For Immediate Release
CONTINENTAL PRECIOUS MINERALS FILES NI 43-101 TECHNICAL REPORT
ON LILL-JUTHATTEN LICENCE IN SWEDEN
March 31, 2011 TORONTO, ONT. - Continental Precious Minerals Inc. (TSX-CZQ) (the
“Company” or “Continental”) announced today that it has filed an NI 43-101 compliant technical
report on its 100% owned Lill-Juthatten Licence, located in northern Sweden.
Highlights:
· Indicated Resource of 855,000 tonnes, grading at 4.74 pounds per ton of uranium oxide
· 93% of the resources is classified as indicated
· Advanced stage exploration prospect with gridded, resource definition drilling
The Lill-Juthatten uranium deposit is located approximately 600 kilometres northwest of
Stockholm at an elevation of about 700 metres above sea level, in an area close to the
Norwegian border. The property was drilled extensively in the late 1970s and early 1980s by the
Sveriges Geologiska Undersökning or the Geological Survey of Sweden (the "SGU") and
associated state companies. Uranium mineralization occurs in the form of pitchblende
disseminated in granite.
The updated resource estimate is summarized in the table below:
Lill-Juthatten Resources at a 0.035% U Cut-Off Grade
Lill-Juthatten Resources
Indicated Inferred
tonnes 855,000 67,000
U3O8 (%) 0.237 0.204
U3O8 (lbs/ton) 4.74 4.08
Lbs U3O8 4,470,000 300,000
(1) Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The
estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant issues.
(2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there
has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral
resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured
mineral resource category.
(3) The mineral resources in this news release were estimated using the Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
“With an indicated resource of almost 4.5 million pounds of uranium oxide, Lill-Juthatten
demonstrates the potential of our Swedish exploration licences beyond that of our flagship
property, MMS Viken,” said Ed Godin, President and CEO.
The Lill-Juthatten licence was initially granted on March 3, 2005 and was renewed on March 3,
2008 for an additional three-year term, which ended on March 3, 2011. Continental filed a
renewal application in February 2011. Given the large backlog of applications being handled by
the Swedish Inspectorate of Mines, Continental believes that the renewal will not be received by
Continental for at least four months. Continental has no reason to believe that the renewal will
not be granted.
Gerald A. Harron, P.Eng. of G.A. Harron & Associates Inc., together with Eugene Puritch,
P.Eng. of P&E Mining Consultants Inc. and Michele Cote of MPH Consulting Limited, each an
independent qualified person under National Instrument 43-101, are responsible for the
technical disclosure contained in this news release. Mr. Harron has also verified the data
disclosed in this news release.
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.
Cautionary Statement Regarding Forward-Looking Statements
The indicated and inferred resource estimates contained in this news release are estimates only
and are not equivalent to reserves and do not mean that the mineral resource can be
economically mined. This news release also contains forward-looking statements regarding the
Company’s expectation that the Lill-Juthatten licence will be renewed. Actual developments
may differ materially from those contemplated by these statements because the Company must
must rely on the Swedish Inspectorate of Mines to grant the renewal. Reference is also made
to those factors discussed in the Company’s disclosure documents filed on SEDAR
(www.sedar.com). The forward-looking statements contained in this news release represent the
Company’s views and expectations as of the date of this release and should not be relied upon
as representing its views and expectations at any subsequent date.
For further information, please contact:
Ed Godin
President
T: (416) 805-3036
godine@rogers.com
Craig MacPhail
TMX | Equicom
T: (416) 815-0700, ext. 290
cmacphail@equicomgroup.com