Concerned Shareholder of Continental Precious Minerals Inc.: Voting Update

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2012) - The concerned shareholder of Continental Precious Minerals Inc. ("Continental", "CZQ" or the "Company") is pleased to provide the following update to Continental shareholders. The concerned shareholder is aware of the Company's press release of yesterday announcing its intention to seek guidance from the Ontario Superior Court of Justice to establish a timeline for a new meeting. The concerned shareholder is not a party to this legal matter, however, based on the Court record, the concerned shareholder is aware that the Court has issued an order requiring the Company's shareholder meeting to be held on December 20, 2012, and this order remains unamended at this time.

The concerned shareholder is not surprised that the Company is attempting to obtain a new meeting date from the Court or that it would put out a press release suggesting that a new meeting date was an inevitable conclusion. This is consistent with the Company's history of abrogating shareholder democracy by not having a vote on the directors of the Company for 15 years. The concerned shareholder is hopeful that the Court will see through the Company's tactics and maintain the order it has issued which is that the shareholder meeting be held on December 20, 2012. On that basis, the concerned shareholder continues to encourage Continental shareholders to vote the YELLOW proxy to ensure change. Continental shareholders are reminded that given the 50% proxy requirement that the Company has in place for a vote on directors, the Company does not necessarily need to be successful in moving the meeting date from December 20, 2012 if they are successful in discouraging shareholders from voting by suggesting a new meeting date will be set. A new meeting date would only be a waste of shareholders time and money they have invested in CZQ.

To date, the Company has been completely uncooperative in ensuring that Continental shareholders votes are properly counted on December 20, 2012. The concerned shareholder's legal counsel has sent correspondence to the Company's legal counsel to confirm that prescribed meeting protocols will be observed by the Company at the shareholder meeting on December 20, 2012, and the Company refuses to provide such confirmations. The concerned shareholder believes this is consistent with the Company's past and continued practice of ensuring that Continental's shareholders are disenfranchised. The concerned shareholder urges Continental shareholders to vote the YELLOW proxy to ensure that the concerned shareholder's board nominees can commence the work of unlocking Continental's true value. The concerned shareholder would like to take this opportunity to express sincere gratitude to the significant number of Continental shareholders who have already voiced their support for the concerned shareholder's board nominees by voting the YELLOW proxy and we do urge others who have yet to vote to do so to ensure necessary change is implemented.

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.