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273.5 meters grading 1.07% CuEQ; 249.9 meters grading 0.97% CuEQ
November 1, 2006, Vancouver, BC - Continental Minerals Corporation (TSX.V-KMK; OTC.BB-KMKCF) ("Continental") and Great China Mining Inc. (OTC.BB-GCHA) ("Great China Mining") announce the results of the final core holes from the 2006 delineation drilling program at the Xietongmen copper-gold deposit. The Xietongmen property is located 240 kilometers west of Lhasa in Tibet, People's Republic of China.
The program was very successful, expanding the Xietongmen deposit in all directions and confirming the continuity of the mineralization within it. Most of these holes were drilled along the eastern and northeastern sides of the deposit, and two others were drilled in the northwestern part of the deposit. The holes have extended the deposit to the north and the east along three sections, and to the west along one section. The deposit also remains open to further expansion to the north.
In the northeast, the deposit was extended 150 meters to the east on section 324200N. Hole 6181, 100 meters east of hole 6087 (previously disclosed), intersected 245.1 meters grading 0.50% CuEQ. Hole 6197, located 50 meters east of hole 6181, intersected 249.9 meters grading 0.97% CuEQ, including a higher-grade 112.2 meter section grading 1.45% CuEQ. On section 3249150N, the deposit was extended 50 meters to the east by hole 6194, which intersected 43.9 meters averaging 0.45% CuEQ. Infill hole 6187, located 100 meters west of hole 6194 on the same section, intersected 273.5 meters grading 1.07% copper equivalent (CuEQ), including a higher-grade 119.8-meter section grading 1.55% CuEQ.
In the north, on section 3249400N, hole 6182 intersected 176.2 meters averaging 0.83% CuEQ. This hole is 70 meters east of hole 6085 (previously released) that intersected 91.6 meters grading 0.53% CuEQ. The deposit remains open in this area.
In the west, the deposit has been extended 100 meters to the west on section 3249200N by hole 6193, which intersected 24.7 meters grading 0.52% CuEQ.
A Table of Assay Results is attached. A Property Location Map, a Drill Hole Plan and Cross Sections are posted on the websites:
www.continentalminerals.com & www.greatchinamining.com.
A new estimate of the mineral resource is planned based the results of drilling in 2005 and 2006. The new estimate, and other information derived from the feasibility work currently being done, will be utilized for a preliminary economic assessment of the project, expected in the fourth quarter of 2006.
Continental and Great China Mining are progressing through the steps required to complete a merger of the two companies and unify 100% ownership in the Xietongmen property in Continental (see joint news release of June 12, 2006). The merger expected to be finalized in the fourth quarter of 2006.
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. The program includes rigorous QAQC procedures. Acme Analytical Laboratories of Vancouver, BC, an ISO 9001:2000 accredited laboratory, performs the sample preparation 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.
Gerald Panneton
President and CEO
Continental Minerals Corporation
For further information:
Continental Minerals Corporation
Tel 604 684∙6365
Toll Free 1 800 667∙2114
www.continentalminerals.com
Great China Mining Inc.
Tel 604 641∙1366
www.greatchinamining.com
No regulatory authority has approved or disapproved the information contained in this news release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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 the proposed merger, acquisition of additional property, exploration drilling, exploitation activities and events or developments that the companies expect are forward-looking statements. Although the companies believe 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 from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty and political and economic instability, changes in government policies regarding mining and natural resource exploration and exploitation, the risk that the above-referenced merger transaction may not be completed within the time frame contemplated or at all and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
For more information on Continental Minerals Corporation, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
For more information on Great China Mining Inc., Investors should review the Company's annual Form on 20F with the United States Securities and Exchange Commission at www.sec.gov.
XIETONGMEN PROJECT NEW ASSAY RESULTS
November 1, 2006
| Drill Hole |
|
Section |
From (metres) |
To (metres) |
Intercept (metres) |
Intercept (feet) |
Cu % |
Au g/t |
CuEQ1 % |
AuEQ1 g/t |
| 6179 |
|
3249300N |
8.6 |
17.5 |
8.9 |
29 |
0.07 |
0.57 |
0.37 |
0.70 |
| 6179 |
|
3249300N |
87.7 |
117.0 |
29.3 |
96 |
0.21 |
0.19 |
0.31 |
0.58 |
| 6179 |
|
3249300N |
160.4 |
185.2 |
24.8 |
81 |
0.16 |
0.15 |
0.24 |
0.45 |
| 6179 |
|
3249300N |
216.5 |
222.5 |
6.0 |
20 |
0.19 |
0.22 |
0.31 |
0.58 |
| 6181 |
|
3249200N |
83.7 |
328.8 |
245.1 |
804 |
0.30 |
0.38 |
0.50 |
0.95 |
| 6181 |
incl. |
3249200N |
187.7 |
224.2 |
36.5 |
120 |
0.49 |
0.58 |
0.80 |
1.52 |
| 6181 |
incl. |
3249200N |
254.0 |
328.8 |
74.8 |
245 |
0.31 |
0.44 |
0.54 |
1.02 |
| 6182 |
|
3249400N |
248.8 |
425.0 |
176.2 |
578 |
0.49 |
0.63 |
0.83 |
1.57 |
| 6187 |
|
3249150N |
47.3 |
320.8 |
273.5 |
897 |
0.57 |
0.95 |
1.07 |
2.03 |
| 6187 |
incl. |
3249150N |
106.4 |
226.2 |
119.8 |
393 |
0.84 |
1.36 |
1.55 |
2.95 |
| 6190 |
|
3248950N |
64.0 |
76.8 |
12.8 |
42 |
0.16 |
0.15 |
0.24 |
0.46 |
| 6191 |
|
3249050N |
No significant intersections |
|
|
|
|
|
| 6193 |
|
3249200N |
41.7 |
66.4 |
24.7 |
81 |
0.46 |
0.10 |
0.52 |
0.98 |
| 6194 |
|
3249150N |
170.8 |
214.7 |
43.9 |
144 |
0.29 |
0.31 |
0.45 |
0.86 |
| 6196 |
|
3249300N |
173.2 |
340.6 |
167.4 |
549 |
0.34 |
0.32 |
0.50 |
0.96 |
| 6196 |
incl. |
3249300N |
261.2 |
340.6 |
79.4 |
260 |
0.48 |
0.43 |
0.71 |
1.35 |
| 6197 |
|
3249200N |
98.5 |
348.4 |
249.9 |
820 |
0.52 |
0.85 |
0.97 |
1.84 |
| 6197 |
incl. |
3249200N |
157.10 |
269.30 |
112.2 |
368 |
0.78 |
1.28 |
1.45 |
2.76 |
| 6200 |
|
3248900N |
No significant intersections |
|
|
|
|
|
| 6201 |
|
3249400N |
Results pending |
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| 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)
AuEQ = (Cu % x 27.56/14.47) + Au g/t
Holes 6183, 6186, 6192 and 6202 are geotechnical holes (no assay). |
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