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Continuum Resources Ltd.

Publié le 16 janvier 2008

announces drill results of 7.95 meters with 9.37 g/t Au and 487 g/t Ag at San Jose, Mexico

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Mots clés associés :   Fortuna | G Mexico |

Continuum announces drill results of 7.95 meters with 9.37 g/t Au
and 487 g/t Ag at San Jose, Mexico

January 16, 2008: Vancouver, British Columbia:  Continuum Resources Ltd (TSXV:CNU) is pleased to announce additional drill results from Fortuna Silver Mines Inc.'s ("Fortuna") 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 (24%) and Fortuna (76%). 

Assay results have been received and accepted for 5 drill holes located in the Trinidad Zone and for 6 drill holes located in the San Ignacio Zone (southern extension of the San Jose vein system).  Highlights of the current results in the Trinidad and San Ignacio Zones include:

. Drill hole SJO-084 cut multiple mineralized zones within the San Jose vein system including:

    • 3.07 g/t Au and 446 g/t Ag (603 g/t Ag eq.) over 5.23m from 490.92m in the Paloma Vein, and 
    • 9.37 g/t Au and 487 g/t Ag (965 g/t Ag eq.) over 7.95m from 503.35m in the Bonanza Vein

(The mineralized intercepts extend from 460m to 525m below the current surface and are open-to-depth.)

. Drill hole SJO-090 cut the vein system in the northern portion of the San Ignacio zone returning 2.13 g/t Au and 276 g/t Ag (385 g/t Ag eq) over 1.0m from 167.37m

Assay results from the 5 drill holes in the Trinidad Zone 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 of the mineralized veins are estimated at approximately 75 to 90% of the drill intervals. 

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Ag eq (g/t)

SJO-082

567.61

570.60

2.99

0.70

134

170

SJO-083

224.40

225.40

1.00

0.52

112

139

SJO-084

490.92

496.15

5.23

3.07

446

603

SJO-084

503.35

511.30

7.95

9.37

487

965

Including

506.52

506.82

0.30

164.0

5660

14024

SJO-084

517.64

518.77

1.13

1.13

258

316

SJO-084

578.90

583.60

4.70

0.40

110

130

SJO-085

388.90

390.35

1.45

1.49

199

275

SJO-092

No significant mineralized intervals

*Silver equivalency estimates were derived using a silver-to-gold ratio of 51:1.  Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency.

Twenty-three drill holes totalling 8910.2m were completed in the 2007 drill program to test an 800 meter long interval of the San Ignacio Zone, the southern extension of the San Jose vein system.  To-date, assay results have been received and accepted for 6 drill holes and 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.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Ag eq (g/t)

SJO-090

167.37

168.37

1.00

2.13

276

385

SJO-095

No significant mineralized intervals

SJO-099

140.40

142.00

1.60

1.15

49

108

SJO-100

No significant mineralized intervals

SJO-103

68.65

70.45

1.80

1.26

194

258

SJO-103

76.83

78.23

1.40

0.72

113

150

SJO-104

No significant mineralized intervals

Assay Delays

Final assay results remain pending for 9 drill holes in the Trinidad Zone and 17 drill holes in the San Ignacio Zone.  Due to increased industry activity, assay turn-around times at ALS Chemex have increased dramatically since September of 2007 and currently are greater than two months.  In addition, a significant number of samples have been sent for re-assay due to failure to pass Fortuna's internal QA/QC criteria, resulting in further delays in obtaining final assay results.

Background

The San Jose deposit is a low sulfidation epithermal system located within the Taviche Mining District in southern Oaxaca and is characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks.  Using a cut-off grade of 150 g/t Ag equivalent, 43-101 compliant indicated and inferred mineral resources for the Trinidad zone at San Jose are currently estimated at (see Fortuna News Release dated March 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 Fortuna-Continuum joint venture controls mining concessions covering approximately 47,500 hectares in the Taviche Mining District.  Detailed geologic interpretation and modeling of the Trinidad deposit are being carried out and will lead to an updated resource estimate currently projected for completion in the 2nd quarter of 2008.  The joint venture is advancing with various engineering studies including preliminary design work, metallurgical testing and initiation of an Environmental Impact Study. Underground development of the main access ramp to the Trinidad Zone began in the 4th quarter of 2007.

Quality Assurance & Quality Control

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 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples.  All sample results reported in this news release correspond to HQ- or NQ-diameter core. 

Qualfied Person

Mr. Gregory Smith, P.Geo., is Fortuna's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of this news release.

Background

Continuum is actively exploring 12 separate gold-silver projects in the state of Oaxaca, where Continuum has acquired approximately 220,000 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.

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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