Continental Nickel Updates Exploration Plans for the 2008 Exploration Program on the Nachingwea Nickel-Copper Project, Tanzania
MAY 15, 2008 - 08:00 ET
TORONTO, ONTARIO--(Marketwire - May 15, 2008) - Continental Nickel Limited (TSX VENTURE:CNI) is pleased to provide an update on its expanded 2008 exploration program for its 70% owned Nachingwea nickel-copper project in Tanzania, a 70:30 JV with IMX Resources NL ("IMX") of Australia.
Based on highly encouraging exploration results from 2007 and our subsequent private placement in January 2008, the Company is moving forward with its proposed 2008 exploration program budgeted at C$7.0 million.
The expanded exploration program will include diamond drilling (12,500 to 15,000 metres), a regional airborne magnetic and EM survey (5,000 line kilometres), ground EM surveys, geological mapping and geochemical sampling. The work program will focus on detailed drill testing in the Ntaka intrusion area to evaluate the recently discovered mineralized zones for potential resources and allow for continued target testing aimed at discovering additional zones of mineralization. Exploration activities will also be initiated to evaluate and prioritise new targets areas identified by the 2007 airborne VTEM survey for drill testing in 2008.
Logistical preparations to support the field program are well underway and field crews are being mobilized in May. Two diamond drill rigs will mobilize to the site in late June and first drill assay results are expected by September. Approvals for the airborne survey are in progress with the survey scheduled to begin in June. Exploration results will be released as received and validated on an ongoing basis.
In 2007, CNI completed 53 drill holes totalling 10,547 metres to test priority twelve conductive targets identified from a ground TDEM survey completed in the area of the Ntaka intrusion. The drill program was highly successful, discovering six new near surface nickel-copper magmatic sulphide zones. Highlights (previously reported) included 7.50% nickel and 1.15% copper over 9.55 metres at Zone H and 3.35% nickel and 0.46% copper over 21.0 metres at Zone J. A subsequent 5971 line kilometre airborne magnetic and VTEM survey detected at five new priority conductive target areas which display close magnetic, electromagnetic and structural similarities to the mineralized Ntaka intrusion.
Craig MacDougall, President & CEO of Continental Nickel Limited, reported "we are very pleased to announce that the 2008 exploration program at Nachingwea is underway and we look forward to what could be a very exciting year for Continental Nickel and its shareholders. The program will initially evaluate the resource potential of mineralized zones already discovered at the Ntaka Intrusion. Regional exploration will also be conducted to evaluate a number of high priority conductive target areas identified in the 2007 airborne VTEM survey which we feel have outstanding discovery potential for additional zones of magmatic nickel sulphides."
The quality control, technical information and all aspects of the exploration program were supervised by Patricia Tirschmann, P.Geo., Vice President of Exploration for CNI. Ms. Tirschmann is a qualified person as defined by National Instrument 43-101.
About Continental Nickel
Continental Nickel Limited is an exploration company 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, and an option joint venture on the St Stephen project in New Brunswick, Canada. Continental Nickel has 30,061,360 shares issued and outstanding (33,060,916 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: 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 compiled by Patricia Tirschmann, P. Geo., who is a registered member of the Association of Professional Geoscientists of Ontario and who is a full-time employee of the company. Patricia Tirschmann 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. Patricia Tirschmann consents to the inclusion of the data in the form and context in which it appears.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:Continental Nickel Limited
Craig MacDougall, P. Geo.
President and CEO
(416) 364-8114 (FAX)
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