May 30, 2007, Vancouver, BC - Continental Minerals Corporation ("Continental" or the "Company") (TSX Venture: KMK; OTCBB: KMKCF) announces the first results from the 2007 program at its Newtongmen discovery at the Xietongmen property, located 240 kilometers from Lhasa in the Tibet Autonomous Region of China.
Diamond drilling is outlining a new porphyry copper-gold deposit at Newtongmen. Three drills have been deployed on a 100 meter by 100 meter grid to test the deposit. Strong copper and gold concentrations within intensely altered volcanic and intrusive rocks have been intersected over long intervals: Hole 7221 intersected 223 meters grading 0.76% copper equivalent (CuEQ; 0.54% copper and 0.43 g/t gold), including 77 meters grading 1.23% CuEQ (0.88% Cu and 0.67 g/t Au) and Hole 7223 intersected 63 meters grading 1.01% CuEQ (0.64% Cu and 0.71 g/t Au).
The attached Table of Results lists intersections from the 2006 discovery holes (6203, 6213), and the 2007 holes (7221-7223) for which complete assay results have been received to date. Holes 7224, 7225 and 7226 are currently in progress.
The 2007 holes have expanded the area of mineralization from the discovery holes. Collectively, these and the 2006 holes demonstrate a strong vertical and horizontal continuity to the copper-gold mineralization. The deposit also remains open to further expansion in all directions.
President and CEO Gerald Panneton said: "The Newtongmen deposit exhibits strong similarities to the Xietongmen deposit, situated 2.5 kilometers to the southeast along the same regional alteration trend. These results indicate excellent potential for another significant copper-gold deposit in the Xietongmen district. The Company plans to add a fourth drill rig to accelerate exploration at Newtongmen."
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the drilling program and quality assurance and quality control ("QAQC") programs on behalf of Continental Minerals Corporation, and has reviewed the contents of this release.
Continental's program includes rigorous QAQC procedures. Acme Analytical Laboratories of Vancouver, BC, an ISO 9001:2000 accredited laboratory, performs the sample pulverization and assaying for the project. Gold analysis is by 30 g Fire Assay fusion with an Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES) finish. Copper assays are done by four acid digestion with an ICP-ES/ICP-Mass Spectroscopy finish. Continental includes standards, blanks and duplicates in addition to the laboratory's internal quality control work.
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
TABLE OF ASSAY RESULTS -- NEWTONGMEN DEPOSIT
Drill Hole
Section
From (metres)
To (metres)
Intercept (metres)
Intercept (feet)
Cu %
Au g/t
CuEQ1 %
3251150N
0.0
210.6
210.6
691
0.59
0.44
0.82
3251250N
0.8
303.0
302.2
991
0.57
0.48
0.82
incl.
3251250N
18.0
103.0
85.0
279
0.82
0.82
1.25
incl.
3251250N
60.0
103.0
43.0
141
0.96
0.82
1.39
3251250N
0.0
470.3
470.3
1543
0.40
0.26
0.54
Incl.
3251250N
0.0
223.0
223.0
732
0.54
0.43
0.76
Incl.
3251250N
146.0
223.0
77.0
253
0.88
0.67
1.23
and
3251250N
223.0
299.7
76.7
252
0.36
0.11
0.42
Incl.
3251250N
299.7
321.9
22.2
73
0.03
0.02
0.04
Incl.
3251250N
321.9
470.3
148.4
487
0.28
0.13
0.35
3251300N
0.0
470.1
470.1
1542
0.41
0.28
0.55
Incl.
3251300N
0.0
312.6
312.6
1026
0.48
0.36
0.67
and
3251300N
0.0
17.7
17.7
58
0.60
0.42
0.82
and
3251300N
190.0
222.0
32.0
105
0.65
0.43
0.88
Incl.
3251300N
312.6
470.1
157.5
517
0.25
0.12
0.31
3251250N
0.0
478.1
478.1
1569
0.33
0.24
0.46
Incl.
3251250N
0.0
342.0
342.0
1122
0.37
0.29
0.53
and
3251250N
0.0
63.0
63.0
207
0.64
0.71
1.01
Incl.
3251250N
342.0
400.0
58.0
190
0.17
0.08
0.21
Incl.
3251250N
400.0
478.1
78.1
256
0.28
0.13
0.35
1 Copper and gold equivalent calculations use metal prices of US$1.25/lb for copper and US$450/oz for gold.
Adjustment factors to account for differences in relative metallurgical recoveries for gold and copper will depend upon the completion of definitive metallurgical testing.
CuEQ = Cu % + (Au g/t x 14.47/27.56)
You can view the Next News Releases item: Wed Aug 15, 2007, Positive Feasibility Study For Continental's Wholly Owned Xietongmen Project
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