EXHIBIT 99
PRESS RELEASE DATED JULY 10, 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
DRILLING CONTINUES TO EXPAND XIETONGMEN DEPOSIT
189.7 metres grading 1.04% CuEq intersected in hole 6118
July 10, 2006, Vancouver, BC - Continental Minerals Corporation (TSX.V-KMK;
OTC.BB-KMKCF) and Great China Mining Inc. (OTC.BB-GCHA) announce the results
from additional core holes (6111 to 6138) 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 at
Xietongmen with excellent potential for expansion. The comprehensive 2006
program is designed 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.
Nine 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. Of the 28 holes in
this series, four are larger diameter (PQ sized) holes drilled to obtain samples
for metallurgical comminution testwork, and three others have assays pending.
In the east, drill hole 6118, section 3249100N, intersected 189.7 metres grading
1.04% copper equivalent (CuEQ), including a higher-grade section of 69 metres
averaging 1.24% CuEQ. In the same area, on section 3249050N, hole 6131
intersected a wide interval with excellent grade: 104 metres averaging 0.60%
CuEQ. Together these two sections have extended the deposit a further 100 metres
to the east.
In the south, significant intersections were made along a fence of in-fill holes
between sections 3248750 and 3248950N, confirming earlier intersections in the
southern part of the deposit. Holes 6125, 6128, 6130GT, and 6133 intersected
high grade copper mineralization: the best intersections were in hole 6128, with
an interval of 83.3 metres averaging 0.92% CuEQ, and 100 metres to the west in
hole 6137, with an interval of 90.9 metres averaging 0.82% CuEQ, including an
intersection of 22.3 metres averaging 1.27% CuEq of near surface supergene
(copper enriched) mineralization. Holes 6112 to 6115, 6119, 6121 and 6124 have
defined the southern limit of the deposit.
In the west, five holes (6111, 6116, 6117, 6120, and 6122) all intersected
weaker mineralization, but indicate wide alteration and mineralization persists
over thicknesses of 300 metres in this area. The best intersection was in hole
6116: 31.7 metres averaging 0.67% 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 addition to the resource definition program, a number of other activities are
in progress. These include metallurgical testing, geotechnical drilling, and
environmental and socio-economic baseline studies. In conjunction with the
targeted technical programs, an expanded community engagement program is
underway. 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.
-2-
Continental and Great China Mining announced the execution of the definitive
merger 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 June 12, 2006),
as well as the preliminary TSX Venture Exchange approval. Completion of the
merger is subject to a number of conditions including 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 the proposed merger, acquisition of additional property,
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 report on Form 10-KSB with the United States Securities
Commission at www.sec.gov.
XIETONGMEN PROJECT NEW ASSAY RESULTS
JULY 10, 2006
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
Drill Hole Section From To (metres) Intercept Intercept Cu % Au g/t CuEQ1 AuEQ1
(metres) (metres) (feet) % g/t
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6111 3249350N 140.0 217.0 77.0 253 0.13 0.16 0.21 0.40
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6111 3249350N 217.0 233.3 16.3 53 0.08 0.11 0.13 0.25
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6111 3249350N 233.3 274.9 41.6 136 0.16 0.24 0.29 0.54
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6112 3248700N No significant intersections
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6113 3248800N No significant intersections
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6114 3248700N No significant intersections
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6115 3248800N No significant intersections
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6116 3249050N 66.1 97.8 31.7 104 0.58 0.17 0.67 1.28
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6117 3249400N No significant intersections
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6118 3249100N 117.0 306.7 189.7 622 0.60 0.84 1.04 1.98
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6118 Incl. 3249100N 196.0 265.0 69.0 226 0.68 1.07 1.24 2.37
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6119 3248750N No significant intersections
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
3249250N No significant
6120 intersections
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6121 3248800N No significant intersections
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6122 3249300N 6.4 48.1 41.7 137 0.08 0.92 0.56 1.07
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6122 3249300N 48.1 361.0 312.9 1027 0.08 0.12 0.14 0.27
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6123M 3248900N Metallurgical hole
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6124 3248800N No significant intersections
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6125 3248750N 18.3 34.6 16.3 53 0.92 0.45 1.16 2.20
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6126 3249100N 166.0 328.0 162.0 532 0.29 0.40 0.50 0.95
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6127 3248800N 0.0 63.3 63.3 208 0.12 0.03 0.13 0.25
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6128 3248850N 16.7 100.0 83.3 273 0.60 0.61 0.92 1.75
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6129 3249150N Samples pending
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6130GT 3248900N 13.0 137.4 124.4 408 0.63 0.39 0.84 1.59
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6131 3249050N 111.0 215.0 104.0 341 0.30 0.57 0.60 1.14
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6131 Incl. 3249050N 155.0 215.0 60.0 197 0.36 0.68 0.72 1.38
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
XIETONGMEN PROJECT NEW ASSAY RESULTS Continued
JULY 10, 2006
Drill Hole Section From To (metres) Intercept Intercept Cu % Au g/t CuEQ1 AuEQ1
(metres) (metres) (feet) % g/t
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6132M 3249300N Metallurgical hole
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6133 3248850N 18.1 114.5 96.4 316 0.34 0.18 0.43 0.82
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6133 Incl. 3248850N 18.1 29.9 11.8 39 0.54 0.06 0.58 1.10
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6134M 3249050N Metallurgical hole
- ----------- -------- -------------- ------------------------------------------- ------------ -------- -------- --------- ---------
6135 3249150N Hole abandoned; re-drilled as 6158
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6136 3249050N Samples pending
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6137 3248850N 27.7 118.6 90.9 298 0.54 0.53 0.82 1.56
- ----------- -------- -------------- --------------- ------------- ------------- ------------ -------- -------- --------- ---------
6137 Incl. 3248850N 27.7 50.0 22.3 73 1.12 0.27 1.27 2.41
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
6138M 3248950N Metallurgical hole
- ----------- -------- -------------- ----------------------------- ------------- ------------ -------- -------- --------- ---------
1 Copper 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