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Press release from Marketwire

Continental Precious Minerals Releases Additional Assays From Viken

Wednesday, April 03, 2013

Continental Precious Minerals Releases Additional Assays From Viken

10:09 EDT Wednesday, April 03, 2013

TORONTO, ONTARIO--(Marketwired - April 3, 2013) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Continental Precious Minerals Inc. (TSX:CZQ), ("Continental" or the "Company") is pleased to announce that it has received all of the outstanding assay results from previous diamond drilling programs conducted on its Viken Uranium and Polymetallic Project, located in central Sweden.

The 100% owned Viken Project is the Company's most important exploration property. It consists of 30 mineral exploration licences covering 24,132 hectares (241 square kilometres. The Viken Project was the subject of a positive Preliminary Economic Assessment ("PEA") with an effective date of September 10th, 2010 (available on www.sedar.com) (see press release dated October 10 th , 2010). Subsequent to the release of the 2010 PEA the Company has drilled nineteen (19) holes (MYR-10-131 to 133, MYR-11-134 to 143, and MYR-12-144 to 149) totalling 2603.4 metres on the Viken Deposit and the surrounding exploration licences.

As press released on February 28th, 2013, holes MYR-11-140, 141 and 142 were metallurgical drill holes that are being used in the current investigation under the direction of Hatch on the potential viability of bio heap leaching for the production of uranium, nickel, zinc and copper from the Viken Deposit.

The remaining drill holes were exploration drill holes as well as infill drill holes located in the North and South Pits defined in the 2010 PEA.

Significant assays include:

VIKEN PROJECT ASSAY HIGHLIGHTS
HOLE ID TARGET FROM (m) TO (m) INTERVAL (m) U (ppm) V (ppm) Mo (ppm) Ni (ppm) Zn (ppm) Cu (ppm)
MYR-10-131 infill drilling 17.00 182.00 165.00 194 1661 353 434 446 135
MYR-10-136 northern extension of Viken deposit 38.70 81.80 43.10 154 2256 263 419 541 122
MYR-10-137 northern extension of Viken deposit 7.90 34.30 26.40 201 1652 318 447 528 130
MYR-10-139 northern extension of Viken deposit 31.45 180.90 149.45 168 1729 286 387 428 118
MYR-11-140 metallurgical hole from 2010 PEA Pit 4.75 217.70 212.95 161 1959 294 406 542 138
MYR-11-141 metallurgical hole from 2010 PEA Pit 4.60 191.35 186.75 153 1834 270 382 545 137
MYR-11-142 metallurgical hole from 2010 PEA Pit 2.00 170.00 168.00 158 2073 260 398 482 482
MYR-11-143 northern extension of Viken deposit 35.29 80.00 44.71 168 1450 260 371 488 123
MYR-12-144 northern extension of Viken deposit 33.10 199.00 165.90 202 1559 330 438 494 128
MYR-12-149 northern extension of Viken deposit 48.45 219.42 170.97 181 1611 291 394 400 116
Note: true widths are estimated to be >95% drilled widths

Results included strong multi-element values over considerable widths from holes MYR-12-143 and 149 which were located respectively 600 and 850 metres north-northeast of the current proposed pit limits outlined in the 2010 PEA. In addition holes MYR-10-137 and MYR-11-143, that were drilled 9.5 kilometres and 8.0 kilometres respectively north of the 2010 resource area both encountered encouraging, near surface, uranium and polymetallic mineralization.

Upon completion of the current bio heap leach test work which is expected to be completed by the end of the calendar Q2, 2013 it is the intent of the Company to update the 2010 PEA anticipating the use of a bio heap leach scenario and incorporating the recent drill hole assay results.

"These drill results continue to illustrate the regional potential of the Viken Exploration Licenses and as well the potential to increase the current mineral resource as outlined in the 2010 PEA," said Sharad Mistry, Chairman of Continental "and the resulting updated PEA is expected to be favourable."

Sample Preparation, Analyses and Security

The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologist for the drill program except for drill holes MYR-12-140, 141 and 142 which were shipped to Saskatchewan Research Council in Saskatoon for geological logging and sampling.

For holes MYR-12-140, 141, and 142 assay samples were subjected to analysis at SRC Geoanalytical Laboratories, in Saskatoon, an accredited assay laboratory. Samples were run for multi-element geochemical analysis using a total digestion with an ICP-MS finish. In addition inorganic carbon and organic carbon, as well as total sulphur content were analyzed.

The core was logged and sampled in Sweden by personnel employed by Geoforum and sent to ALS Chemex in Ojebyn, Sweden for analyses. For the remaining holes the core was logged and sampled in Sweden by personnel employed by Geoforum. The sampled core was sent to ALS Chemex an accredited assay laboratory in Öjebyn, Sweden. The samples were run for multi-element geochemical analysis using a total digestion with an ICP-MS finish. In addition total carbon and inorganic carbon were analysed. As part of the standard protocol of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

Qualified Person

Mr. Bruce Mackie, P. Geo., a professional geologist, has reviewed and verified the technical content of the information contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.

ABOUT CONTINENTAL PRECIOUS MINERALS INC.

Continental Precious Minerals Inc. is a multi-mineral exploration company with multiple interests and exploration licenses 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.

Cautionary Statement Regarding Forward-Looking Statements

Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with exploration, development, production, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, the Company will derive there from.

Readers are cautioned that the foregoing list of factors is not exhaustive. Actual results and developments may differ materially from those contemplated by these statements. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

Forward-looking statements in this news release are made as of the date of this release, and are made based on management's beliefs, estimates and opinions and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The forward looking statements or information contained in this press release are expressly qualified by this cautionary statement.

Common Shares: 56,749,845

FOR FURTHER INFORMATION PLEASE CONTACT:

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information:
Continental Precious Minerals Inc.
Rana Vig
Vice Chairman
+1 647 476 9226 ext 6
rana@czqminerals.com


Continental Precious Minerals Inc.
Mr. Bruce Mackie P.Geo.
Qualified Person
+1 647 476 9226 ext 7
bruce@czqminerals.com

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