Continental Completes $25 Million Financing

VANCOUVER, Oct. 20 /CNW/ - Continental Minerals Corporation ("Continental" or the "Company") (TSX Venture: KMK; OTCBB: KMKCF) announces that the Company has completed the previously announced private placement financing, issuing 23,364,486 common shares (the "Shares") at a price of $1.07 per Share for gross proceeds of $25 million. The Shares are subject to a four-month hold period under applicable Canadian securities legislation.

Proceeds shall principally be used for engineering and development of the Xietongmen Project in China and for general corporate purposes. A commission within regulatory guidelines was paid on the financing.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

Continental President and CEO David Copeland commented, "We are pleased to complete this financing, which brings the Company closer to its goal of building a modern, well-engineered copper-gold mine that integrates international standards and contributes positively to the economic development of the region."

    
    On behalf of the Board of Directors

    David Copeland
    President & CEO


    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty and political and economic instability, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Continental Minerals Corporation, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.

SOURCE CONTINENTAL MINERALS CORPORATION

For further information: For further information: on Continental and the Xietongmen Copper-Gold Project, please visit the Company's website at www.continentalminerals.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114

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CONTINENTAL MINERALS CORPORATION

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