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Press release from Marketwire

Continental Precious Minerals Extends Compensation Options

Wednesday, April 20, 2011

Continental Precious Minerals Extends Compensation Options16:30 EDT Wednesday, April 20, 2011TORONTO, ONTARIO--(Marketwire - April 20, 2011) -Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or "Continental") announced today that it has approved the extension for one year of the term of 218,000 compensation options granted to Canaccord Capital Corporation in connection with an equity financing completed by the Company in May 2009 such that the term will expire on May 6, 2012 instead of May 6, 2011. Each compensation option is exercisable into one unit (each unit comprised of one common share and one common share purchase warrant) at a price of $0.50 per unit. Each warrant included in the units is exercisable into one common share at a price of $0.75 per share until May 6, 2012. The extension is subject to the approval of the Toronto Stock Exchange.About Continental Precious Minerals Inc. Continental Precious Minerals Inc. is a multi-mineral exploration company with multiple interests and exploration licences in Sweden. Since March 2005, Continental's primary goal has been to advance its Swedish assets. The Company is also evaluating other opportunities as they emerge in current market conditions. FOR FURTHER INFORMATION PLEASE CONTACT: Ed GodinContinental Precious Minerals Inc.President(416) 805-3036(905) 276-4862 (FAX)godine@rogers.comORCraig MacPhailTMX/Equicom(416) 815-0700, ext.