Continent Resources Inc.
CNSX : CTT

Continent Resources Inc.

June 02, 2009 09:25 ET

Continent Closes $428,450 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - Continent Resources Inc. (CNSX:CTT) is pleased to announce that the company has closed the first tranche of the non-brokered private placement previously announced on May 11, 2009, raising gross proceeds of $428,450.

The first tranche of the private placement consisted of the issuance of 3,895,000 units ("Units") at a price of $0.11 per Unit. Each Unit consists of one common share (the "Shares") and one Share purchase warrant. Each warrant entitles the holder thereof to purchase one additional Share at an exercise price of $0.20 each until May 31, 2011.

The securities issued under the first tranche of the private placement are subject to a four month hold period which will expire on October 2, 2009.

About Continent Resources Inc.

Continent Resources Inc. holds a significant portfolio of copper properties in one of the world's most prolific copper-producing regions, in Arizona and New Mexico. This area is elephant country for copper, containing the greatest cluster of porphyry copper deposits anywhere in the world and making up over 10% of the world's copper production. Continent Resources Inc. is focused on the discovery of copper resources which are suitable for leaching. Lone Mountain, the company's feature property is within sight of the large Tyrone and Chino porphyry copper deposits owned by Freeport-McMoRan.

For more information about Continent Resources, please visit: www.continentresources.com

In compliance with National Instrument 43-101, Mr. Michael R. Pawlowski, P.Geo., Chief Geologist and President of Continent Resources is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.

On behalf of the board of directors of Continent Resources Inc.,

Michael R. Pawlowski, P.Geo., CEO, President & Director

FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Continent Resources Inc. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include potential fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information