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| | Thu May 27, 2004
China Project Update
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| | Ronald W. Thiessen, President and CEO of Continental Minerals Corporation (TSXV: KMK; OTCBB: KMKCF) announces an update of the activities on the Xietongmen Gold-Copper Property, located 240 kilometres southwest of Lhasa in Tibet, People's Republic of China ("PRC"). As announced February 9th, Continental can earn up to a 60% interest in the Xietongmen Property from ChinaNet TV Holdings Inc. ("ChinaNet") by making payments and project expenditures of US$10 million over 36 months.
The Xietongmen property hosts porphyry-like disseminated and quartz stockwork mineralization. Surface surveys have outlined a four kilometre long alteration zone that has been tested by two vertical diamond drill holes separated by a 200 metre long underground adit. This work established a zone of strong gold-copper mineralization which is open to extension. Continental personnel have been on site for the last several weeks attending to orientation surveys and surface geological work to finalize plans for an efficient diamond drilling program for this target.
Continental received TSX Venture Exchange acceptance of the basic transaction terms on May 6th and negotiations are ongoing with ChinaNet and its subsidiary, Hong Lu Investment Holdings Inc., the registered property owner, with a view to reaching a definitive joint venture agreement, which can be submitted to the appropriate PRC regulatory authorities for approval. Due to the fact that negotiations and PRC government approvals will take longer than originally estimated, Continental has postponed commencement of diamond drilling that had been planned for June. Continental will announce a new drilling date upon receiving preliminary approval of the joint venture agreement from the local PRC authorities in Tibet.
For further details on Continental Minerals Corporation, 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
Ronald W. Thiessen
President & CEO
No regulatory authority has approved or disapproved the information contained in this news release. |
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