Bullet Holding Corporation Announces Transfer of 3,656,836 Common Shares of Continental Gold Limited

MEDELLIN, COLOMBIA--(Marketwire - June 30, 2011) - Bullet Holding Corporation ("Bullet") announces that effective June 30, 2011, Robert W. Allen caused Bullet to transfer a total of 3,656,836 common shares of Continental Gold Limited ("Continental Gold") pursuant to private transactions with third parties. Continental Gold Limited is a reporting issuer in Canada with common shares listed on the Toronto Stock Exchange under the trading symbol, "CNL". Robert W. Allen is the Chairman and a director of Continental Gold, and Mr. Allen controls Bullet.

Before giving effect to these transfers and including the holdings of Bullet, Robert W. Allen had indirect ownership of a total of 26,827,189 common shares of Continental Gold representing a total of 25.0% of the issued and outstanding common shares of Continental Gold as a result of his control of the following companies which own shares of Continental Gold: Bullet Holding Corporation (20,799,027 Shares); Coastal Financing Corp. (3,707,411 Shares); Reindeer Capital Limited (1,998,799 Shares); and Grupo de Bullet S.A. (321,952 Shares).

In addition, Mr. Allen owns options and warrants to acquire 1,719,908 common shares which increases his indirect ownership to a total of 26.1% of the issued and outstanding common shares of Continental Gold on a partially diluted basis, before giving effect to these transfers.

As a result of these transfers and including the holdings of Bullet, Robert W. Allen currently has indirect ownership of a total of 23,170,353 common shares of Continental Gold representing a total of 21.6% of the issued and outstanding common shares of Continental Gold as a result of his control of the following companies which own shares of Continental Gold: Bullet Holding Corporation (17,142,191 Shares); Coastal Financing Corp. (3,707,411 Shares); Reindeer Capital Limited (1,998,799 Shares); and Grupo de Bullet S.A. (321,952 Shares). On a partially diluted basis and after giving effect to these transfers, Mr. Allen has indirect ownership of a total of 22.8% of the issued and outstanding common shares of Continental Gold.

These transfers of common shares of Continental Gold occurred in private transactions entered into for the purpose of acknowledging the efforts of business and other associates made directly and indirectly in the founding and development of Continental Gold. The transfers were made for an indeterminate value.

For the purposes of National Instrument 62-103 early warning reporting, the address of Robert W. Allen is Carerra 32, 12A-11, Medellin, Antioquia, Colombia. Mr. Allen holds common shares of Continental Gold for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over common shares or other securities of Continental Gold, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.