Jinchuan Invests an Additional C$18 Million for a 14% Interest in Continental
30 11월 2007 - 7:38AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KMK)(OTCBB: KMKCF)
announces that the Jinchuan Group Ltd. ("Jinchuan") have exercised
common share purchase warrants to acquire 8,000,000 shares in the
Company for gross proceeds of C$18 million.
In February 2007, Continental announced that it had entered into
a framework agreement (the "Agreement") with Jinchuan for equity
financing, capital financing, concentrate off-take and other mine
building support for Continental's Xietongmen copper project (the
"Project"). Jinchuan also agreed to provide other key support to
the Project, including assistance in arranging for 60% of the
required capital financing for the development of a mine in the
form of debt; contributing 30% of required capital financing for
the Project in the form of either debt or equity; and providing
other support to the Project including assistance with design
engineering, training, maintenance and other technical aspects, as
well as sales of mineral products. The parties also settled the
principal terms of a concentrate off-take arrangement in connection
with the Project which will be incorporated into a formal agreement
in due course.
Pursuant to the Agreement, Jinchuan purchased 10 million units
of the Company. Each unit comprised one common share and a warrant
to purchase 0.8 of a share. The shares were purchased in April 2007
(see Continental News Release April 2, 2007) for gross proceeds of
C$18 million, and now the warrants have been exercised for an
additional C$18 million.
Jinchuan is a leading Chinese corporation engaged in
engineering, manufacturing, construction, mining, processing and
smelting of nickel, copper and other metals. This strategic
partnership with Jinchuan will strengthen the Continental team that
is focused on the development of the Xietongmen project.
President and CEO Gerald Panneton said: "Jinchuan's second
investment into Continental represents the ongoing support of a
major Chinese corporation to invest into one of the best
undeveloped copper projects in China, and which is being advanced
by Continental. The Xietongmen Project is currently going through
the process of permitting having completed the necessary work and
studies to demonstrate the viability of the Project. We look
forward to developing this world class deposit with Jinchuan as a
model of Chinese and Canadian collaboration."
Continental announced the positive results of a Feasibility
Study for the Xietongmen Project in mid 2007, with Proven and
Probable Mineral Reserves of 182.4 million tonnes grading 0.45%
copper, 0.62 g/t gold and 4.04 g/t silver (0.82%
copper-equivalent)(1) at a 0.15% copper cut-off (see Continental's
August 18, 2007 news release). The Company is currently completing
a Social & Environmental Impact Assessment for the Project. A
new discovery, called Newtongmen, was made in late 2006. Drilling
in 2007 at Newtongmen continued to return encouraging results.
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
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, continuity of mineralization,
exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking
statements. Although the Company believes that the expectations
expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially form those in the forward looking statements. The
likelihood of future mining at Xietongmen is subject to a large
number of risks and may require achievement of a number of
technical, economic and legal objectives, including obtaining lower
than expected grades and quantities of mineralization and
resources, recovery rates and mining rates, changes in and the
effect of government policies with respect to mineral exploration
and exploitation, the possibility of adverse developments in the
financial markets generally, delays in exploration, development and
construction projects, fluctuations in the prices of copper, gold
and silver, obtaining additional mining and construction permits,
completion of final feasibility studies, preparation of all
necessary engineering for open pit and processing facilities as
well as receipt of additional financing to fund mine construction.
Such funding may not be available to the Company on acceptable
terms or on any terms at all. For more information on the Company
and the risk factors inherent in its business, investors should
review the Company's Annual Information Form at www.sedar.com and
the Company's annual report on Form 20-F at www.sec.gov.
(1) The estimate was prepared by BBA Inc.
Copper and gold equivalent calculations use metal prices of
US$1.25/lb for copper and US$450/oz for gold, and taking into
account metallurgical recoveries as per the feasibility study. CuEQ
equals Cu % + (Au g/t x 12.86/22.046)
Neither the TSX Venture Exchange nor any other regulatory
authority accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Continental Minerals Corporation Shawn Wallace
Investor Services (604) 684-6365 or North America Toll Free:
1-800-667-2114 (604) 684-8092 (FAX) Website:
www.continentalminerals.com
Continental Minerals Corp (TSXV:KMK)
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