Continental Announces the Commencement of David Massola as President and CEO and the Grant of Stock Options Upon Commencement
TORONTO, ONTARIO -- (Marketwire) -- 06/28/11 -- Continental Nickel Limited (TSX VENTURE: CNI) ('CNI') is pleased to announce the commencement of David Massola as President and Chief Executive Officer of the Company on June 27, 2011 and the grant to him, pursuant to the Company's Stock Option Plan and subject to any regulatory approvals, of 750,000 incentive stock options at an exercise price of $1.30 per share with a term of five years.
Mr. Massola has over 30 years of experience in the mining industry in both large international and junior mining companies. He has held a broad range of executive and management positions in Canada, Chile and the United States.
For the past 4 years, Mr. Massola served as Senior Vice President and CFO of GlobeStar Mining Corporation in which he was part of the team responsible for that company's evaluation, permitting and development of the Cerro de Maimon copper sulphide deposit in the Dominican Republic, where production commenced in October 2008.
Prior to GlobeStar Mr. Massola spent 5 years as the Chief Financial Officer for De Beers Canada Inc. and 20 years with BHP-Billiton in a broad range of increasingly responsible roles. Mr. Massola held key positions in the teams that developed and subsequently operated the Escondida Mine in Chile and the Ekati Diamond Mine in the Northwest Territories. He has been involved with numerous projects from exploration through feasibility, permitting, financing, joint venture negotiations, marketing, development and production stages.
Mr. John Nitschke Chairman and Acting CEO commented 'We are very pleased to confirm that David has joined our team and look forward to his contributions and leadership skills which will complement the strong management teams already in place. David has considerable experience in taking projects from exploration through to production gained while working for major mining houses and honed with his more recent involvement at GlobeStar. His experience complements the accomplished nickel exploration team with a discovery track record, as well as the technical studies team that together will enable us to define the extent of the resource at Sleeping Giant, continue exploration of the Nachingwea land package and progress with the evaluation of the economic viability of the already delineated Resources in Tanzania.'
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 Continental 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 42,702,508 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 C$8.7 million in the treasury as at March 31, 2011.
On behalf of Continental Nickel Limited
John Nitschke, Chairman
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
John Nitschke
Chairman
(905) 334-4309
(905) 815-0532 (FAX)
info@continentalnickel.com
www.continentalnickel.com