Sajjad Ebrahim

May 07, 2009 16:30 ET

Sajjad Ebrahim Holds 16.4% of Continental Precious Minerals Inc.

TORONTO, ONTARIO--(Marketwire - May 7, 2009) - Sajjad Ebrahim, in his personal capacity and through his indirect holdings ("Ebrahim") holds 7,724,800 common shares ("Common Shares") and 900,000 warrants (the "Warrants") of Continental Precious Minerals Inc. ("CZQ") representing 16.4% of the approximately 51,393,211 Common Shares issued. Ebrahim purchased an additional 900,000 units (1 common share and 1 warrant) through a private placement transaction at a price of $0.50 per unit. The warrants are exercisable at a price of $0.75 and expire May 6, 2012. Prior to this purchase Ebrahim held 6,824,800 Common Shares. Ebrahim acquired the Common Shares and Warrants in CZQ for investment purposes.

Ebrahim will evaluate its ownership position in the Common Shares from time to time, and depending upon CZQ's business and prospects, the financial circumstances and needs of Ebrahim and future developments (including, but not limited to, availability of funds, alternative use of funds and general economic and market conditions), Ebrahim may from time to time purchase Common Shares of CZQ, dispose of all or a portion of the Common Shares of CZQ it holds, or cease buying or selling Common Shares of CZQ.

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