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Continental Precious Minerals Inc. is a uranium exploration company with a focus
on the development of its Swedish assets.
Continental currently
has an inferred resource estimate of 82 million pounds of uranium oxide and an indicated
resource estimate of 13 million pounds uranium oxide on nine of its mineral exploration
licences. Continental has an additional 55 mineral exploration licences. The nine
mineral exploration licences represent under 5% of the total land package.
The resource estimate referred to above is comprised of the following:
(1) Total indicated resources on Continental’s eight HRU licences are estimated
in a NI 43-101 report as of July 15, 2005 as 4,987,000 tonnes at grades ranging
from 0.068% to 0.117% uranium, being 6,043.8 tonnes of uranium oxide (or 13,320,000
pounds of uranium oxide) and total inferred resources on eight HRU licences are
estimated in the NI 43-101 report as of July 15, 2005 as 3,654,000 tonnes at grades
ranging from 0.026% to 0.101% uranium, being 3,290 tonnes of uranium oxide (or 7,251,000
pounds of uranium oxide)
(2) Total inferred resources on Continental’s MMS Viken licence has been estimated as of August 28, 2007 as
685,242,000 tons grading 0.34 pounds per ton of uranium oxide containing approximately 232,982,280 pounds of
uranium oxide.
The MMS license area was explored by the Swedish Geological Survey in the 1970's
to the early 1980's. The SGU drilled 28 vertical diamond drill holes in an area
of approximately 250 square kilometres and analyzed oil shale cores for uranium,
molybdenum, vanadium, and organic carbon. Continental is currently investigating these multi-metal
deposits in a measured manner.
1. The qualified person for the resource estimate is Andrew H. Phillips, MSc, FIMMM, C. Eng.
of Telluride & Associates.
2. The qualified person for this resource estimate
is Gerald Harron of. G.A. Harron & Associates Inc.
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