VANCOUVER, Aug. 18 /CNW Telbec/ - Continuum Resources Ltd (TSX-V:CNU)
wishes to update shareholders and investors on matters in connection with a
number of corporate transactions which have been announced over the past
Continuum's proposed sale of eight mining claims blocks located in
Oaxaca, Mexico to Green Park Capital Corp. is proceeding on the terms
announced on June 20, 2008 and remains subject to regulatory approval.
As a result of the proposed acquisition of Continuum by Fortuna Silver
Mines Inc. announced on August 14, 2008 (the "Fortuna Acquisition"), Continuum
will not proceed with the non-brokered private placement it announced on
June 24, 2008. Further, Continuum will not complete any further tranches of
its private placement of convertible debenture, announced May 29, 2008 and
July 24, 2008.
The Fortuna Acquisition will be subject to the approval of Continuum's
shareholders at a special meeting to be announced in the coming weeks, as well
as TSX Venture Exchange approval. In connection with the Fortuna Acquisition,
insiders, employees and consultants of Continuum have tendered a total of
3,530,000 outstanding stock options for cancellation.
Continuum is also pleased to report the election of Wayne Clifton, Greig
Hutton, Warren McIntyre, Robert McMorran and Dale Schultz as its board of
directors as a result of its annual general meeting, which took place on
August 12, 2008. Subsequent to the AGM, the board of directors made the
following executive appointments: Dale Schultz as Chief Executive Officer,
Robert McMorran as Chief Financial Officer, and Warren McIntyre as Corporate
On behalf of the Board of Continuum Resources Ltd.
"Warren M. McIntyre"
Warren M. McIntyre, Corporate Secretary and Director
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Investor Relations: (604) 629-0000,