Continent Resources Inc.
CNSX : CTT

Continent Resources Inc.

July 21, 2009 15:31 ET

Continent Announces Up to $6,000,000 Private Placement Concurrent With Proposed Company Name Change to Copper One Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2009) - Continent Resources Inc. (CNSX:CTT) is pleased to announce a private placement of up to 12,000,000 units at a price of $0.50 per unit, for gross proceeds of up to $6,000,000. Each unit will consist of one common share of the company (the "Shares") and one-half of one Share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder thereof to purchase one additional Share at a price of $0.80 for a period of two years from the date of issuance. The Warrants will contain an accelerated expiry provision whereby the Warrants will expire 30 days after notice is given following the Shares trading at or above $1.00 for 10 consecutive trading days. Continent Resources has retained Axemen Resources Ltd., a limited market dealer, to provide services in connection with the private placement and a finder's fee will be paid in connection with the provision of the services.

The securities issued in this private placement will be subject to a four-month hold period commencing from the date of issuance.

The Company proposes to change its name to Copper One Inc., to reflect its primary focus, subject to regulatory approval. In anticipation of the corporate name change, the Company has reserved the ticker symbol "CUO", which is a general chemical formula for copper oxide.

Assuming completion of the private placement, the net proceeds will be used to carry out definition drilling of Lone Mountain-Mimbres copper deposits, geological, geochemical, geophysical studies and diamond drilling on the portfolio of properties in Arizona and New Mexico, USA and for general working capital.

About Continent Resources Inc.

Continent Resources Inc. holds a significant portfolio of advanced stage copper properties among the greatest cluster of porphyry copper deposits in the world, the southwest USA. The region produces more than 10% of the world's copper. The Company is focused on the discovery and development of copper resources which are suitable for leaching. Lone Mountain, the Company's feature property, is within sight of the large Tyrone and Chino porphyry copper producing mines operated by Freeport-McMoRan.

For more information about Continent Resources, please visit: www.continentresources.com

In compliance with National Instrument 43-101, Mr. Michael R. Pawlowski, P.Geo., Chief Geologist and President of Continent Resources is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.

On behalf of the board of directors of Continent Resources Inc.,

Michael R. Pawlowski, P.Geo., CEO, President & Director

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

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