Continuum Resources Ltd.
TSX VENTURE : CNU

Continuum Resources Ltd.

September 22, 2005 09:00 ET

Continuum Closes $500,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 22, 2005) - Further to its news release of September 13, 2005, Continuum Resources Ltd. (TSX VENTURE:CNU) (the "Company") announces that it has closed its private placement announced for proceeds of $500,000. The private placement was oversubscribed by $163,000 and was closed at 3,315,000 units at a price of $0.20 per unit for total gross proceeds of $663,000. Each unit consists of one common share and one-half of one non-transferable share purchase warrant, each whole warrant exercisable into one additional common share of the Company for a period of two years at a price of $0.25 per share.

For its efforts in the placement, a cash commission of $53,040 was paid to Bolder Investment Partners, Inc. The Company also issued 331,500 warrants to Bolder Investment Partners, Inc., each warrant exercisable into one common share of the Company for a period of two years at a price of $0.25 per share.

The lead placee in the placement was Agnico-Eagle Mines Limited with a purchase of 1,250,000 units. Agnico-Eagle Mining Limited is a publicly held company listed on the New York Stock Exchange under the symbol AEM and on the TSX under the symbol AGE.

All securities issued with respect to the placement are subject to a four-month hold period expiring on January 16, 2006, in accordance with the policies of the TSX Venture Exchange and the provisions of the British Columbia Securities Act.

The proceeds of the private placement will be used primarily for maintaining the Company's property option agreements in good standing and for general working capital.

ON BEHALF OF THE BOARD OF DIRECTORS

CONTINUUM RESOURCES LTD.

Lawrence A. Dick, Ph.D, P.Geo, President


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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