Continent Resources Inc.
CNSX : CTT

Continent Resources Inc.

June 15, 2009 13:53 ET

Continent Appoints New Director and Closes $341,550 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2009) - Continent Resources Inc. (CNSX:CTT) (the "Company") is pleased to announce that Mr. Patrick Highsmith has been appointed a director of the Company, effective June 12, 2009.

Mr. Highsmith is President and Chief Executive Officer of Coniagas Resources Ltd. (TSX VENTURE:CNY). He is a geochemist/geologist with 20 years of multi-commodity minerals industry experience, and holds Bachelor's and Master's degrees in Geological Engineering and Economic Geology/Geochemistry from the Colorado School of Mines. Mr. Highsmith brings experience from more than 200 mines and projects in over 20 countries, and he has been directly involved with numerous deals, project start-ups, and financings. Mr. Highsmith has held positions in mining, exploration, and business development with Rio Tinto, BHP Billiton, and Newmont Mining. He also served as Chief Geochemist and US Manager for ALS Chemex Labs. Most recently he was Global Manager - Exploration Business Development with Newmont before leaving in 2008 to found Intuitive Exploration, Inc. and the BitterRoot Group LLC.

The Company is also pleased to announce that it has closed the second tranche of the non-brokered private placement previously announced on May 11, 2009, raising gross proceeds of $341,550.

The second tranche of the private placement consisted of the issuance of 3,105,000 units ("Units") at a price of $0.11 per Unit. Each Unit consists of one common share (the "Shares") and one Share purchase warrant. Each warrant entitles the holder thereof to purchase one additional Share at an exercise price of $0.20 each until June 11, 2011.

The Company paid two finders 443,800 units in aggregate (the "Finder's Units") at a deemed price of $0.11 per unit, with the units having the same terms as those Units being sold under the non-brokered private placement. One finder also received 443,800 finder's warrants (the "Finder's Warrants"). Each Finder's Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.30 for a period of two years from the closing of the private placement. The Finder's Units and Finder's Warrants each represent 7% of the total number of Units purchased in the first tranche and the second tranche of the private placement by investors introduced to the Company by the finders.

The securities issued under the second tranche of the private placement are subject to a four month hold period which will expire on October 13, 2009. The proceeds from the private placement will be used to carry out geological, geochemical and geophysical studies on the properties in Arizona and New Mexico, USA and for general working capital.

Board of Directors

The Company's Board of Directors now consists of: Paul Cowley, Lawrence Dick, Herrick Lau, Daniel Laux, Michael Pawlowski and Patrick Highsmith.

About Continent Resources Inc.

Continent Resources Inc. holds a significant portfolio of copper properties in one of the world's most prolific copper-producing regions, in Arizona and New Mexico. This area is elephant country for copper, containing the greatest cluster of porphyry copper deposits anywhere in the world and making up over 10% of the world's copper production. Continent Resources Inc. is focused on the discovery 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 deposits owned 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

FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Continent Resources Inc. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include potential fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing, and other risks disclosed in our filings made with Canadian Securities Regulators.

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

Contact Information