Continuum unable to reach joint venture agreement at Natividad
October 1, 2007: Vancouver, British Columbia: Continuum Resources Ltd (TSXV: CNU) announces that due to delays in negotiating terms of a joint venture with Cia Minera de Natividad Y Anexas S.A. de C.V. ("Minera"), Continuum has halted drilling and exploration work at the Natividad property located in Oaxaca, Mexico (the "Natividad Project"). Continuum earned a 70% interest in the Natividad Project (announced by news release dated May 28, 2007) by way of an option agreement (the "Option"), with Minera maintaining a 30% ownership stake. The Option required the parties to negotiate the terms of a joint venture to continue with the exploration of the Natividad Project once the Option was exercised.
Management of Continuum will continue these negotiations in the coming days, and are hopeful that exploration and drilling at the Natividad Project will recommence shortly after.
Background
Continuum is actively exploring 11 separate gold-silver projects in the state of Oaxaca, where Continuum has acquired approximately 200,000 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
Renmark Financial Communications Inc.
Barry Mire : bmire@renmarkfinancial.com
Dan Symons : dsymons@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Continuum Resources Ltd.
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PRODUCER |
CODE : CNU.V |
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Continuum is a silver and gold producing company based in Canada. Continuum holds various exploration projects in Mexico. Its main asset in production is SAN JOSE PROJECT in Mexico and its main exploration properties are LA PREDILECTA, NINO PERDIDO, TALEA, LACHATAO, LACHIGUIRI, TERI, NATIVIDAD and TAVICHE in Mexico and RICHARDSON LAKE in Canada. Continuum is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 5.6 millions as of today (US$ 4.4 millions, € 3.5 millions). Its stock quote reached its highest recent level on December 31, 2003 at CA$ 1.20, and its lowest recent point on October 24, 2008 at CA$ 0.01. Continuum has 124 038 000 shares outstanding. |