Continental Nickel Limited Announces New Board Appointments
TORONTO, ONTARIO -- (Marketwire) -- 10/12/11 -- The Board of Continental Nickel Limited (TSX VENTURE: CNI) ('CNI' or the 'Company') is pleased to provide the following update with respect to Board composition.
Mr. Stuart Feiner and Mr. Bert MacNabb have been appointed as non-executive directors, replacing Mr. Gordon Chambers and Mr. C. Bruce Burton.
Mr. Feiner, who currently serves as a consultant to certain organizations focusing on investments and other areas in the global mining industry, spent thirty years with Inco Limited, a leading international metals and mining company acquired by Vale in 2006, as a key member of the senior management team. Mr. Feiner had direct responsibility or management oversight for a number of major acquisitions in the mining industry made by Inco and had a number of corporate functions reporting to him, including environment, health and safety and public and governmental affairs. He led a range of conventional and unique financings and was responsible for the evaluation or completion of a number of strategic initiatives and divestitures. Mr. Feiner also had overall responsibility for corporate governance and disclosure matters, and structuring and implementing the arrangements needed to advance the key mining projects Inco pursued. After having served in a number of positions at Inco during his career, including Executive Vice President, General Counsel and Secretary from August 1993 to March 2006, he retired from Inco in the summer of 2006. Mr. Feiner has served on the boards of a number of public and private companies.
Mr. MacNabb is a professional geologist who possesses forty years of experience in the global mining industry. He spent twenty five years with Inco Limited and later ValeInco (now Vale) in management positions in Canada as well as several international locations, including Australia, Indonesia, Papua New Guinea and Switzerland. He has managed and directed exploration projects around the world and has led multidisciplinary groups of geoscientists in generating new projects and advising exploration teams on ongoing projects. During the course of this work Mr. MacNabb has dealt with various foreign governments, negotiated joint venture agreements and worked with many diverse foreign cultures.
Mr John Nitschke, Chairman, commented 'I would like to welcome both Stuart and Bert to our Board of Directors and look forward to their involvement with Continental's strategic planning going forward. Both Mr. Feiner and Mr. MacNabb bring specialized experience to the board, including significant knowledge and experience in the capital markets, corporate finance, mergers and acquisitions and international nickel exploration. We look forward to their contributions to the Company's growth strategy. At the same time we wish to acknowledge and thank Mr. Gordon Chambers and Mr. C. Bruce Burton for their contributions. Both Gordon and Bruce contributed to the recent successes of the Company, including the process of transitioning the Company from explorer to developer.'
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% interest in the Nachingwea project in Tanzania, where Mineral Resources (Measured and Indicated) have been estimated at 60,900 tonnes of contained nickel, and an additional 131,000 tonnes of contained nickel in Inferred Mineral Resources. (See CNI's press release of April 15, 2011.) The project is a 75:25 exploration joint venture between the Company and IMX.
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.
As at the date of this release, the Company has 42,713,508 common shares issued and outstanding (51,031,914 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company remains well funded with over $13.7 million in the treasury as at June 30, 2011.
On behalf of Continental Nickel Limited
Dave Massola, President and 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, 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.
Contacts:
Continental Nickel Limited
Dave Massola
President and Chief Executive Officer
(905) 815-0533
(905) 815-0532 (FAX)
info@continentalnickel.com
www.continentalnickel.com