Continental Precious Minerals Inc. Announces Dismissal of Application by Dissident Group

TORONTO, ONTARIO--(Marketwire - May 23, 2012) - Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or "Continental") is pleased to announce that the Company has received the decision on an application filed by a group of shareholders (Sajjad Ebrahim, Ali Ebrahim, Salman Ebrahim, Jatinder Dhillon and Rita Hoff) which application had sought a declaration that certain actions of the Company and its directors have been oppressive and unfairly disregards the interests of the applicants. The applicants sought an order of the court to call and hold a meeting of the shareholders of the Company for the purpose of electing directors, an order requiring the Company to pay the reasonable costs of proxy solicitation by and on behalf of the applicants and a declaration that the special quorum requirement set forth in the by-laws of the Company (that not less than 50% of the outstanding shares of the Company shall constitute a quorum for the purpose of electing or removing directors, changing the number of directors or amending the special quorum requirement) is invalid, together with other related relief.

For reasons given in a 20 page decision, the Honourable Mr. Justice Brown of the Ontario Superior Court of Justice dismissed the application completely.

About Continental Precious Minerals Inc.

Continental Precious Minerals Inc. is a multi-mineral exploration company with multiple interests and exploration licences 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.