Continental Precious Minerals Inc.

Continental Precious Minerals Inc.

December 14, 2007 13:53 ET

Continental Precious Minerals Inc.: Update on Exploration Activities in Sweden

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2007) - Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or Continental" ) is pleased to update shareholders on its recent exploration activity in Sweden. The Company has completed 64 drill holes to date, for a total of 12,634 meters.

The Company presently has four drills operating in Sweden, of which two are operating on the extensions to the north of the MMS Viken Licence where our primary objective is to substantially increase our inferred resource. The third drill is being used for reconnaissance drilling on licenses in the vicinity of the MMS Viken Licence.

The fourth drill is being used to complete verification drilling on HRU Licences. Initial verification drilling has been undertaken on the Skuppesavon, Kvarnan and Sagtjarn licences and the Company expects to commence drilling at Nojdfjallet and Lill-Juthatten. We are currently awaiting permits from the County authorities to drill on these two licences.

The Company expects to commence initial exploration on its licences in Southern Sweden in the Spring/Summer of 2008. Geological reconnaissance is underway in the Narke area where promising exposed stratigraphic sequences have been observed in potential oil shale horizons.

Continental has been experiencing delays in receiving assay results from a laboratory in Vancouver and, for this reason, has initiated analyses to be undertaken by a second laboratory. We have recently received results from 14 drill holes and expect to update our resource estimate early in the new year.

The Company is well financed with approximately $31 million and no debt, which puts the Company in a good position to pursue our objectives.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements regarding the Company's objective to substantially increase our inferred resource on the MMS Viken Licence, the Company's expectation as to planned drilling and the Company's expectation that it will be able to provide an update of its resource estimate early in the new year. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, there being continuity of the deposit within various imbricated lithologies, obtaining the permits necessary to drill, there not being any unexpected hindrances to planned drilling programs and updating of the resource estimate and there not being an adverse decision of regulators or public or environmental opposition as well as those factors discussed in the Company's disclosure documents filed on SEDAR at The forward looking statements contained in this news release represent the Company's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

Contact Information

  • Continental Precious Minerals Inc.
    Ed Godin
    (416) 805-3036