EXHIBIT 99
PRESS RELEASE DATED JANUARY 23, 2006
EXHIBIT 99
DRILLING CONTINUES TO EXPAND XIETONGMEN DEPOSIT
Project Advances Toward Feasibility
Comprehensive drilling, engineering, socio-economic & environmental studies
planned for 2006
January 23, 2006, Vancouver, BC -- Gerald S. Panneton, President and CEO of
Continental Minerals Corporation, and Anthony Garson, President and CEO of Great
China Mining Inc. formerly China NetTV Holdings Inc. announce the results from
the final 19 core holes drilled in 2005 at the Xietongmen copper-gold deposit.
Continental is the operator of the Xietongmen Project, which is located 240
kilometres southwest of Lhasa in Tibet, People's Republic of China.
Long intervals with excellent grades of copper and gold continue to be
intersected. New results, from drill holes numbered 5023, 5045 through 5056, and
5058 through 5063, are tabulated below:
XIETONGMEN PROJECT NEW ASSAY RESULTS
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Inter- Inter- Cu Au CuEQ AuEQ
Drill From To cept cept (1) (1) (2) (2)
Hole (metres) (metres) (metres) (feet) % g/t % g/t
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5023 18.0 237.1 219.1 719 0.44 0.60 0.79 1.35
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5023 Incl. 38.0 157.0 119.0 390 0.60 0.79 1.06 1.81
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5023 and 76.0 140.0 64.0 210 0.70 0.89 1.23 2.10
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5045 133.7 378.0 244.3 802 0.25 0.34 0.45 0.77
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5045 Incl. 133.7 247.5 113.8 373 0.30 0.40 0.53 0.91
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5046 131.0 332.0 201.0 659 0.47 0.77 0.91 1.57
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5046 Incl. 199.0 259.0 60.0 197 0.57 1.21 1.28 2.19
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5047 41.7 195.0 153.3 503 0.68 0.73 1.11 1.90
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5047 Incl. 134.0 195.0 61.0 200 0.78 0.96 1.33 2.29
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5048 134.0 296.0 162.0 532 0.53 0.82 1.00 1.72
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5048 Incl. 178.0 208.0 30.0 98 0.72 1.04 1.33 2.28
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5048 Incl. 236.0 290.0 54.0 177 0.57 0.94 1.12 1.92
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5049 62.1 94.0 31.9 105 0.56 0.35 0.76 1.31
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5050 16.3 114.0 97.7 321 0.83 0.53 1.14 1.96
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5050 Incl. 57.0 112.0 55.0 180 1.10 0.76 1.54 2.65
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5051 122.0 282.0 160.0 525 0.52 0.99 1.09 1.87
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5051 Incl. 146.0 252.0 106.0 348 0.64 1.13 1.30 2.22
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5051 and 170.0 238.0 68.0 223 0.75 1.27 1.49 2.56
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5052 71.0 203.0 132.0 433 0.34 0.51 0.64 1.09
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5053 44.0 241.0 197.0 646 0.49 0.73 0.91 1.56
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5053 Incl. 104.1 134.0 29.9 98 0.60 1.15 1.27 2.18
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5054 13.2 115.0 101.8 334 0.62 0.55 0.94 1.61
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5054 Incl. 13.2 52.6 39.4 129 0.81 0.44 1.07 1.83
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5054 Incl. 93.0 113.0 20.0 66 0.68 1.00 1.27 2.17
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5055 79.4 206.0 126.6 415 0.28 0.38 0.50 0.86
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5056 22.0 172.0 150.0 492 0.47 0.61 0.83 1.42
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5056 Incl. 44.0 104.0 60.0 197 0.61 0.69 1.01 1.73
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5058 24.4 33.0 8.6 28 0.88 0.58 1.22 2.09
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5058 108.0 398.1 290.1 952 0.44 0.54 0.75 1.29
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5058 Incl. 156.0 192.0 36.0 118 0.62 0.60 0.97 1.67
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5058 Incl. 323.0 359.0 36.0 118 0.49 0.69 0.89 1.53
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5059 22.0 181.0 159.0 522 0.54 0.57 0.87 1.49
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5059 Incl. 74.0 113.0 39.0 128 0.57 0.77 1.02 1.74
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5060 134.0 315.5 181.5 595 0.53 1.15 1.20 2.06
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5060 Incl. 173.0 285.0 112.0 367 0.64 1.28 1.39 2.38
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5060 and 255.7 285.0 29.3 96 0.57 0.98 1.14 1.96
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5061 34.3 111.0 76.7 252 0.25 0.34 0.45 0.77
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5061 Incl. 34.3 71.0 36.7 120 0.29 0.44 0.55 0.93
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5061 129.0 156.0 27.0 89 0.35 0.60 0.69 1.19
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5062 79.1 396.7 317.6 1042 0.43 0.64 0.81 1.38
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5063 111.9 229.2 117.3 385 0.58 0.89 1.09 1.88
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5063 Incl. 129.8 226.0 96.2 316 0.62 0.95 1.18 2.02
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5063 and 173.3 226.0 52.7 173 0.69 1.12 1.35 2.31
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(1) Copper capped at 5%, gold capped at 10 g/t for all calculations.
(2) Copper and gold equivalent calculations use metal prices of
US$1.00/lb for copper and US$400/oz for gold.
Adjustment factors to account for differences in relative
metallurgical recoveries for gold and copper will depend upon
the completion of definitive metallurgical testing.
CuEQ equals Cu % + (Au g/t x 12.86/22.046)
AuEQ equals (Cu % x 22.046/12.86) + Au g/t
High-grade copper and gold mineralization was intersected over long intervals in
all of the 62 holes drilled at the Xietongmen deposit during the 2005 program.
The mineralized intercepts average about 210 metres in length, and show strong
continuity to the mineralization within the deposit. The area tested by vertical
drill holes now measures approximately 800 metres northwest-southeast by 350
metres northeast-southwest. This substantial copper-gold deposit discovery
remains open to expansion.
A table of assay results for all drill holes completed at the Xietongmen deposit
during 2005 is attached. A Property Location Map, a Drill Hole Plan and Cross
Sections are posted on the websites: www.continentalminerals.com &
www.greatchinamining.com.
In response to the positive results, a substantial program is planned for 2006.
Plans, budgets and schedules are now being worked up for comprehensive programs
and studies, including significant drilling, resource estimates, metallurgical
testing and mine planning, and baseline environmental and socioeconomic studies.
The goal is to collect the engineering, environmental and socioeconomic data
necessary to complete a feasibility study for the project in 2007.
In conjunction with these activities, the community engagement program will be
expanded with the long term objective to ensure that the project provides
direct, tangible benefits for local residents and communities. Hence, active
dialogue with the local residents in the Tibetan villages and the various
authorities in the region will be ongoing in order that the project proceeds in
a manner that respects local socio-economic priorities and incorporates a high
standard of environmental management.
The Xietongmen project is well located for development. Available infrastructure
is excellent, including a paved highway and electric transmission lines that
pass near the southern end of the property. The highway provides direct access
to the city of Rikaze (population 100,000), approximately 53 kilometres to the
east, where fuel, food, lodging and office facilities are available. Other
supplies, heavy equipment, equipment operators and vehicles are readily
obtainable in Lhasa, a drive of less than four hours from Rikaze. A new railway
has recently been completed to Lhasa which connects to multiple copper smelters
and other industrial centres located throughout China. Construction of a railway
extension from Lhasa to Rikaze (and possibly right past the property) has just
been announced.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument
43-101, is supervising the drilling program and quality assurance and quality
control ("QAQC") programs on behalf of Continental Minerals Corporation. The
program includes rigorous QAQC procedures. Acme Analytical Laboratories of
Vancouver, BC, an ISO 9001:2000 accredited laboratory, performs the sample
preparation and assaying for the project. Gold analysis is by 30 g Fire Assay
fusion with an Inductively Coupled Plasma-Emission Spectroscopy (ICP-ES) finish.
Copper assays are done by four acid digestion with an ICP-ES finish. Continental
includes standards, blanks and duplicates in addition to the laboratory's
internal quality control work.
Gerald S. Panneton,
President and CEO
Continental Minerals Corporation
For further information:
Continental Minerals Corporation Great China Mining Inc.
TEL: 604 684-6365 Tel: 604 641-1366
Toll Free 1 800 667-2114 www.greatchinamining.com
www.continentalminerals.com
No regulatory authority has approved or disapproved the information contained in
this release.
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the companies expect are
forward-looking statements. Although the companies believe the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploitation and
exploration successes, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements.
For more information on Continental Minerals Corporation, Investors should
review the Company's annual Form 20-F filing with the United States Securities
Commission at www.sec.gov and its home jurisdiction filings that are available
at www.sedar.com.
For more information on Great China Mining Inc., Investors should review the
Company's annual Form with the United States Securities Commission at
www.sec.gov.
Great China Mining Inc.
World Trade Centre Suite 536
999 Canada Place, Vancouver, B.C.
Canada V6C 3E2
Tel: 1 (604) 681-1366
Fax: 1 (604) 641-1377
www.greatchinamining.com