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Continuum Resources Ltd.

Publié le 21 février 2008

Fortuna drills 7.95 meters with 9.37 g/t Au and 487 g/t Ag at San Jose, Mex

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Mots clés associés :   Fortuna | G Mexico |

Fortuna drills 7.95 meters with 9.37 g/t Au and 487 g/t Ag at San Jose, Mexico

February 21, 2008: Vancouver, British Columbia: Continuum Resources Ltd (TSXV:CNU) is pleased to announce additional drill results from the 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico.  The San Jose Project is being explored and developed under a joint venture between Continuum (24%) and Fortuna Silver Mines Inc. (76%).

Assay results have been received for 7 drill holes located in the Trinidad Zone and for 10 drill holes into the San Ignacio Zone (southern extension of the San Jose vein system).  Highlights of the current results in the San Jose and Trinidad Zones include:

  • Hole SJO-108 intersected multiple high grade zones within the San Jose vein system:
    • 6.3 g/t Au and 391 g/t Ag (711 g/t Ag eq) over 6.85m from 428.80m, and
    • 2.8 g/t Au and 311 g/t Ag (452 g/t Ag eq) over 7.60m from 448.80m, and
    • 4.9 g/t Au and 503 g/t Ag (752 g/t Ag eq) over 18.20m from 459.90m.
  • Hole SJO-087 cut 1.1 g/t Au and 187 g/t Ag (242 g/t Ag eq) over 13.00m from 385.60m in the Trinidad Vein.

Infill drill results at Trinidad continue to show consistent high grades over broad widths in the main mineralized shoot.  This zone remains open at depth in at least two directions with high grade silver and gold values returned by SJO-084 and SJO-056.  The Company is waiting to receive complete results for the drilling on the San Ignacio zone to plan a follow-up drill campaign.

Assay results from the 7 drill holes in the Trinidad Zone are summarized below.  An updated longitudinal section showing the location of the drill holes will be posted on Fortuna's website at www.fortunasilver.com

Hole No.

From (m)

To (m)

Interval (m)�

Au (g/t)

Ag (g/t)

Ag Eq (g/t)�

SJO-086

533.93

534.83

0.90

2.58

<5

134

 

544.25

545.85

1.60

<0.05

118

119

SJO-087

385.60

398.60

13.00

1.10

187

242

SJO-088

444.25

446.00

1.75

0.69

81

116

 

449.30

450.95

1.65

0.49

78

103

 

453.45

454.10

0.65

0.55

72

100

SJO-089

199.44

201.10

1.66

2.14

191

300

 

207.20

209.10

1.90

0.75

117

155

SJO-105

No significant mineralized intervals

SJO-106

238.80

242.80

4.00

1.51

148

224

SJO-108

393.65

395.00

1.35

1.22

191

253

 

406.00

409.80

3.80

0.65

117

149

 

417.05

420.65

3.60

0.64

83

115

 

428.80

435.65

6.85

6.28

391

711

 

448.80

456.40

7.60

2.76

311

452

 

459.90

478.10

18.20

4.89

503

752

� 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.

� Length-weighted assay averages for the mineralized intervals in all drill holes reported in this release were calculated using a lower cut-off of 100 g/t Ag-equivalent.  The true widths of the mineralized veins are estimated at approximately 75 to 90% of the drill intervals.

In addition to the 43 drill holes completed in the Trinidad Zone during 2007, another 23 holes (8,910.2m) were completed to test an 800m long interval of the San Ignacio Zone, the southern extension of the San Jose vein system.  Assay results have been received and accepted for 10 drill holes, with selected results highlighted in the table below.  Results for 7 other holes in the San Ignacio Zone were previously released in Fortuna News Release dated Jan. 16, 2008.

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Ag eq (g/t)

SJO-094

224.05

224.60

0.55

0.71

143

179

SJO-101

363.50

365.10

1.60

1.82

8

101

SJO-109

56.90

58.90

2.00

1.42

110

182

Drill holes SJO-093, SJO-096, SJO-097, SJO-098, SJO-102, SJO-107 and SJO-110 did not intercept significant mineralization.

Assay Delays

Final assay results remain pending for 2 drill holes in the Trinidad Zone and 7 drill holes in the San Ignacio Zone.  Due to increased industry activity, assay turnaround times at ALS Chemex have increased dramatically since September of 2007 and currently are greater than two months. 

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 Continuum's 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 Continuum-Fortuna 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 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. 

Qualified Person

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

Background

Continuum currently owns 7 separate gold-silver projects in the state of Oaxaca, Mexico, comprising approximately 125,000 hectares.

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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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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