CNI Continental Nickel Limited

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or the "Company")
announces that it has amended the terms of the brokered private placement
announced on April 13, 2010. Pursuant to the brokered private placement, the
Company entered into an agreement with a syndicate of agents led by Paradigm
Capital Inc. and including Genuity Capital Markets (the "Agents"), which has
agreed "on a best efforts private placement basis" to sell units consisting of
one common share (the "Common Shares") of the Company and one-half of one Common
Share purchase warrant for aggregate gross proceeds of $5,000,400 (the
"Offering"). 


Under the amended terms, it is proposed that each Unit will be priced at $0.60
and each whole purchase warrant will entitle the holder to purchase one Common
Share for $0.80 for a period of two years from the date of closing of the
Offering.


In connection with the Offering the Agents will be paid a cash commission and
will receive broker warrants exercisable into Common Shares at the Offering
price.


The Company intends to use the net proceeds of the Offering for further
exploration of its Nachingwea nickel project in Tanzania as well as for general
corporate activities.


The securities issued pursuant to the Offering will be subject to a 4 month
statutory hold period from closing and the Offering is subject to certain
conditions including, but not limited to, the receipt of all necessary approvals
including the approval of the TSX Venture Exchange.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons as defined under
applicable securities laws unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is
available.


About Continental Nickel

Continental Nickel Limited is focused on the exploration and discovery of nickel
sulphide deposits in prospective, but under-explored regions globally. Current
projects include its 70% controlling interest in the Nachingwea project in
Tanzania, where NI 43-101 Mineral Resources have been defined, and an option
joint venture on the St. Stephen project in New Brunswick, Canada. Continental
Nickel has 30,609,644 shares issued and outstanding (33,097,164 on a
fully-diluted basis) and trades on the TSX Venture Exchange under the symbol
CNI. The Company remains well funded with over C$9.2 million in the treasury.


On behalf of Continental Nickel Limited

Craig MacDougall, President & Chief Executive Officer

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 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.

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