Fri Nov 9, 2007 CONTINENTAL MINERALS CORPORATION ANNOUNCES MAJOR STEPS TOWARD PERMITTING OF XIETONGMEN COPPER PROJECT AND COMMENTS ON THE NEW POLICY OF FOREIGN INVESTMENT IN CHINA
VANCOUVER, British Columbia -- November 9, 2007 -- Continental Minerals Corporation ("Continental" or the "Company") (TSXV: KMK; OTCBB: KMKCF) announces major steps toward the permitting of its Xietongmen Copper Project and comments on various news reports relating to China's foreign investment policy. On October 31, 2007, the Ministry of Commerce and the National Development and Reform Commission of China ("NDRC") issued a new "Foreign Investments Industry Sector Guidance Catalogue" that will become effective December 1, 2007.
In comparison to the current "Foreign Investments Industry Sector Guidance Catalogue", which was issued in 2004, no change in this new catalogue will affect any of Continental's current and future business activities in China, including its exploration and development plans for Xietongmen.
Changes in the new catalogue that may impact other sectors of the mining industry for foreign investment in China include the reclassification of tungsten, molybdenum, tin, antimony and fluorite into a "forbidden category" for foreign investors from a "restricted category" and a requirement for a Chinese majority shareholding in exploration and mining of specialty coal such as coking coal. Continental does not explore or mine any of these minerals and is not impacted by such reclassification.
Continental confirmed today with officials from the Foreign Investment Division and the Regulations Division of the Ministry of Commerce that its business operations are not affected.
As further evidence of Continental's good corporate standing and progress, Continental advises that the Ministry of Commerce issued on November 6, 2007 a revised Certificate of Approval for Establishment of Enterprises with Foreign Investment to Continental's 100% owned Chinese subsidiary, Tibet Tian Yuan Minerals Exploration Ltd. The revised scope of business is now expanded from the original "risk exploration for copper and associated non-ferrous minerals" to include "mining, processing and sale of copper and associated non-ferrous metals".
The Company is also pleased to announce that the NDRC issued on October 15, 2007 the "Project Pre-Approval" document, confirming that the Company's Xietongmen Copper Project can proceed toward the application for a mining license and environmental impact assessment report approval.
Gerald Panneton, President & CEO, said: "We are pleased to receive the Project Pre-Approval notification. The Company will continue its efforts toward completion of the necessary components for a mining license application."
About Continental Minerals Corporation
Continental is advancing the Xietongmen copper project. The Company announced the completion of a positive feasibility study for a 40,000 tonnes per day operation in August and is currently focused on completion of the environmental and socioeconomic assessment, as well as ongoing community consultation regarding the project.
For additional details, please visit the Company's website at www.continentalminerals.com or contact Investor Services at (604) 684-6365, or within North America at 1-800-667-2114.
On behalf of the Board of Directors
Gerald Panneton President and Chief Executive Officer
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