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Continuum Resources Ltd.

Publié le 16 juillet 2007

and Fortuna drill 25.1m averaging 10.9 g/t Au + 588 g/t Ag at San Jose

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Mots clés associés :   Fortuna | G Mexico |

Continuum and Fortuna drill 25.1m averaging 10.9 g/t Au + 588 g/t Ag at San Jose

July 16, 2007: Continuum Resources Ltd. (CNU :TSX-V) is pleased to announce additional drill results from the 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico.  San Jose is being explored and developed under a joint venture between Continuum Resources Ltd (24%) and Fortuna Silver Mines Inc. (76%).  Analytical results have been received and verified for thirteen drill holes located in the southern and central portions of the Trinidad deposit.  Highlights of the current drilling include:

  • Hole SJO-060 averaging 10.9 g/t Au + 588 g/t Ag (1141 g/t Ag Eq) over 25.1m. 

  • Hole SJO-057 averaging 6.1g/t Au + 588 g/t Ag (897 g/t Ag Eq) over 11.6m.

  • Hole SJO-055 averaging 11.9g/t Au + 1151 g/t Ag (1756 g/t Ag Eq) over 2.5m.

  • Hole SJO-063 averaging 4.4g/t Au + 1224 g/t Ag (1450 g/t Ag Eq) over 2.6m.

  • Hole SJO-065 averaging 1.4g/t Au + 183 g/t Ag (256 g/t Ag Eq) over 20.9m.

Assay results from the thirteen drill holes are summarized below. Length-weighted assay averages have been calculated for the mineralized intervals using a lower cut-off of 100 g/t Ag-equivalent.  True widths are estimated at between 70% to 90% of the drilled intervals.

Drill holes SJO-055, -057, -058, -059, -060, -061 and -062 extend mineralization beyond the limits of the resource estimate reported in Continuum and Fortuna's March 12, 2007 release.  Holes SJO-056, -063, -064, -066 and -067 are infill drill holes.  Drill hole SJO-065 encountered mineralization in the Bonanza vein approximately 380m below the surface with the mineralization remaining open to depth.  An updated long section showing the location of the drill holes is in preparation and will be posted shortly on Continuum's website at www.continuumresources.com.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Ag Eq (g/t)*

Ag Eq (oz/T)*

SJO-055�

173.60

176.10

2.50

11.9

1151

1756

51.2

SJO-056

426.23

427.28

1.05

1.5

260

334

9.7

 

442.50

443.65

1.15

2.6

415

549

16.0

 

550.45

551.20

0.75

8.4

577

1003

29.3

SJO-057�

149.90

161.45

11.55

6.1

588

897

26.1

SJO-058�

77.50

78.70

1.20

2.3

432

549

16.0

SJO-059�

131.70

144.90

13.20

1.6

222

305

8.9

SJO-060�

129.70

154.80

25.10

10.9

588

1141

33.3

including

129.70

135.05

5.35

32.5

2017

3674

107.2

and

143.60

147.40

3.80

17.6

637

1535

44.8

and

151.40

152.40

1.00

15.3

533

1313

38.3

SJO-061�

174.40

177.40

3.00

2.3

248

365

10.7

SJO-062�

156.20

156.90

0.70

6.5

1520

1850

54.0

SJO-063

215.35

234.63

19.28

0.6

71

104

3.0

 

292.70

295.30

2.60

4.4

1224

1450

42.3

SJO-064

486.15

491.05

4.90

1.3

117

181

5.3

SJO-065

423.50

444.40

20.90

1.4

183

256

7.5

SJO-066

312.00

319.60

7.60

1.0

109

160

4.7

 

333.70

340.07

6.37

0.8

124

166

4.9

SJO-067

207.70

210.05

2.35

1.7

220

307

9.0

*Silver equivalency estimates were derived using US$10.30/oz for silver and US$525/oz for gold yielding a Ag:Au ratio of 51:1.  Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency.
1 These holes extend mineralization beyond the limits of the resource estimate reported in Fortuna's March 12, 2007 release.

The San Jose deposit is a low sulfidation epithermal system located within the Taviche Mining District in southern Oaxaca and is characterized by multiphase, quartz-carbonate-sulfide stockwork veining and mineralized hydrothermal breccias within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks.  Using a cut-off grade of 150 g/t Ag equivalent, the NI43-101 compliant indicated and inferred mineral resources for the Trinidad zone at San Jose are estimated at (see Continuum News Release dated Mar. 12, 2007):                              

Indicated Mineral Resources: 1.47 million tonnes grading 262.6 g/t Ag + 2.19 g/t Au containing 17.7 million Ag equivalent oz

Inferred Mineral Resources: 3.9 million tonnes grading 260.6 g/t Ag + 2.57 g/t Au containing 49.1 million Ag equivalent oz.

 
The Continuum-Fortuna joint venture controls mining concessions covering approximately 47,440 hectares in the Taviche Mining District.  A 25,000 meter drill program is underway at the Trinidad and San Ignacio zones with 3 diamond drill rigs. Concurrently, surface geochemical and reconnaissance programs are being conducted throughout the district to identify and evaluate new target areas. 

Quality Control & Quality Assurance

For the current drill program, following detailed geological and geotechnical logging, drill core samples are split on-site by diamond saw. One-half of the core is submitted to the ALS Chemex sample preparation facility in Guadalajara, Mexico.  The remaining half core is retained on-site for verification and reference purposes. Following preparation, sample pulps are sent to ALS Chemex in Vancouver where they are assayed for gold and silver by standard fire assay methods using a gravimetric finish.  Multi-element analyses are also completed for each sample by ICP methods.  The QA-QC program at San Jose includes the blind insertion of certified reference standards for silver and gold at a frequency of approximately 1 per 20 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 20 normal samples.  All sample results reported in this news release correspond to HQ- or NQ-diameter core.  Further drill resul ts will be released as analytical data are received and validated.

Qualified Person

Mr. Gregory Smith, P.Geo., is Fortuna Silver Mines' Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of this news release.
 
About Continuum Resources
    
Continuum is actively exploring 11 separate gold-silver projects in the state of Oaxaca, where Continuum has acquired 75,000 hectares covering the entire Natividad district,including the Natividad Mine that historically-produced 1,000,000 ounces of Gold and 23,000,000 ounces of Silver.

ON BEHALF OF THE BOARD

"Warren McIntyre"

Warren McIntyre, Director
Continuum Resources Ltd.

Tel: 604-629-0000
Symbol: TSX-V:CNU

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.

Continuum Resources Ltd.

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CODE : CNU.V
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Continuum est une société de production minière d'argent et d'or basée au Canada.

Continuum détient divers projets d'exploration au Mexique.

Son principal projet en production est SAN JOSE PROJECT au Mexique et ses principaux projets en exploration sont LA PREDILECTA, NINO PERDIDO, TALEA, LACHATAO, TERI, LACHIGUIRI, NATIVIDAD et TAVICHE au Mexique et RICHARDSON LAKE au Canada.

Continuum est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,6 millions CA$ (4,4 millions US$, 3,5 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2003 à 1,20 CA$, et son plus bas niveau récent le 24 octobre 2008 à 0,01 CA$.

Continuum possède 124 038 000 actions en circulation.

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11/04/2007(Natividad)Underground Drilling at Natividad Intersects High-grade Gold...
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24/09/2007Reactives 100% owned Lachiguiri Project in Oaxaca State, Mex...
19/09/2007Recommences Ag-Pb-Zn exploration at their 100% owned Tres-He...
27/08/2007Confirms Cash Position and Investments
08/08/2007 retains Renmark Financial Communications Inc.
16/07/2007and Fortuna drill 25.1m averaging 10.9 g/t Au + 588 g/t Ag a...
28/05/2007Dr. Lawrence Dick resigns as Director and V.P. Exploration
01/05/2007Receives Permits for the Initiation of Surface Drilling and ...
20/03/2007Increases Landholdings in Natividad Gold ? Silver District, ...
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