VANCOUVER,
Feb. 28 /PRNewswire/ - Continental
Minerals Corporation (TSXV: KMK), (OTCBB: KMKCF) ("Continental" or
the "Company") announces that it has adjourned to March 14, 2011 its shareholders vote on the
statutory Plan of Arrangement with Jinchuan Group Ltd ("Jinchuan").
The vote was originally scheduled for February 18th and is required as a
principal condition for Jinchuan's proposed acquisition of 100% of
Continental, as described in the Company's news releases of
September 17 and December 20, 2010. Extending the vote to
March 14 was necessitated by the need
to clear certain remaining SEC and Chinese regulatory requirements.
The parties have targeted completion of the Arrangement before
March 31, 2011, and have signed an
extension amendment to this effect.
The vote is now rescheduled to 2 pm Vancouver
time, Monday, March 14, 2011 at the
Metropolitan Hotel, Vancouver, as
disclosed in the proxy materials filed at www.sedar.com.
Shareholders who have voted in favour and wish to continue to do so
need do nothing further and shareholders continue to have the right
to revoke or change their vote prior to the commencement of the
adjourned meeting. It is possible that materials containing some
additional information will also be posted on SEDAR; however, if
this happens it will be publicly announced. Shareholder proxy forms
received to date are overwhelmingly in favour of the
transaction.
Jinchuan is a large China-based mining group and will be acquiring
Continental for aggregate cash consideration of approximately
C$431 million through a statutory
plan of arrangement process which is subject to the terms and
conditions of an Arrangement Agreement which is filed on SEDAR.
Advisors
BMO Capital Markets is sole financial advisor to
Continental in connection with the proposed Arrangement. McCarthy
Tétrault LLP acts as counsel to the special committee of the Board
and Lang Michener LLP acts as general counsel to Continental.
Sino Resources Capital Pty Ltd. and Blake,
Cassels & Graydon LLP are the financial and legal advisors to
Jinchuan respectively in respect of the Arrangement.
About Continental
Continental is a TSX Venture Exchange listed
resource company associated with the Vancouver-based Hunter Dickinson Group of
mining companies. Since 2005, Continental has focused on
exploring and unlocking the value of its large Xietongmen
copper-gold property in Tibet Autonomous Region, PRC.
About Jinchuan
Jinchuan Group is a large integrated non-ferrous
metallurgical and chemical engineering enterprise engaged in
mining, concentrating, metallurgy and chemical engineering.
It produces nickel, copper, cobalt, rare and precious metals and
also some chemical products such as sulfuric acid, caustic soda,
liquid chlorine, hydrochloric acid and sodium sulfite, together
with some further processed nonferrous metals products. The
output of nickel and platinum group metals respectively accounts
for more than 90% of the total in China. Jinchuan Group Ltd.
is the largest producer of nickel-cobalt in China.
THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of applicable Canadian securities
laws concerning the likelihood of the Arrangement completing.
Although Continental has attempted to identify important factors
and conditions that could prevent the Arrangement from completing
there may be other conditions or factors that are yet to be
determined based in part on the present need to secure shareholder,
regulatory and other approvals and complete, regulatory filings and
Court documents. There can be no assurance that Continental's
identification of conditions and completion factors will prove to
be complete or accurate, as future events could differ materially
from those anticipated in such statements. Accordingly,
readers should understand completion of the Arrangement is not
certain and they should. not place undue reliance on forward-
looking statements.
SOURCE Continental Minerals Corporation
Copyright . 28 PR Newswire