May 11, 2009, Vancouver, British Columbia: Continent Resources Inc. (CNSX:CTT) is pleased to announce that the company has negotiated, subject to regulatory approval, a private placement of up to 7,000,000 units at a price of $0.11 per unit (the "Unit"), for gross proceeds of up to $770,000. Each Unit will consist of one common share of the Company (the "Shares") and one Share purchase warrant (the "Warrants"). Each Warrant will entitle the holder thereof to purchase one additional Share (a "Warrant Share") of the Company at a price of $0.20 per Warrant Share for a period of two years from the date of issuance. A finder's fee will be payable in connection with the private placement.
The securities issued in this private placement will be subject to a four-month hold period commencing from the date of issuance.
Proceeds from the private placement will be used to carry out geological, geochemical and geophysical studies on the properties in Arizona and New Mexico, USA and for general working capital.
Continent also announces that Mr. Robert Bick, CEO and a director of the Company, resigned effective May 11, 2009 in order to pursue other opportunities. The Board of Directors wishes to express its appreciation to Mr. Bick for his efforts and contributions to the Company and wish him well in his future business endeavours. Michael Pawlowski, P.Geo has been appointed as CEO and will also retain his positions as President and a director of the Company.
Continent Resources Inc. holds a significant portfolio of copper properties in one of the world's most prolific copper-producing regions, in Arizona and New Mexico. This area is elephant country for copper, containing the greatest cluster of porphyry copper deposits anywhere in the world and making up over 10% of the world's copper production. Continent Resources Inc. is focused on the discovery of copper resources which are suitable for leaching. Lone Mountain, the Company's feature property is within sight of the large Tyrone and Chino porphyry copper deposits owned by Freeport-McMoRan.
For more information please visit: www.continentresources.com
In compliance with National Instrument 43-101, Michael R. Pawlowski, President of Continent Resource Inc., is the Qualified Person who prepared and supervised the preparation of the information that forms the basis for this news release.
On behalf of Continent Resources Inc.,
"Michael R. Pawlowski"
Michael R. Pawlowski
President and Director
Continent Resources Inc.
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of mineral exploration projects. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Continent Resources Inc. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
The CNSX does not accept responsibility for the adequacy or accuracy of this release.