EXHIBIT 99
PRESS RELEASE DATED AUGUST 29, 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
XIETONGMEN PROJECT UPDATE
Metallurgical lock cycle testing gives +90% copper recovery,
excellent gold and silver credits with conventional flotation
August 29, 2006, Vancouver, BC - Gerald S. Panneton, President and CEO of
Continental Minerals Corporation (TSX Venture: KMK; OTCBB: KMKCF) and Anthony
Garson, President and CEO of Great China Mining Inc. (OTCBB-GCHA), announce an
update on metallurgical studies for the Xietongmen Copper-Gold Project. The
Xietongmen property is located 240 kilometres from the city of Lhasa in Tibet,
People's Republic of China.
Continental is the operator of the project, and owns 60% of the parent company
that holds 100% of the Xietongmen property. The companies are also progressing
through the necessary requirements to merge, and unify 100% ownership of
Xietongmen and surrounding exploration properties under Continental.
Drilling in 2005 has outlined a porphyry copper-gold deposit with significant
mineral resources at Xietongmen. The deposit is characterized by continuous
mineralization hosted, largely, by volcanic rocks adjacent to a quartz diorite
intrusion. The mineralization demonstrates an overall vertical zonation that is
common for deposit of this type. Three main zones are recognized: supergene or
enriched (secondary) copper zone, transition or mixed zone, and hypogene or
primary copper zone, with three sub-zones - upper, middle, and lower - within
the primary copper zone, for a total of five mineralized zones.
The sampling program carried out in 2006 comprises the preparation of five
overall composites representing the five mineralized zones and fifty-four
variability composites to verify geological continuity and grade variability
through out the deposit. Metallurgical testwork is being carried out at SGS
Lakefield Research Limited's laboratory located in Lakefield, Ontario, under the
supervision of independent consultants from Melis Engineering Ltd., and Aker
Kvaerner E&C. Graham Holmes, P.Eng., of Aker Kvaerner is the independent
qualified person for the program.
In the 2006 program, batch flotation tests are being carried out on all
composite samples to determine the optimum flotation conditions and establish
the mill flowsheet. This includes testing for the best grind size and reagents
(including reagents readily available in China) to achieve the highest metal
recoveries. Lock cycle tests using optimum flotation conditions have been
completed on the overall composites representing the five zones of
mineralization.
Excellent copper, gold and silver recoveries have been achieved on all the
different mineralization types as summarized in the table below, with the
slightly lower copper recovery on the supergene (less than 10% of the deposit)
reflecting the presence of secondary copper minerals.
- ------------------------------------------------------------------------------------------------------------------------------
XIETONGMEN PROJECT
LOCK CYCLE TESTS - PROJECTED RECOVERIES TO 25% CONCENTRATE
- ------------------------------------------------------------------------------------------------------------------------------
Mineralization Calculated Head Grade* Concentrate Grade Recovery in %
- ----------------------- ------------------------------ ----------------------------------- -----------------------------------
%Cu Au g/t Ag g/t %Cu Au g/t Ag g/t Cu Au Ag
- ----------------------- -------- ---------- ---------- ------------ ---------- ----------- ----------- ----------- -----------
Supergene 0.59 0.40 2.62 25.0 12.6 94.6 86.5 64.0 73.8
- ----------------------- -------- ---------- ---------- ------------ ---------- ----------- ----------- ----------- -----------
Transition 0.41 0.73 5.06 25.0 32.3 264 92.5 66.5 78.5
- ----------------------- -------- ---------- ---------- ------------ ---------- ----------- ----------- ----------- -----------
Upper Hypogene 0.59 0.90 5.62 25.0 27.9 210 93.5 68.0 82.0
- ----------------------- -------- ---------- ---------- ------------ ---------- ----------- ----------- ----------- -----------
Middle Hypogene 0.51 0.81 6.75 25.0 29.0 298 95.0 70.0 86.0
- ----------------------- -------- ---------- ---------- ------------ ---------- ----------- ----------- ----------- -----------
Lower Hypogene 0.44 0.69 4.98 25.0 29.9 257 92.8 70.5 84.0
- ----------------------- -------- ---------- ---------- ------------ ---------- ----------- ----------- ----------- -----------
*Calculated head grade represents the grade of the samples tested.
Results show that the Xietongmen mineralization can be treated using a simple
flotation flowsheet involving a 125 micron primary grind, rougher flotation at
pH 10 using standard flotation reagents and a regrind of the rougher concentrate
to 25 microns prior to cleaner flotation, without the need for sodium cyanide,
to produce a 25% Cu concentrate containing, beside 25% Cu, 30 g Au/t (close to 1
oz/ton of gold) and 260 to 300 g Ag/t (approximately 8 to 10 oz/ton of silver).
President and CEO Gerald Panneton said:
"Excellent progress is being made on the metallurgical studies for
Xietongmen. Work so far has demonstrated that a simple flowsheet using a
conventional flotation process provides excellent recoveries of copper,
gold and silver from the Xietongmen deposit. Of particular note is the
substantial gold and silver that will be recovered from the deposit and
report to the concentrate for smelting and refining, providing additional
value from metal sales. This valuable by-product is expected to offset a
significant part of the cost of the treatment of the concentrate."
A comprehensive program is underway in 2006 that encompasses extensive drilling,
engineering, environmental and socioeconomic studies, and community and
stakeholder engagement activities are underway. The objective is to collect the
data necessary for a feasibility study and environmental and social impact
assessments. The studies are targeted for completion in 2007.
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.