February 20, 2007, Vancouver, BC - Continental Minerals Corporation ("Continental" or the "Company") (TSX Venture: KMK; OTCBB: KMKCF) announces that the Company has completed the previously announced private placement financing, issuing 22,469,698 equity units (the "Units") at a price of $1.65 per Unit for gross proceeds of $37.5 million. The Units are subject to a four-month hold period under applicable Canadian securities legislation.

Proceeds from the offering will be used for working capital, to pay down indebtedness and for continued exploration and development of the Xietongmen property. A commission within regulatory guidelines was paid on approximately $25 million of the financing.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

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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