The Concerned Shareholder of Continental Precious Minerals Inc.

December 17, 2012 10:34 ET

Concerned Shareholder of Continental Precious Minerals Inc.-Look Forward to Finally Having Shareholder Votes Heard at the Dec. 20, 2012 Meeting...

...Shareholders Are Urged to Continue to Submit Their Yellow Proxy

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2012) - The concerned shareholder of Continental Precious Minerals Inc. ("Continental", "CZQ" or the "Company") is pleased to announce that as of this morning, 28,384,993 shares of Continental (which represent 50.02% of the issued and outstanding shares of Continental) have been voted on the YELLOW proxy, with 28,306,568 of those shares (which represent 49.88% of the issued and outstanding shares of Continental) having been submitted in support of the concerned shareholder's nominees for the Continental board of directors to be elected at Continental's annual and special meeting to be held on December 20, 2012 at 8 a.m. (Toronto time), Toronto Board of Trade, 1 First Canadian Place, Suite 350 (the "Meeting"). The concerned shareholder would expect that the current management and board of directors of Continental will demonstrate integrity and professionalism by fulfilling their fiduciary responsibility to shareholders by voting the 7,151,317 common shares of Continental which they in the aggregate beneficially own. By voting the shares they own, the management and board of directors of Continental will ensure that for the first time in 16 years, Continental shareholders will have been allowed to cast and hold a vote on the election of the board of directors which will actually count.

Nonetheless, the concerned shareholder continues to encourage Continental shareholders to vote the YELLOW proxy to ensure change. Continental shareholders are reminded that given the oppressive 50% proxy requirement that the Company has in place for a vote on directors, every vote counts to ensure the quorum requirement for the meeting is met and your voice can finally be heard. And although the proxy cut-off time is 8AM EST tomorrow, if you are unable to vote your shares today, we encourage all shareholders to continue to submit your votes right up until the time of the Meeting. We have asked the Company to notify us if the proxy cut-off time will be waived or extended by the board of directors of the Company (which the management information circular issued by the Company indicates they will have the right to do), but they have refused to acknowledge that they will provide us with such a notification.

The concerned shareholder and the board nominees want to once again take this opportunity to express sincere gratitude to the large number of Continental shareholders who have expressed their support for the concerned shareholder's nominees to date - we are almost there to successfully implement much needed change and we ask others who have yet to vote to do so as a way to ensure this happens.

We have tried to conduct this proxy solicitation in a respectful manner. However, the time has come, CZQ shareholders have clearly spoken - change is needed on the board of directors of CZQ. We ask that the current Continental board of directors stop wasting shareholders' money on entrenching themselves, and instead cede to the wishes of shareholders and work with us to execute a seamless transition to the new board of directors of Continental.

VOTING INSTRUCTIONS

Regardless of how many shares you own, all Continental shareholders are urged to read the information circular prepared by the concerned shareholder, and to seize this opportunity and vote the YELLOW proxy to ensure change.

Shareholders who have voted the management proxy and wish to support the concerned shareholder have the right to change their vote by simply executing a YELLOW proxy. A later dated YELLOW proxy replaces a previous recorded vote.

Time is of the essence, YELLOW proxies must be returned no later than December 17, 2012 at 5:00 p.m. (Toronto Time).

If you have any questions or require any assistance in executing your proxy, please call CST Phoenix Advisors at:

North American Toll Free Number: 1-800-332-7449
Outside North America, Banks, Brokers and Collect calls: 1-201-806-2222
Email: inquiries@phoenixadvisorscst.com
North American Toll Free Facsimile: 1-888-509-5907
Facsimile: 1-647-351-3176

For ease of voting and up to date information please continue to visit www.unlockcontinental.com

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of the concerned shareholder and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate.

The concerned shareholder does not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law. Please refer to the concerned shareholders' circular for further information regarding the risks of these statements.

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