September 23, 2008, Vancouver, BC: Continent Resources Inc. (CNQ: CORE) (the "Company" or "Continent") wishes to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $2,084,500 (the "Private Placement"). The Company intends to use proceeds from the Private Placement to carry out geological, geochemical and geophysical studies on the Lone Mountain and Twin Peaks properties, the initial phase of drilling on the Lone Mountain property and for general working capital.
"Raising over $2 million in today's challenging market is a testament to the Continent geo team and to our extraordinary copper properties. We will have a drill in the ground by the end of October and anticipate results by year-end," comments CEO Robert Bick.
The Private Placement consisted of the issuance of 8,338,000 units ("Units") at a price of $0.25 per Unit. Each Unit consisted of one common share ("Share") and one Share purchase warrant. Each warrant entitles the holder thereof to purchase one additional Share at an exercise price of $0.35 each until September 19, 2010.
The Company paid six finders aggregate finders' fees of $174,525 and 20,000 Units.
The securities issued under the Private Placement are subject to a four month hold period which will expire on January 19, 2009.
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.
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