CNI Continental Nickel Limited

Continental Nickel Limited (TSX VENTURE:CNI)  ("Company") is pleased to advise
that it is mobilising to commence the next round of drilling on the Sleeping
Giant deposit at its 75% owned Nachingwea nickel sulphide project in Tanzania.
The Company has secured the services of Tanzanian-based drilling contractor,
Tandrill Limited ("Tandrill"), to supply two drill rigs to carry out 15,000
metres of diamond drilling commencing in early June. 


This drilling program will test for extensions to the Sleeping Giant deposit
which remains open in all directions. Drilling will initially concentrate on
testing the shallow, up-plunge northern extent of the zone and western down dip
extensions of the high grade mineralization intersected in 2010 (NAD10-220:
2.58% nickel and 0.41% copper over 23.3 metres, Press Release December 13, 2010;
NAD10-226: 2.28% nickel and 0.57% copper over 17.25 metres, Press Release
January 24, 2011). The drilling will also test for similar deposits along the
western side of the Ntaka Intrusion including follow-up of the 2008 drill hole,
NAD08-171, which intersected disseminated nickel sulphide mineralization at the
end of hole which graded 0.63% Ni and 0.12% Cu over 4 metres (January 28, 2009
Press Release). 


A drill plan and composite longitudinal section for the Sleeping Giant zone may
be viewed using the link provided with this release.


John Nitschke, Executive Chairman and Acting Chief Executive Officer of the
Company, commented "We look forward to the re-start of drilling at the Sleeping
Giant Zone which will allow us to define the full extent of this new and
exciting sulphide zone. This, together with continuing our exploration efforts
on the Nachingwea land package and the commencement of studies to assess the
viability of the already defined Resources, are three of the key things the
Company needs to achieve this year. We are very pleased to secure the services
of Tandrill Limited in this currently tight exploration services market.
Tandrill has provided safe, reliable and high quality drilling services to the
Company at Ntaka Hill since 2007."


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
(47,051,514 on a fully-diluted basis) and trades on the TSX Venture Exchange
under the symbol CNI. The Company remains well-funded with currently C$10.0
million in the treasury as at December 31, 2010.


On behalf of, Continental Nickel Limited

John Nitschke, Executive Chairman and Acting 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,
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.


To view Figure 1 - please visit the following link:
http://media3.marketwire.com/docs/continental_nickel_map.pdf.  

To view Figure 2 - please visit the following link: 
http://media3.marketwire.com/docs/continental_nickel_map2.pdf.

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