VANCOUVER, June 16 /CNW Telbec/ - Continuum Resources Ltd (TSXV:CNU) is
pleased to announce the acquisition by the San Jose Project of a 100% interest
in the Monte Alban II mining concession located in the San Jose area in
Oaxaca, Mexico. The San Jose Project is being explored and developed under a
joint venture between Continuum (24%) and Fortuna Silver Mines Inc. (76%).
The Monte Alban II concession covers approximately 29,828 hectares and is
located in the central portion of the San Jose Project area. Upon signing of
the purchase agreement, title to the Monte Alban II concession was transferred
to the joint venture operating company, Compania Minera Cuzcatlan S.A. de
C.V., in exchange for payments by Cuzcatlan of US$1.9 million, of which
US$1.1 million was paid upon signing of the agreement and US$800,000 is to be
paid within four years from the date of signing of the agreement.
Exploration to date in the Monte Alban II concession and adjoining areas
held by the joint venture has identified a number of stream sediment and soil
geochemical anomalies warranting detailed investigation. Follow-up mapping and
sampling in the San Jacinto, San Dionisio and Praxedis areas has identified
outcropping low sulfidation vein systems occurring in association with
silicified and altered dacitic dome complexes. The veins are geochemically
anomalous in gold and silver with channel sample values ranging to 1.5 g/t
gold and 529 g/t silver over 0.4m at Praxedis. In the El Rancho area, aerially
extensive limestone-replacement jasperoids are present with strongly anomalous
gold-in-soil values ranging to 1165 ppb, silver-in-soil values ranging to
29.9 ppm and arsenic-in-soil values ranging to greater than 10000 ppm.
Detailed mapping and sampling is on-going in these areas to define specific
Maps on the Monte Alban II concession will be posted on Fortuna's website
Quality Assurance & Quality Control
Stream sediment, soil and rock samples are submitted to the ALS Chemex
facility in Guadalajara, Mexico for preparation and subsequently to ALS Chemex
in Vancouver for analysis by standard analytical methods. The QA-QC program at
San Jose includes the blind insertion of certified reference standards and
assay blanks to monitor the integrity of the assay results.
Mr. Gregory Smith, P.Geo., is Fortuna's Qualified Person as defined by
National Instrument 43-101, and is responsible for the accuracy of the
technical information contained in this news release.
Continuum is actively exploring 9 separate gold-silver projects in the
state of Oaxaca, where Continuum has acquired approximately 166,000 hectares.
On Behalf of the Board of Directors of
Per: "Dale Schultz"
Dale Schultz, Vice President Exploration
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: Continuum Resources Ltd.: Investor Relations:
(604) 629-0000, www.continuumresources.com