Continent Resources Inc.

Continent Resources Inc.

August 27, 2009 09:15 ET

Continent Closes $6,000,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2009) - Continent Resources Inc. (CNSX:CTT) (the "Company") is pleased to announce that it has closed the non-brokered private placement previously announced on July 21, 2009, raising gross proceeds of $6,000,000.

The private placement consisted of the issuance of 12,000,000 units ("Units") at a price of $0.50 per Unit. Each Unit is comprised of one common share of the Company (the "Shares") and one-half of one Share purchase warrant (the "Warrants"). Each whole Warrant entitles the holder to purchase one additional Share at a price of $0.80 for a period of two years from the date of issuance.

The Company paid two finders $108,000 and 621,500 units (the "Finder's Units") in aggregate at a deemed price of $0.50 per Finder's Unit, with the units having the same terms as the Units sold under the nonbrokered private placement. One finder also received 836,500 finder's warrants (the "Finder's Warrants"). Each Finder's Warrant entitles the holder to purchase one Share at a price of $0.85 for a period of two years from the closing of the private placement. The cash, Finder's Units and Finder's Warrants represent 7% of the total dollar value of Units purchased by investors introduced to the Company by the finders.

The securities issued under the private placement are subject to a four month hold period which will expire on December 26, 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.

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 deposits owned by Freeport-McMoRan. For more information about Continent Resources, please visit:

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.

Contact Information