Mr. Yves Rougerie of Abitex reports

ABITEX AND CONTINENTAL NICKEL REPORT NEW ASSAYS INCLUDING 3.02% NICKEL AND 0.56% COPPER OVER 3.65 METRES AT THE ST. STEPHEN NICKEL-COPPER SULPHIDE PROJECT, NEW BRUNSWICK

Abitex Resources Inc. and Continental Nickel Ltd. have released final assay results from the 2012 drilling program on the St. Stephen nickel-copper project in New Brunswick, Canada. The results confirm additional nickel sulphide mineralization at the G and Hanson Brook zones as well as newly discovered nickel sulphide mineralization at the Todd Mountain target. Continental has an option to acquire up to a 75-per-cent interest in the project under the terms of an agreement with Abitex, and is the operator during the earn-in period.

Highlights

• G zone -- 1.17 per cent nickel and 0.44 per cent copper over 28.1 metres, including 2.5 per cent nickel and 0.55 per cent copper over 3.5 metres and 3.02 per cent nickel and 0.56 per cent copper over 3.65 metres;
• Hanson Brook -- 2.19 per cent nickel and 1.12 per cent copper over 1.3 metres, and 2.28 per cent nickel and 0.69 per cent copper over 1.9 metres;
• Todd Mountain -- 0.53 per cent nickel and 0.33 per cent copper over 2.15 metres, and 0.8 per cent nickel and 0.24 per cent copper over 1.95 metres.

All intersections reported here are core lengths and may not represent true widths.

Yves Rougerie, president and chief executive officer of Abitex, commented: "We are very pleased with these most recent results as Continental continues to successfully advance the St. Stephen project. We are very encouraged by the recent drilling results that have returned the highest nickel grades intersected to date on the property. Successive exploration programs confirm that EM [electromagnetic] surveys are very effective at targeting the highest-conductance and most sulphidic portions of the intrusion which host the economic mineralization. The best nickel grades obtained so far are associated with mineralization occurring at or near the northern gabbro-metasediment contact in the vicinity of the Hanson Brook, G, Triple J and Roger's Farm zones, and this area will be a focus of future exploration programs by Continental at St. Stephen."

Continental commenced a diamond drilling program in early December, 2011, to test newly defined EM targets identified in the 2011 airborne EM survey and to further test nickel-copper mineralization intersected at the G zone (see press release dated Dec. 2, 2011). Five drill holes totalling 772 metres and borehole EM (BHEM) surveys were completed in December, 2011, and included the discovery of a previously unknown nickel-copper sulphide occurrence grading 2.35 per cent nickel and 1.06 per cent copper over 5.45 metres at Hanson Brook (see press release dated Jan. 25, 2012).

The drilling program resumed on Jan. 17, 2012, and seven holes totalling 893.5 metres were completed in January and February, 2012, with BHEM surveys completed in each of the holes. Assay results are reported herein for the seven holes completed in 2012 (see accompanying table).

G zone

Two holes, SSD12-018 and 019, were completed to test for continuity of gabbro-hosted mineralization on an infill section between previous holes SSD10-003 (1 per cent nickel and 0.29 per cent copper over 9.3 metres -- see press release dated Aug. 18, 2010) and SSD11-011 (0.68 per cent nickel and 0.41 per cent copper over 58.2 metres -- see press release dated Jan. 25, 2012).

Hole SSD12-018 was drilled 55 metres northwest of hole SSD10-003, and intersected mineralized gabbro from 4.5 to 86.6 metres before ending at 118 metres in metasedimentary rock. The hole collared in massive sulphides from 4.5 to five metres and intersected a second massive sulphide zone from 5.5 to 6.7 metres. Assay results returned 1.06 per cent nickel, 0.26 per cent copper and 0.1 per cent cobalt over 2.2 metres from 4.5 to 6.7 metres. A much wider interval of blebby, net-textured, semi-massive and massive sulphide mineralization was intersected over 28.1 metres from 58.5 to 86.6 metres grading 1.17 per cent nickel, 0.44 per cent copper and 0.08 per cent cobalt, including 2.5 per cent nickel, 0.55 per cent copper and 0.15 per cent cobalt over 3.5 metres and 3.02 per cent nickel, 0.56 per cent copper and 0.24 per cent cobalt over 3.65 metres. Individual massive sulphide samples from this hole returned nickel grades of up to 3.43 per cent, the highest grades obtained to date on the St. Stephen property. In addition, one 0.6-metre-long massive sulphide sample from 86 to 86.6 metres returned 863 parts per billion palladium and 270 ppb platinum, which represents the first occurrence of significantly elevated platinum group metals seen on the St. Stephen property.

Drill hole SSD12-019 was drilled 50 metres downdip of hole SSD12-018, and intersected intermixed metasedimentary rocks and very weakly mineralized gabbro that did not return any significant assays.

Drilling to date has tested the G zone over a strike length of 100 metres and a plunge extent of 175 metres. This near-surface, partially eroded sulphide zone trends north-south, dips 50 degrees to the west and plunges at 55 degrees to the northwest. Additional ground EM surveys are planned to further define the down-plunge extent of G zone to the north.

Hanson Brook target

In late 2011, drill hole SSD11-013 intersected a previously undiscovered zone of massive sulphide mineralization that graded 2.35 per cent nickel and 1.06 per cent copper over 5.45 metres (see press release dated Jan. 25, 2012).

One hole, SSD12-020, was completed in January to follow up the Hanson Brook discovery. Hole SSD12-020 was positioned to test the Hanson Brook target 50 metres along strike to the north of SSD11-013, and was targeted using both airborne and borehole EM data. SSD12-020 intersected a mix of mineralized gabbro and metasedimentary rock. Massive sulphides were intersected over 1.3 metres from 46.55 to 47.85 metres grading 2.19 per cent nickel, 1.12 per cent copper and 0.15 per cent cobalt at a gabbro-metasediment contact. A second interval of remobilized massive sulphides was intersected in metasediments over 1.9 metres from 61 to 62.9 metres grading 2.28 per cent nickel, 0.69 per cent copper and 0.09 per cent cobalt.

Borehole EM data indicate that the main conductive target occurs at the gabbro-metasediment contact and that an off-hole anomaly is located updip to the east.

Todd Mountain target

In late 2011, two holes, SSD11-014 and SSD11-015, were drilled to test a previously untested, one-kilometre-plus-long airborne EM anomaly located in the southwestern portion of the St. Stephen intrusion, where no previous drilling has been carried out. Both holes intersected intrusive gabbroic rocks, but failed to intersect an EM conductor and did not return any significant assays. Borehole EM surveys were conducted and strong off-hole anomalies were detected in the immediate vicinity of both holes.

SSD12-016 was drilled to test the strongest BHEM conductor, and targeted an area 50 metres to the south of SSD11-015. Drill hole SSD12-016 intersected a mix of mineralized gabbro and metasedimentary rock, including narrow intervals of net-textured, semi-massive and massive sulphides. A 34.15-metre-long interval from 17.35 to 51.5 metres returned elevated metal values averaging 0.21 per cent nickel, 0.12 per cent copper and 0.03 per cent cobalt, including 0.53 per cent nickel, 0.33 per cent copper and 0.07 per cent cobalt over 2.15 metres and 0.81 per cent nickel, 0.3 per cent copper and 0.1 per cent cobalt over 1.05 metres. An additional zone of mineralized gabbro containing semi-massive sulphides was intersected from 67.4 to 69.35 metres and graded 0.8 per cent nickel and 0.24 per cent copper over 1.95 metres. The intersections in hole SSD12-016 represent the first occurrence of nickel sulphide mineralization in the southwestern portion of the St. Stephen intrusion.

The BHEM survey in hole SSD12-016 confirmed that the off-hole BHEM anomaly targeted from previous holes was intersected and is interpreted to have a strike length of approximately 80 metres.

However, airborne EM data identified spatially related EM anomalies that are untested over an additional strike length of over one kilometre in the Todd Mountain area.

Target HT-C

Drill hole SSD12-017 was drilled to test a new airborne EM anomaly located 1.2 kilometres north of the Todd Mountain target in the southwestern portion of the St. Stephen intrusion. The drill hole intersected mineralized gabbro with several narrow intervals of metasedimentary rock. Blebby sulphides occur in varying concentrations within the gabbro, but did not return any significant assays. BHEM results indicate that a weak conductor was intersected, and that two, more conductive off-hole anomalies are located to the west and southwest of the hole.

Target HT-N

Drill hole SSD12-021 was drilled to test a new airborne EM anomaly in the central portion of the St. Stephen intrusion. Hole SSD12-021 intersected mineralized gabbro throughout the hole, including disseminated, blebby and narrow stringers of pyrrhotite mineralization, but did not return any significant assays. The BHEM survey confirmed that the original target was intersected, but also identified an off-hole anomaly.

Target HT-M

Drill hole SSD12-022 was drilled to target the northern, untested end of a one-kilometre-plus-long airborne EM anomaly located in the central part of the St. Stephen intrusion in area of mapped peridotitic rocks. The southern portion of this airborne anomaly was tested by historic drilling that intersected up to 0.43 per cent nickel and 0.21 per cent copper over 2.77 metres. SSD12-022 collared in peridotite containing variable amounts of disseminated to net-textured sulphides between 3.85 and 111.25 metres, and ended at 167 metres in a mix of weakly mineralized gabbro and anorthosite. Hole SSD12-022 did not return any significant assays, and the mineralized peridotite typically contained less than 0.2 per cent nickel.

Qualified persons

The information in this release has been reviewed and approved by Yves Rougerie, Geo, president and CEO of Abitex. Mr. Rougerie is a qualified person as defined by National Instrument 43-101.

The quality control, technical information and all aspects of the St. Stephen property exploration program are supervised by Patricia Tirschmann, PGeo, vice-president of exploration for Continental. Ms. Tirschmann is a qualified person as defined by National Instrument 43-101.

 
         SUMMARY OF RECENT ASSAY RESULTS, ST. STEPHEN PROJECT, NEW BRUNSWICK 

Drill hole              Length     From       To    Interval        Ni      Cu       Co
                            (m)      (m)      (m)         (m)       (%)     (%)      (%)
G zone
018                      118.0     4.50     6.70        2.20      1.06    0.26     0.10
                                  15.50    18.05        2.55      0.57    0.47     0.04
                                  58.50    86.60       28.10      1.17    0.44     0.08
Including                         73.90    77.40        3.50      2.50    0.55     0.15
                                  82.95    86.60        3.65      3.02    0.56     0.24
019                      155.0                                     NSV     NSV      NSV
Hanson Brooke target
020                      134.0    44.65    47.85        3.20      1.02    0.59     0.07
Including                         46.55    47.85        1.30      2.19    1.12     0.15
                                  61.00    63.40        2.40      1.94    0.88     0.07
Including                         61.00    62.90        1.90      2.28    0.69     0.09
Todd Mountain target
016                       91.0    17.35    51.50       34.15      0.21    0.12     0.03
Including                         41.00    43.15        2.15      0.53    0.33     0.07
And                               48.05    49.10        1.05      0.81    0.30     0.10
                                  67.40    69.35        1.95      0.80    0.24     0.09
Target HT-C
017                      127.5                                     NSV     NSV      NSV
Target HT-N
021                      101.0                                     NSV     NSV      NSV
Target HT-M
022                      167.0                                     NSV     NSV      NSV

NSV stands for no significant values.
Intervals represent core lengths, not necessarily true widths.
Platinum, palladium and gold assay results are not reported because, in general, they
are less than one g/t on a combined basis.

We seek Safe Harbor.