Concerned Shareholder of Continental Precious Minerals Inc. Provides Further Update and Await Orderly Meeting

TORONTO, ONTARIO--(Marketwire - Dec. 19, 2012) - The concerned shareholder of Continental Precious Minerals Inc. ("Continental", "CZQ" or the "Company") is pleased to announce that on Monday afternoon, prior to the proxy cut-off time, YELLOW proxies representing 29,143,143 shares of Continental (which represent 51.35% of the issued and outstanding shares of Continental) were deposited with Continental's transfer agent Equity Financial Trust Company, which signed a summary sheet confirming receipt of the proxies, with 29,080,218 of those shares (which represent 51.24% 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 has also been advised this afternoon that the Ontario Superior Court of Justice has dismissed the application that Continental had brought against certain shareholders of the Company with the intent of trying to deny those shareholders the right to vote the shares of the Company they own at the Meeting. We are pleased that all shareholders of Continental will be allowed to exercise their fundamental right as a shareholder of the Company to vote their shares.

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. 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.

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.