Continuum announces drill results of 7.95 meters with 9.37 g/t Au and 487 g/t Ag at San Jose, Mexico



    TSX-V: CNU

    VANCOUVER, Jan. 16 /CNW Telbec/ - Continuum Resources Ltd (TSXV:CNU) is
pleased to announce additional drill results from Fortuna Silver Mines Inc.'s
("Fortuna") 2007 drill program at 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 (76%).
    Assay results have been received and accepted for 5 drill holes located
in the Trinidad Zone and for 6 drill holes located in the San Ignacio Zone
(southern extension of the San Jose vein system). Highlights of the current
results in the Trinidad and San Ignacio Zones include:

    
    - Drill hole SJO-084 cut multiple mineralized zones within the San Jose
      vein system including:

        - 3.07 g/t Au and 446 g/t Ag (603 g/t Ag eq.) over 5.23m from 490.92m
          in the Paloma Vein, and
        - 9.37 g/t Au and 487 g/t Ag (965 g/t Ag eq.) over 7.95m from 503.35m
          in the Bonanza Vein

      (The mineralized intercepts extend from 460m to 525m below the current
      surface and are open-to-depth.)

    - Drill hole SJO-090 cut the vein system in the northern portion of the
      San Ignacio zone returning 2.13 g/t Au and 276 g/t Ag (385 g/t Ag eq)
      over 1.0m from 167.37m

    Assay results from the 5 drill holes in the Trinidad Zone are summarized
below. Length-weighted assay averages have been calculated for the mineralized
intervals using a lower cut-off of 100 g/t Ag-equivalent. True widths of the
mineralized veins are estimated at approximately 75 to 90% of the drill
intervals.

    -------------------------------------------------------------------------
                                    Interval                           Ag eq
    Hole No.    From (m)    To (m)        (m)   Au (g/t)   Ag (g/t)     (g/t)
    -------------------------------------------------------------------------
    SJO-082      567.61    570.60       2.99       0.70        134       170
    SJO-083      224.40    225.40       1.00       0.52        112       139
    SJO-084      490.92    496.15       5.23       3.07        446       603
    SJO-084      503.35    511.30       7.95       9.37        487       965
    Including    506.52    506.82       0.30      164.0       5660     14024
    SJO-084      517.64    518.77       1.13       1.13        258       316
    SJO-084      578.90    583.60       4.70       0.40        110       130
    SJO-085      388.90    390.35       1.45       1.49        199       275
    SJO-092                      No significant mineralized intervals
    -------------------------------------------------------------------------
    (*) Silver equivalency estimates were derived using a silver-to-gold
        ratio of 51:1. Metallurgical recoveries and net smelter returns are
        assumed to be 100% for purposes of estimating silver equivalency.

    Twenty-three drill holes totalling 8910.2m were completed in the 2007
drill program to test an 800 meter long interval of the San Ignacio Zone, the
southern extension of the San Jose vein system. To-date, assay results have
been received and accepted for 6 drill holes and are summarized below.
Length-weighted assay averages have been calculated for the mineralized
intervals using a lower cut-off of 100 g/t Ag-equivalent.

    -------------------------------------------------------------------------
                                    Interval                           Ag eq
    Hole No.    From (m)    To (m)        (m)   Au (g/t)   Ag (g/t)     (g/t)
    -------------------------------------------------------------------------
    SJO-090      167.37    168.37       1.00       2.13        276       385
    SJO-095                    No significant mineralized intervals
    SJO-099      140.40    142.00       1.60       1.15         49       108
    SJO-100                    No significant mineralized intervals
    SJO-103       68.65     70.45       1.80       1.26        194       258
    SJO-103       76.83     78.23       1.40       0.72        113       150
    SJO-104                    No significant mineralized intervals
    -------------------------------------------------------------------------
    

    Assay Delays

    Final assay results remain pending for 9 drill holes in the Trinidad Zone
and 17 drill holes in the San Ignacio Zone. Due to increased industry
activity, assay turn-around times at ALS Chemex have increased dramatically
since September of 2007 and currently are greater than two months. In
addition, a significant number of samples have been sent for re-assay due to
failure to pass Fortuna's internal QA/QC criteria, resulting in further delays
in obtaining final assay results.

    Background

    The San Jose deposit is a low sulfidation epithermal system located
within the Taviche Mining District in southern Oaxaca and is characterized by
mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias
and stockwork veining within a sequence of Tertiary andesitic volcanic and
volcaniclastic rocks. Using a cut-off grade of 150 g/t Ag equivalent, 43-101
compliant indicated and inferred mineral resources for the Trinidad zone at
San Jose are currently estimated at (see Fortuna News Release dated March 12,
2007):

    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.

    The Fortuna-Continuum joint venture controls mining concessions covering
approximately 47,500 hectares in the Taviche Mining District. Detailed
geologic interpretation and modeling of the Trinidad deposit are being carried
out and will lead to an updated resource estimate currently projected for
completion in the 2nd quarter of 2008. The joint venture is advancing with
various engineering studies including preliminary design work, metallurgical
testing and initiation of an Environmental Impact Study. Underground
development of the main access ramp to the Trinidad Zone began in the 4th
quarter of 2007.

    Quality Assurance & Quality Control

    Following detailed geological and geotechnical logging, drill core
samples are split on-site by diamond saw. One half of the core is submitted to
the ALS Chemex sample preparation facility in Guadalajara, Mexico. The
remaining half core is retained on-site for verification and reference
purposes. Following preparation, sample pulps are sent to ALS Chemex in
Vancouver where they are assayed for gold and silver by standard fire assay
methods using a gravimetric finish. Multi-element analyses are also completed
for each sample by ICP methods. The QA-QC program at San Jose includes the
blind insertion of certified reference standards for silver and gold at a
frequency of approximately 1 per 15 normal samples and the insertion of assay
blanks at a frequency of approximately 1 per 15 normal samples. All sample
results reported in this news release correspond to HQ- or NQ-diameter core.

    Qualfied Person

    Mr. Gregory Smith, P.Geo., is Fortuna's Qualified Person as defined by
National Instrument 43-101 and is responsible for the accuracy of this news
release.

    Background

    Continuum is actively exploring 12 separate gold-silver projects in the
state of Oaxaca, where Continuum has acquired approximately 220,000 hectares.
Continuum is also 24% joint venture partner with Fortuna Silver Mines Inc.
(TSXV: FVI) on the San Jose silver project, on which drilling continues to
expand on the resource estimate previously announced by the Company on
March 12, 2007.

    On behalf of the Board of Continuum Resources Ltd.

    "Warren M. McIntyre"
    Warren M. McIntyre, Corporate Secretary and Director


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




For further information:

For further information: Renmark Financial Communications Inc.: Barry
Mire: bmire@renmarkfinancial.com; Dan Symons: dsymons@renmarkfinancial.com,
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com

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