TORONTO, ONTARIO--(Marketwired - Feb. 27, 2015) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
Mr. Rana Vig, Chairman and CEO of Continental Precious Minerals Inc. (News - Market indicators) (the "Company", or "Continental") is pleased to announce the next step in the development of the Viken MMS-project (or "the project"). The Company has started the preparations for the filing of a Swedish Exploitation Concession which, if successful, will secure the mineral rights for the next 25 years.
"The updated technical report, resource estimate and preliminary economic assessment published in February 2014 gives us the confidence to move forward with the project," says Mr. Vig. "We believe that the project is financially robust and that we can deliver a technically, environmentally and financially viable project in Sweden. Due to the complexity and location of the project, each step forward needs to be based on science and facts. This will of course take time, since thorough and detailed data is needed. Hence we need to secure the mineral rights for a longer period of time," he said.
Continental has engaged the international and locally well recognized and experienced company Golder Associates Sweden ("Golder"). Golder will, together with the Swedish consultancy company GeoVista AB (or "GeoVista"), prepare the Exploitation Concession. Extensive environmental and social impact data will be collected by these independent consultants and other specialists, and the data will later be assessed by the Swedish Mining Inspectorate before a granting of an exploitation concession. Environmental baseline data will be gathered over several years recording flora and fauna, water quality in streams, lakes and groundwater, the character of river, lake (Lake Storsjön), soil and sediments, and the biogeochemistry of local plants. Archaeology in the region will also be studied. Waste-rock leaching/weathering characteristics of shale will also be studied and will be the basis of a preliminary rehabilitation and mine closure plan which will be filed together with the application and the environmental impact assessment.
"The current market conditions create many opportunities for a company such as Continental," Mr. Vig stated. "The data collected for the Exploitation Concession will give the company a good start to prepare for a future pre-feasibility study. Such a study would be the logical next step in the development of the project, and we will continue to pursue any opportunity to improve the project economically, technically as well as environmentally. We know we have that responsibility," he said.
About the Viken MMS-project
The Viken-MMS project is situated in the province of Jämtland, approximately 570 km North-West of Stockholm. The property is easily accessible via highway E14 from Sundsvall and hence by local highways E45 and 321 which connect to the project area through Svenstavik on the Southern end of Lake Storsjön.
The Viken MMS project is a poly-metallic shale resource contained within the Cambrian Viken Shale which regionally is referred to as the Alum Shale. The Alum Shale is enriched in metals including uranium, nickel, copper, zinc, molybdenum and vanadium. It occurs over a significant area in Sweden and is locally valued as bituminous shale with recoverable hydrocarbons.
An updated mineral resource estimate was completed in February 2014 and is filed on SEDAR.
About Continental Precious Minerals
Continental is a multi-mineral exploration company with exploration licenses in Sweden. Since March 2005, Continental's primary goal has been to advance its Swedish assets, most notably the Viken MMS-project. The Company is also evaluating other opportunities as they emerge in current market conditions.
Cautionary Statement Regarding Forward-Looking Statements
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with exploration, development, production, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, the Company will derive there from.
Readers are cautioned that the foregoing list of factors is not exhaustive. Actual results and developments may differ materially from those contemplated by these statements. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
Forward-looking statements in this news release are made as of the date of this release, and are made based on management's beliefs, estimates and opinions and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The forward looking statements or information contained in this press release are expressly qualified by this cautionary statement.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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