vice President, Exploration for
the Company, is the designated Qualified Person (within the meaning
of National Instrument 43-101) responsible for the technical
information contained within this news release. The technical
information in this release is based on information (including GPS
locations, a written report and photographs) compiled by the
Company's senior project geologist under the supervision of Ms.
Tirschmann.
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 exploration joint venture
between the Company and IMX Resources Limited ("IMX") of
Australia.
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.
Continental Nickel Limited has 39,126,508 shares issued and
outstanding (46,559,914 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$8.7 million in the treasury as at
March 31, 2011.
On behalf of Continental Nickel Limited
John Nitschke, Chairman and Acting CEO
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,
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.
Contacts: Continental Nickel Limited John Nitschke Chairman and
Acting CEO (905) 334-4309 (905) 815-0532 (FAX)
info@continentalnickel.com Continental Nickel Limited Patricia
Tirschmann Vice President, Exploration (905) 815-0533 ext 224
www.continentalnickel.com
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