Continental Precious Minerals Inc.

Continental Precious Minerals Inc.

April 29, 2009 17:39 ET

Continental Precious Minerals Enters Agreement to Sell HRU Licences

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - Continental Precious Minerals Inc. (TSX:CZQ) (Continental) has entered into a letter agreement for the sale of its 13 HRU mineral exploration licences in Sweden to Uranium International Corp. (OTCBB:URNI). The licences to be sold include Skuppesavon, Guorbavare, Kvarnan, Bjorkrsmyran, Abborviken, Lilljuthatten, Nojdfjallet and Sagtjarn. Including the 13 HRU licences, Continental holds in excess of a total of 70 mineral exploration licences in Sweden at this time. Completion of the sale is subject to completion of due diligence satisfactory to the buyer.

With the signing of the letter agreement, Continental received US$25,000. The letter agreement provides for the payment at closing (scheduled for August 31, 2009) of US$7.5 million in cash, 6,000,000 common shares of Uranium International which will be subject to a one year resale restriction and warrants to purchase up to 1,000,000 common shares of Uranium International at an exercise price of US$1.00 per share exercisable for a period of two years from the date of issue. A final cash payment of US $7.5 million is due one year from the closing date.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements regarding a contemplated sale of the company's HRU mineral exploration licences. Actual developments may differ depending upon, among other things, completion of due diligence satisfactory to the buyer. Readers are cautioned that completion of the sale is not assured. The forward looking statements contained in this news release represent the company's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

About Continental Precious Minerals Inc.

Continental Precious Minerals Inc. is a multi-metal exploration company with multiple interests and exploration licenses in Sweden. Since March 2005, Continental's primary goal has been to advance its Swedish assets. The company is also evaluating other opportunities as they emerge in current market conditions.

Contact Information

  • Continental Precious Minerals Inc.
    Ed Godin
    (416) 805-3036
    (905) 276-4862 (FAX)