Thu Jul 8, 2010 Chinese Government Approval of Key Power Project Provides Support to Continental's Xietongmen Project
July 8, 2010, Vancouver, BC - Continental Minerals Corporation ("Continental" or the "Company") (TSX Venture: KMK; OTCBB: KMKCF) advises that China's National Development and Reform Commission has officially approved the Qinghai -- Tibet High Voltage Transmission Line project as one of 23 new key projects to begin construction in 2010 as part of China's Western Development Strategy. The 1,100 km 400 kilovolt (kv) High Voltage Direct Current transmission line linking Geermu (Golmud) in Qinghai province and Lhasa in the Tibet Autonomous Region has a projected capital cost of 6.2 billion Renminbi (C$965 million). This much needed infrastructure project, linking the Tibet Power Grid to the main China Power Grid, will ensure the availability of power for Continental's planned 40,000 tonnes per day Xietongmen copper-gold mine. The completion of the Qinghai -- Tibet High Voltage Transmission Line, as well as the up-grading of the existing transmission line from Lhasa to Rikaze (Shigatse) from 110kv to 220kv by the end of 2012, will coincide with the planned construction and commissioning of the Xietongmen mine.
David Copeland, President and CEO of Continental, commented "The approval of this significant infrastructure project is great news for Continental and its shareholders. The remarkable pace of infrastructure development in China is truly overwhelming. As a government-approved project it gives us great confidence that uninterrupted power will be available for a mine on the Xietongmen property. Continental is committed to the responsible development of the Xietongmen project to bring benefits to stakeholders, respect environmental concerns and offer employment and economic opportunities to those in the region."
Continental is advancing the 100% owned Xietongmen copper-gold project located 250 km west of Lhasa near Rikaze in the Tibet Autonomous Region of the People's Republic of China. Continental completed a positive feasibility study in 2007 and is currently advancing the mining license permitting, engineering and procurement aspects of the project. Dependent on permitting and financing, Continental could begin construction of the Xietongmen project as early as the first quarter of 2011.
For additional details on Continental, 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.
David J. Copeland
President & CEO
You can view the Next News Releases item: Wed Sep 15, 2010, Continental Advisory
You can view the Previous News Releases item: Fri Dec 18, 2009, Continental Announces Board Change
You can return to the main News Releases page, or press the Back button on your browser.
1020 - 800 West Pender Street, Vancouver BC Canada V6C 2V6 Telephone: 604-684-6365 Facsimile: 604-684-8092 TollFree: 1-800-667-2114