VANCOUVER, Feb. 28 /CNW/ - Continental Minerals Corporation (TSXV: KMK),
(OTCBB: KMKCF) ("Continental" or the "Company") announces that it has
adjourned to March 14, 2011 its shareholders vote on the statutory Plan
of Arrangement with Jinchuan Group Ltd ("Jinchuan"). The vote was
originally scheduled for February 18th and is required as a principal condition for Jinchuan's proposed
acquisition of 100% of Continental, as described in the Company's news
releases of September 17 and December 20, 2010. Extending the vote to
March 14 was necessitated by the need to clear certain remaining SEC
and Chinese regulatory requirements. The parties have targeted
completion of the Arrangement before March 31, 2011, and have signed an
extension amendment to this effect.
The vote is now rescheduled to 2 pm Vancouver time, Monday, March 14,
2011 at the Metropolitan Hotel, Vancouver, as disclosed in the proxy
materials filed at www.sedar.com. Shareholders who have voted in favour and wish to continue to do so
need do nothing further and shareholders continue to have the right to
revoke or change their vote prior to the commencement of the adjourned
meeting. It is possible that materials containing some additional
information will also be posted on SEDAR; however, if this happens it
will be publicly announced. Shareholder proxy forms received to date
are overwhelmingly in favour of the transaction.
Jinchuan is a large China-based mining group and will be acquiring
Continental for aggregate cash consideration of approximately C$431
million through a statutory plan of arrangement process which is
subject to the terms and conditions of an Arrangement Agreement which
is filed on SEDAR.
BMO Capital Markets is sole financial advisor to Continental in
connection with the proposed Arrangement. McCarthy Tétrault LLP acts as
counsel to the special committee of the Board and Lang Michener LLP
acts as general counsel to Continental.
Sino Resources Capital Pty Ltd. and Blake, Cassels & Graydon LLP are the
financial and legal advisors to Jinchuan respectively in respect of the
Continental is a TSX Venture Exchange listed resource company associated
with the Vancouver-based Hunter Dickinson Group of mining companies.
Since 2005, Continental has focused on exploring and unlocking the
value of its large Xietongmen copper-gold property in Tibet Autonomous
Jinchuan Group is a large integrated non-ferrous metallurgical and
chemical engineering enterprise engaged in mining, concentrating,
metallurgy and chemical engineering. It produces nickel, copper,
cobalt, rare and precious metals and also some chemical products such
as sulfuric acid, caustic soda, liquid chlorine, hydrochloric acid and
sodium sulfite, together with some further processed nonferrous metals
products. The output of nickel and platinum group metals respectively
accounts for more than 90% of the total in China. Jinchuan Group Ltd.
is the largest producer of nickel-cobalt in China.
THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of applicable Canadian securities laws concerning the
likelihood of the Arrangement completing. Although Continental has
attempted to identify important factors and conditions that could
prevent the Arrangement from completing there may be other conditions
or factors that are yet to be determined based in part on the present
need to secure shareholder, regulatory and other approvals and
complete, regulatory filings and Court documents. There can be no
assurance that Continental's identification of conditions and
completion factors will prove to be complete or accurate, as future
events could differ materially from those anticipated in such
statements. Accordingly, readers should understand completion of the
Arrangement is not certain and they should. not place undue reliance on
forward- looking statements.
SOURCE Continental Minerals Corporation
For further information:
Susie Bell, Investor Relations
Toll Free: 1-800-667-2114
Ph: (604) 684-6365
Fax: (604) 684-8092