Continential Precious Minerals Inc. (fka CTPMF)

[SittingDuck]

TORONTO, ONTARIO--(Marketwire - Aug. 20, 2007) - Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or "Continental") is pleased to announce that assays for nine diamond drill holes (1,092 metres) completed on the Guorbavare licence are now available. The assay results confirm the historical grade and tonnage of the mineralization taken into account in the resource estimate included in the National Instrument 43-101 technical report completed by Andrew Phillips MSc, FIMMM, CEng in 2005. The report estimated an inferred resource of 1,609,000 tons grading 2.38 lbs/ton U3O8 and an indicated resource of 518,000 tons grading 2.76 lbs/ton U3O8.

Drilling at the Pleutajokk uranium deposit on the Guorbavare licence located near Arjeplog in northern Sweden focused on further definition drilling of the deposit. The uranium deposit is associated with fracture fillings in granitic rocks, and was previously explored by the Swedish Geological Survey and other companies. As currently known, the deposit strikes north for approximately 400 metres, and dips steeply east. Analytical results from this drilling are presented in the following table:

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Hole No. From(m) To(m) Interval U(ppm) U3O8(lbs/ton)
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PLJ 06-001 41 49 8.0 704 1.83
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82 85.5 3.5 702 1.82
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PLJ 06-004 120.1 123.4 3.3 1989 5.16
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PLJ 06-005 sev
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PLJ 06-006 103.2 104.2 1 1090 2.82
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107.2 108.2 1 2590 6.72
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PLJ 06-008 61.65 61.9 0.25 2740 7.1
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PLJ 06-009 sev
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PLJ 06-010 sev
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PLJ 06-011 62 64 2 2075 5.38
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106 107 1 2170 5.63
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PLJ 06-012 sev
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Lower cut-off is 500 ppm U
"sev" means sub economic values


Drilling operations and core sample sawing were contracted to Taiga Drilling of Mala, Sweden. Program management and core logging are contracted to Geoforum Scandinavia AB, with analytical services contracted to ALS Chemex (ISO 9001:2000 accreditation) of North Vancouver, Canada.

Core samples were generally one metre long or shorter where constrained by lithologic contacts. True widths are approximately 90% of drill intercepts. Whole samples were crushed in a jaw crusher and from a split, a 100 gram sample was taken and ground to less than 63 microns. Out of this, a 0.125 gram sample was taken and fused into a borate bead and analyzed with ICP-AES and ICP-MS methods for 48 elements. Continental relies on ALS Chemex' internal standards to maintain analytical precision.

Drill holes PLJ 06-001, -004, -011 and -012 were sited to test for extensions of uranium mineralization in the southern portion of the deposit. Hole PLJ 06-001 intersected typical mineralization (1.83 lbs/ton U3O8 over 8 metres and 1.82 lbs/ton U3O8 over 3.5 metres), while hole PLJ 06-004 returned an intersection of 5.16 lbs/ton U3O8 over 3.3 metres. These results confirm that the deposit can be extended to the south.

Drill hole PLJ 06-011 located about 90 metres south of PLJ 06-001 intercepted two distinct vein systems returning 5.38 lbs/ton U3O8 over 2 metres and 5.63 lbs/ton U3O8 over 1 metre. Hole PLJ 06-012 located an additional 50 metres south returned sub economic values, suggesting a possible termination of the mineralization.

Hole PLJ 06-005 was the most southerly hole and targeted extensions of the mineralization at depth. The core samples returned sub economic values, suggesting a structural dislocation of the mineralization.

Four diamond drill holes PLJ 06-006, -008, -009 and -010 designed to fill in gaps in the northern portion of the historical drill sample pattern were completed. Drill hole PLJ 06-006 returned intervals of 2.82 lbs/ton U3O8 over 1 metre and 6.72 lbs/ton U3O8 over 1 metre separated by a 3 metre interval of sub economic values. Drill hole PLJ 06-008 returned a value of 7.1 lbs/ton U3O8 over 0.25 metres and holes PLJ 06-009 and -010 returned sub economic values.

A qualified person has not verified the data disclosed because the geologists overseeing the drilling program are not qualified persons. The contents of this press release have been reviewed by G.A. Harron, P.Eng., an independent consultant and a qualified person as defined in National Instrument 43-101.


FOR FURTHER INFORMATION PLEASE CONTACT:

Continental Precious Minerals Inc.
Ed Godin
President
[phone]