Continental Precious Minerals Inc. Announces Receipt of a Notice of Application Filed by Certain Shareholders

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2011) - Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or "Continental") announced that a group of shareholders (Sajjad Ebrahim, Ali Ebrahim, Salman Ebrahim, Jatinder Dhillon and Rita Hoff) has filed notice of an application in the Superior Court of Ontario for a declaration that certain actions of the Company and its directors have been oppressive and unfairly disregards the interests of the applicants. The applicants seek 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.

The Company and its directors have retained counsel, met to consider the relief sought by the applicants and stated that they will respond to the application with a view to the best interests of the Company, including a consideration of the competencies and skills that the directors of the Company will need over the next year or two in order to advance the Company's Swedish mineral projects.

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.