Continental Nickel Limited TSX VENTURE: CNI Other Recent News

March 7, 2011 Continental Nickel Reports Grant of Stock Options TORONTO, ONTARIO--(Marketwire - March 7, 2011) - Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or the "Company") announces the grant, pursuant to the Companys Stock Option Plan and subject to any regulatory approvals, of 800,000 incentive stock options to directors, officers and employees at an exercise price of $1.68 per share with a term of five years. 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 Companys 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 Joint Venture between the Company and IMX Resources Limited ("IMX") of Australia. The Company also has an option joint venture on the St. Stephen project in New Brunswick, Canada where it has discovered new Ni-Cu sulphide zones from the 2010 diamond drill program. Continental Nickel Limited has 39,004,708 shares issued and outstanding (47,011,514 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company remains well-funded with currently C$9.0 million in the treasury. On behalf of Continental Nickel Limited John Nitschke, Chairman 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 Limiteds 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

CONTACT INFORMATION: Continental Nickel Limited John Nitschke Chairman (905) 815-0533 Fax: (905) 815-0532 www.continentalnickel.com or MMH Investor Relations Inc. Marguerite Manshreck-Head (613) 395-4487 INDUSTRY: Manufacturing and Production - Mining and Metals