EXHIBIT 99
PRESS RELEASE DATED FEBRUARY 27, 2006
EXHIBIT 99
Continental Minerals Corporation Great China Mining Inc.
1020 - 800 West Pender Street (formerly China NetTV Holdings Inc.)
Vancouver, BC World Trade Centre
Canada V6C 2V6 Suite 536-999 Canada Place
Tel 604 684 6365 Vancouver, BC V6C 3E2
Fax 604 684 8092 Tel 604 641 1366
Toll Free 1 800 667 2114 Fax 604 641 1377
www.continentalminerals.com www.greatchinamining.com
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2006 PROGRAM LAUNCHED AT XIETONGMEN
Five Drill Rigs Currently in Action
February 27, 2006, Vancouver, BC - Gerald S. Panneton, President and CEO of
Continental Minerals Ltd. (TSX Venture: KMK; OTCBB: KMKCF) and Anthony Garson,
President and CEO of Great China Mining Inc. (OTC.BB-GCHA), announce that the
2006 program has commenced at the Xietongmen Project site, located 240
kilometres from the city of Lhasa in Tibet, People's Republic of China.
Continental is the operator of the project, and holds a 50% interest in the
parent holding company that owns 100% of the Xietongmen Project. Continental
expects to complete the expenditures required to earn an additional 10% (for a
combined 60%) interest by April 2006.
Drilling in 2005 outlined a significant porphyry copper-gold deposit, with
excellent potential for expansion. Building on that success, a comprehensive
program is planned for 2006, encompassing expanded technical studies and
community and stakeholder engagement activities. The objectives are to fully
assess the resource potential of the project and initiate programs for a
feasibility study and environmental and social impact assessments. The studies
are targeted for completion in 2007.
Drilling, Engineering, Environment and Socio-economic Studies
The northwest-southeast trending Xietongmen deposit was tested by 21,000 metres
of drilling in 2005 over an area of approximately 900 metres by 400 metres. The
50-metre drill spacing demonstrated strong continuity to the copper and gold
mineralization, both laterally and vertically, and an average thickness of 200
metres. The initial estimate of the mineral resources1, at a 0.5% copper
equivalent cut-off, includes:
o Measured resources of 106 million tonnes grading 0.49% copper and 0.73
g/t gold (0.91% copper-equivalent), containing 2.49 million ounces of
gold and 1.15 billion pounds of copper; plus
o Inferred resources of 29 million tonnes grading 0.43% copper and 0.59
g/t gold (0.78% copper-equivalent), containing 550,000 ounces of gold
and 273 million pounds of copper.
The deposit remains open to the north, south and east, so there is excellent
potential for expansion. Drilling is ramping up with five (out of a total of
ten) rigs already on site; 22,000 metres are planned to expand the deposit.
Surface exploration in 2005 outlined several anomalous areas elsewhere on the
property that need to be drill tested. A ground magnetic survey is currently
underway to better define areas of mineralization. Drilling is planned to test
geophysical and copper-gold anomalies.
Extensive engineering studies have been initiated, and 8,000 metres of drilling
will be directed toward collecting data to support these studies. Some holes
will be drilled to provide additional samples to complete metallurgical
testwork, and others will be directed toward assessing the geotechnical and
hydrological characteristics of the deposit and site for mine and infrastructure
planning.
Ensuring that the project proceeds in a manner that respects local
socio-economic priorities, incorporates a high standard of environmental
management and provides direct tangible benefits to local communities are key
objectives of the programs at Xietongmen. These principles will guide
on-the-ground programs and development of environmental and social impact
assessments.
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1The estimate was prepared by Continental staff and audited by Gregory Mosher,
P.Geo., of Wardrop Engineering, an independent qualified person. By prescribed
definition, "Mineral Resources" do not have demonstrated economic viability.
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 on the
completion of definitive metallurgical testing. CuEQ = Cu % + (Au g/t x
12.86/22.046)
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Expanded Stakeholder Engagement
A community engagement program was initiated in 2005, with the goal of
establishing an active dialogue with the residents in the local Tibetan villages
and various authorities in the region to discuss and gain input on plans for the
project, and to assess what other local benefits it could provide. In its early
stages in 2005, local villagers were employed as samplers, trail builders and in
other activities at site and residents of Rikaze worked in the core logging
facilities located there. In addition, project staff met with teachers at a
community school to discuss what resources might be needed. Since it is
necessary for many of the children to board at the school, there was a need for
additional furniture and bedding to make dormitories and eating areas more
functional. The project was able to assist in the acquisition of some of these
resources, as well as additional books and sporting equipment.
As project activities will be accelerated in 2006, the community engagement
program will also be expanded. Formal baseline socio-economic and environmental
studies will be in progress, and one priority is to train local people to assist
with data collection. Longer term plans are also being developed, in conjunction
with local and national agencies, to assess and develop the skills of the local
people. This would include broadening their understanding of the mine
development process, assessing their interest in employment opportunities at the
potential operation or in other local services, and initiating the necessary
educational programs.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument
43-101, is supervising the drilling 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 Panneton
President & 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 ------------------------
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No regulatory authority has approved or disapproved the
information contained in this news 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
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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.
Information Concerning Estimates of Measured and Inferred Resources
This news release also uses the terms "measured resources" and "inferred
resources". Continental Minerals Ltd. and Great China Mining Inc. advise
investors that although these terms are recognized and required by Canadian
regulations (under National Instrument 43-101 Standards of Disclosure for
Mineral Projects), the U.S. Securities and Exchange Commission does not
recognize them. Investors are cautioned not to assume that any part or all of
the mineral deposits in these categories will ever be converted into reserves.
In addition, "inferred resources" have a great amount of uncertainty as to their
existence, and economic and legal feasibility. It cannot be assumed that all or
any part of an Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred Mineral Resources may not
form the basis of feasibility or pre-feasibility studies, or economic studies
except for Preliminary Assessment as defined under 43-101. Investors are
cautioned not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.
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.