Continent Closes $6,000,000 Non-Brokered Private Placement

August 27, 2009, Vancouver, British Columbia: Continent Resources Inc. (CNSX:CTT) (the "Company") is pleased to announce that it has closed the non-brokered private placement previously announced on July 21, 2009, raising gross proceeds of $6,000,000.

The private placement consisted of the issuance of 12,000,000 units ("Units") at a price of $0.50 per Unit. Each Unit is comprised of one common share of the Company (the "Shares") and one-half of one Share purchase warrant (the "Warrants"). Each whole Warrant entitles the holder to purchase one additional Share at a price of $0.80 for a period of two years from the date of issuance.

The Company paid two finders $108,000 and 621,500 units (the "Finder's Units") in aggregate at a deemed price of $0.50 per Finder's Unit, with the units having the same terms as the Units sold under the non- brokered private placement. One finder also received 836,500 finder's warrants (the "Finder's Warrants"). Each Finder's Warrant entitles the holder to purchase one Share at a price of $0.85 for a period of two years from the closing of the private placement. The cash, Finder's Units and Finder's Warrants represent 7% of the total dollar value of Units purchased by investors introduced to the Company by the finders.

The securities issued under the private placement are subject to a four month hold period which will expire on December 26, 2009. The 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.

About Continent Resources Inc.

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.

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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.

Continent Resources Inc. Herrick Lau, CFO

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.

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