Continuum and Fortuna increases San Jose Ag-Au Resource: Silver equivalent 17.7 million ounces (Indicated), 49.1 million ounces (Inferred)



    VANCOUVER, BC, March 12 /CNW Telbec/ - Continuum Resources Ltd. (CNU:
TSX-V) ("Continuum") is pleased to announce the results of a new resource
estimate for the San Jose silver-gold deposit located in Oaxaca, Mexico. San
Jose is being explored and developed under a joint venture between Continuum
(24%) and Fortuna Silver Mines Inc. (76%).
    Using a cut-off grade of 150 g/t Ag equivalent, the inferred and
indicated mineral resources for the Trinidad zone at San Jose are estimated
at:
    

    Indicated Mineral Resources:   1.47 million tonnes grading 262.6 g/t Ag +
                                   2.19 g/t Au containing 17.7 million Ag
                                   equivalent oz
    Inferred Mineral Resources:    3.9 million tonnes grading 260.6 g/t Ag +
                                   2.57 g/t Au containing 49.1 million Ag
                                   equivalent oz

    A detailed table of the mineral resources for each vein is appended at the
end of this release. Also appended is a table showing the sensitivity of the
mineral resource to silver equivalent cut-off grade.

    Silver equivalency estimates were derived using US$10.30/oz for silver and
US$525/oz for gold yielding a Ag:Au ratio of 51:1. Metallurgical recoveries
and net smelter returns are assumed to be 100%.

    The previous NI43-101 compliant resources for San Jose were estimated at
527,283 tonnes grading 396 g/t Ag and 3.5 g/t Au (5 g/t Au cutoff), all in the
inferred category, for a contained total of approximately 10 million ounces
silver equivalent (the NI 43-101 compliant technical report is dated March
2006 and available on SEDAR).
    The San Ignacio zone, located approximately 700m along strike to the south
of the Trinidad zone, is not included in the current resource estimate.
Initial drilling in the San Ignacio area has identified significant silver and
gold mineralization but further drilling is required before a meaningful
estimate of the resource potential can be made for the area.
    Pending receipt of permits, drilling is scheduled to resume at the
Trinidad Zone in late March 2007. Initial drilling will be focused on testing
the extension of mineralization to depth, and follow-up drilling on the
high-grade intercepts at the San Ignacio vein which were reported in 2006 (See
news release dated December 7, 2006). Concurrently, surface geochemical and
reconnaissance programs will be carried out in the San Jose-Taviche District
on concessions recently acquired jointly by Continuum and Fortuna.
    Lawrence A. Dick, the Vice President of Exploration for Continuum says:
"We are extremely pleased with the results of the resource calculation based
on the recent drilling, and feel we have just begun to explore the potential
of San Jose".

    Methodology

    The updated resource estimate was prepared by Independent Mining
Consultants, Inc. of Tucson, Arizona. Mike Hester acted as the independent
qualified person as defined by Canadian National Instrument 43-101.
    The estimate is based on all drilling completed to-date and 692 channel
samples collected from the underground workings in the Trinidad zone.
    The methods used in determining and reporting the resources are consistent
with CIM Best Practice Guidelines for the estimation of mineral resources and
mineral reserves. For the purposes of the estimate, metal prices were assumed
at US$10.30/oz for silver and US$525/oz for gold yielding a Ag:Au ratio of
51:1. Metallurgical recoveries and net smelter returns are assumed to be 100%.
A rock density of 2.59 t/m(3) has been assumed for both mineralized vein and
wall rock materials based on specific gravity measurements taken from 64 vein
and wall rock samples.
    Three-dimensional wireframe models were developed for each vein system and
drill hole grades were composited to 2m intervals. The block model was based
on 2m by 2m by 2m blocks. To improve grade estimation, the easting coordinate
was replaced by a footwall distance coordinate for both the model blocks and
the drill hole composite data. This resulted in straightening of the veins for
estimation purposes.
    Silver and gold grades in the veins were estimated by inverse distance
squared with a search radius of 120m along the strike of the vein, 120m in a
dip direction of the vein and 10m in a transversal direction of the vein.
Silver composites exceeding 1700 g/t and gold composites exceeding 20 g/t were
restricted to search radii of 50m along the local strike of the vein and 50m
in the dip direction of the vein. Silver and gold grades were also estimated
for stockwork zones by inverse distance squared but with more limited search
radii of 30m in a north-south direction, 30m in a vertical direction and 10m
in the east-west direction.
    For sensitivity analysis and comparison purposes, resource estimates were
also prepared using ordinary kriging, nearest neighbor polygon and
un-restricted inverse distance methods. Globally, the inverse distance and
ordinary kriging methods resulted in similar block grade distributions but the
inverse distance did a better job of tracking local grade variations. Resource
estimates were validated by comparison of cross sections of the model blocks
with drill hole composites.
    A full NI43-101 compliant report will be filed on www.sedar.com within 45
days of this news release. The report will be co-authored by M. Hester of
Independent Mining Consultants and Gerry Ray, a consulting geologist with
extensive experience at the San Jose project and a qualified person (QP) under
the definition of NI 43-101. Mr. Hester is responsible for the accuracy of
this press release.

    Background on Continuum

    Continuum is actively exploring 12 separate gold-silver projects within a
total land package of over 125,000 hectares, in the State of Oaxaca, including
50,000 hectares covering the entire Natividad district, including the
Natividad Mine that historically produced 1,000,000 ounces of Gold and
23,000,000 ounces of Silver.

     www.continuumresources.com.

    The TSX Venture Exchange has not reviewed and does not take
    responsibility for the adequacy or accuracy of this release.

    ON BEHALF OF THE BOARD,

    "Lawrence Dick"

    Lawrence A. Dick, Ph.D., Geo.
    Vice President Exploration
    Continuum Resources Ltd.
    Tel:  604-629-0000
    Symbol:  TSX-V: CNU


    San Jose Mineral Resource - Cutoff Grade of 150 g/t Silver Equivalent

    -------------------------------------------------------------------------
    Resource
     Classi-                Ag    Au                       Ag Eq
     fication    tonnes   (g/t) (g/t)     Ag (oz)  Au (oz)  (g/t)  Ag Eq (oz)
    -------------------------------------------------------------------------
    Indicated
     Mineral
     Resources
    -------------------------------------------------------------------------
      Trinidad
       Vein     824,000  232.2  1.78   6,151,600   47,200  322.8   8,559,000
    -------------------------------------------------------------------------
      Bonanza
       Vein     599,000  310.5  2.80   5,979,800   53,900  453.3   8,729,000
    -------------------------------------------------------------------------
      Bonanza
       Splay
       Vein           0    0.0  0.00         0.0      0.0    0.0           0
    -------------------------------------------------------------------------
      Paloma
       Vein      48,000  185.2  1.54     285,800    2,400  263.8     408,000
    -------------------------------------------------------------------------
    Total
     Indicated
     Resource 1,471,000  262.6  2.19  12,417,200  103,500  374.0  17,696,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Inferred
     Mineral
     Resources
    -------------------------------------------------------------------------
      Trinidad
       Vein   1,687,000  268.0  2.13  14,536,100  115,500  376.7  20,427,000
    -------------------------------------------------------------------------
      Bonanza
       Vein   1,609,000  272.6  3.35  14,102,000  173,300  443.6  22,940,000
    -------------------------------------------------------------------------
      Bonanza
       Splay
       Vein      15,000  694.2  4.48     334,800    2,200  922.5     447,000
    -------------------------------------------------------------------------
      Paloma
       Vein     373,000  194.3  1.59   2,330,100   19,100  275.5   3,304,000
    -------------------------------------------------------------------------
      Stockwork
       Zone     214,000  196.6  1.67   1,352,700   11,500  281.6   1,939,000
    -------------------------------------------------------------------------
    Total
     Inferred
     Resource 3,898,000  260.6  2.57  32,655,700  321,500  391.5  49,057,000
    -------------------------------------------------------------------------



    San Jose Mineral Resource Estimate by Silver Equivalent Cutoff Grade

    -------------------------------------------------------------------------
    Cutoff                  Ag    Au                       Ag Eq
     Grade       tonnes   (g/t) (g/t)     Ag (oz)  Au (oz)  (g/t) Ag Eq (oz)
    -------------------------------------------------------------------------
    130 g/t
     Ag Eq    5,796,000    249  2.34  46,457,000  435,000    368  68,652,000
    -------------------------------------------------------------------------
    150 g/t
     Ag Eq    5,369,000    261  2.46  45,073,000  425,000    387  66,748,000
    -------------------------------------------------------------------------
    180 g/t
     Ag Eq    4,614,000    284  2.72  42,178,000  403,000    423  62,741,000
    -------------------------------------------------------------------------
    200 g/t
     Ag Eq    4,141,000    302  2.90  40,168,000  386,000    450  59,849,000
    -------------------------------------------------------------------------
    




For further information:

For further information: Lawrence A. Dick, Ph.D., Geo., Vice President
Exploration, Continuum Resources Ltd., (604) 629-0000; Renmark Financial
Communications Inc.: Christina Lalli: clalli@renmarkfinancial.com; Barry Mire:
bmire@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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