CNI Continental Nickel Limited

Continental Nickel Limited (TSX VENTURE:CNI) (the "Company") announces the
grant, pursuant to the Company's Stock Option Plan and subject to any regulatory
approvals, of a total of 450,000 incentive stock options to officers and an
employee of the Company at an exercise price of $0.60 per share with each option
having a term of five years.


About Continental

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. The project is a 75:25 exploration joint venture between the
Company and IMX Resources Limited ("IMX"). The Company also has an option to
joint venture on the St. Stephen project in New Brunswick, Canada where the
2010-2012 diamond drill programs discovered new Ni-Cu sulphide zones. In May
2012 an Arrangement Agreement was entered into between CNI and IMX under which
the shares of CNI not held by IMX would be acquired by IMX for shares and
warrants in IMX. This transaction is currently scheduled to be completed in
September 2012 after CNI holds a special meeting of shareholders to approve the
transaction, and certain other conditions to completion, including the receipt
of required regulatory approvals, have been met.


As at the date of this release, the Company has 42,793,508 common shares issued
and outstanding (46,866,008 on a fully-diluted basis) and trades on the TSX
Venture Exchange under the symbol CNI. The Company had over $6.6 million in the
treasury as at March 31, 2012. 


On behalf of Continental Nickel Limited 

Dave Massola, President and 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,
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.

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