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
DRILLING CONTINUES TO EXPAND XIETONGMEN DEPOSIT
May 30, 2006, Vancouver, BC -Continental Minerals Corporation (TSX.V-KMK;
OTC.BB-KMKCF), and Great China Mining Inc. (OTC.BB-GCHA), announce the results
from twenty-eight (28) additional core holes drilled in 2006 at the Xietongmen
copper-gold deposit, located 240 kilometres west of Lhasa in Tibet, People's
Republic of China.
Drilling in 2005 outlined a significant porphyry copper-gold deposit, with
excellent potential for expansion. The objectives of the comprehensive 2006
program 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.
Eight rigs are currently active at site in the planned 22,000-metre program,
testing the extensions of the Xietongmen deposit. Long intervals with excellent
grades of copper and gold continue to be intersected. The current drilling is
testing all sides of the deposit, defining the eastern and southern limits as
well as stepping out further to the north and to the west.
In the east, drill hole 6087, section 3249200N, intersected 180.5 metres grading
0.85% copper equivalent (CuEQ), including a higher-grade section of 92 metres
averaging 1.09% CuEQ. In the same area on section 3249100N, holes 6094 and 6098
intersected wide intervals of excellent grade. Hole 6094 intersected 165 metres
averaging 0.98% CuEQ, including two high-grade 30 metre sections of greater than
1.40% CuEQ. This section has extended the deposit a further 100 metres to the
east.
In the south, significant intersections were made along a fence of four holes on
section 3248800N, extending the deposit a further 100 metres south. Holes 6100,
6103, 6106, and 6110 intersected high grade copper mineralization over 300
metres along the section. The best intersections were in hole 6100 with an
interval of 64 metres averaging 0.93% CuEQ and 100 metres to the west, hole 6110
intersected 51.9 metres averaging 0.92% CuEQ.
In the north, hole 6096 on section 3249350N has extended the deposit for another
50 metres to the north, where the deposit remains open. Hole 6096 intersected an
interval of 160.3 metres averaging 0.62% CuEQ.
In the west, holes 6084, 6093, 6095, 6097, 6101 and 6102, all intersected
mineralization and extended the deposit to the west by 150 metres with the best
intersection in hole 6093 with an interval of 130.8 metres averaging 0.77% CuEQ.
A Table of Assay Results 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 conjunction with the targeted technical programs, an expanded community
engagement program is underway. A community relations manager and staff from
Tibet have been hired to advance this important work. The objectives are to
describe and discuss the project, to get input on it, and to explore
opportunities for 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.
Continental and Great China Mining recently announced preliminary agreements
between Continental and certain principal Great China Mining shareholders,
whereby the companies will be merged to unify 100% ownership in the Xietongmen
property in Continental (see joint news release April 13, 2006). Completion of
the merger is subject to a number of conditions including the execution of
definitive merger documentation, and shareholders and regulatory approvals, and
is likely to complete in the third quarter of 2006. 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/ICP-Mass Spectroscopy 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
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
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.
6078 3249450N 292.0 368.0 76.0 249 0.12 0.18 0.22 0.41
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6083 3248800N 146.0 197.5 51.5 169 0.27 0.36 0.46 0.87
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6084 3248900N 18.3 138.5 120.2 394 0.42 0.28 0.57 1.08
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6084 Incl. 3248900N 18.3 73.0 54.7 179 0.72 0.36 0.90 1.72
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6085 3249400N 226.4 318.0 91.6 301 0.30 0.45 0.53 1.01
- ---------- --------------------------------------------------------------------- -------------- ---------- -------- -------- -------
6086 No significant intersections, granite was intersected
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6087 3249200N 145.2 325.7 180.5 592 0.52 0.64 0.85 1.62
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6087 Incl. 3249200N 206.9 298.6 91.7 301 0.66 0.82 1.09 2.08
- ---------- -------------------------------------------------------- ------------ -------------- ---------- -------- -------- -------
6088 No significant intersections
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6090 3248900N 110.0 180.5 70.5 231 0.18 0.30 0.34 0.65
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6091 3249250N 47.6 190.6 143.0 469 0.17 0.24 0.29 0.56
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6092 3249400N 194.8 380.0 185.2 608 0.27 0.39 0.48 0.91
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6093 3248950N 14.1 144.9 130.8 429 0.54 0.43 0.77 1.47
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6093 Incl. 3248950N 67.5 103.4 35.9 118 0.88 0.50 1.14 2.18
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6094 3249100N 38.8 57.3 18.5 61 0.46 0.04 0.48 0.91
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6094 3249100N 184.2 349.4 165.2 542 0.38 1.14 0.98 1.86
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6094 Incl. 3249100N 247.6 278.3 30.7 101 0.48 1.82 1.43 2.73
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6094 Incl. 3249100N 311.1 349.4 38.3 126 0.49 1.77 1.42 2.71
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6095 3248950N 40.1 105.9 65.8 216 0.36 0.16 0.44 0.84
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6095 Incl. 3248950N 40.1 79.1 39.0 128 0.46 0.17 0.55 1.04
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6096 3249350N 195.1 355.4 160.3 526 0.37 0.48 0.62 1.18
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6097 3248900N 25.1 108.3 83.2 273 0.38 0.16 0.47 0.89
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6097 Incl. 3248900N 25.1 54.5 29.4 96 0.65 0.26 0.78 1.48
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6098 3249100N 209.0 368.5 159.5 523 0.37 0.88 0.83 1.59
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6098 Incl. 3249100N 228.0 276.0 48.0 157 0.58 1.61 1.43 2.71
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6099 3249150N 39.7 98.0 58.3 191 0.19 0.45 0.43 0.82
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6100 3248800N 35.1 99.3 64.2 211 0.65 0.54 0.93 1.78
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6100 Incl. 3248800N 42.1 68.9 26.8 88 0.77 0.67 1.12 2.13
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6101 3248850N 35.6 77.3 41.7 137 0.41 0.09 0.45 0.86
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6102 3248900N 92.0 111.0 19.0 62 0.22 0.12 0.28 0.53
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6103 3248800N 55.7 57.7 2.0 6.6 1.80 5.76 4.82 9.18
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6104 3249250N 74.0 112.0 38.0 125 0.16 0.23 0.28 0.53
- ---------- -------------------------------------------------------- ------------ -------------- ---------- -------- -------- -------
6105 No significant intersections
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6106 3248800N 22.6 71.0 48.4 159 0.68 0.47 0.93 1.76
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6106 Incl. 3248800N 22.6 48.7 26.1 86 0.85 0.53 1.12 2.14
- ---------- -------------------------------------------------------- ------------ -------------- ---------- -------- -------- -------
6107 No significant intersections
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6108 3249050N 52.3 111.4 59.1 194 0.31 0.25 0.44 0.84
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6109 3248800N 35.0 45.1 10.1 33 1.56 0.25 1.70 3.23
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6110 3248800N 31.4 83.3 51.9 170 0.79 0.25 0.92 1.75
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
6110 Incl. 3248800N 31.4 64.3 32.9 108 1.11 0.36 1.30 2.47
- ---------- ---------- ----------------- --------------- ----------- ------------ -------------- ---------- -------- -------- -------
1Copper and gold equivalent calculations use metal prices of US$1.25/lb for
copper and US$450/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 = Cu % + (Au g/t x 14.47/27.56)
AuEQ = (Cu % x 27.56/14.47) + Au g/t