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Exploration and development of a copper and gold deposit in Tibet




Shareholders meeting adjourned pending final clearance of joint SEC filings

VANCOUVER, March 14 /PRNewswire/ - Continental Minerals Corporation (TSXV: KMK)
(OTCBB: KMKCF) ("Continental" or the "Company") has been advised that
Jinchuan Group has now obtained all Chinese regulatory approvals
required to complete the Arrangement. In particular, approval was
received from China's Ministry of Commerce (known as "MOFCOM") and
State Administration of Foreign Exchange ("SAFE"). The final remaining
condition required for both Continental and Jinchuan Group is that of
clearance of regulatory comments from the United States Securities and
Exchange Commission ("SEC"). The SEC has requested that Continental and
Jinchuan Group amend their joint February 11, 2011 Schedule 13E-3 going
private transaction statement by expanding the disclosure by both
parties and by adding advisory materials which had been prepared by the
financial advisors for each party at the time the Arrangement was being
negotiated. These materials provide some additional analysis of and
support for the parties' respective fairness determinations. In
addition, the SEC has requested that certain additional disclosure
regarding the Arrangement be provided to shareholders which will be
contained in a supplement (the "Circular Supplement") being prepared to
augment Continental's management information circular dated as of
January 17, 2011.

To allow for time to complete the Circular Supplement, the
Securityholders meeting scheduled for today has been adjourned to a
to-be-announced date. The British Columbia Supreme Court, which is the
Court supervising the Arrangement, ordered today that the Circular
Supplement be summarized in a news release and available for download
from Continental's website as well as those of the SEC (sec.gov) and SEDAR.com. Securityholders who request a copy of the Circular Supplement by phone
will receive them by first class mail. The Court further ordered today
that the record date for the Securityholders Meeting remain the same
(January 14, 2011), meaning that only securityholders of record on that
date will continue to have the right to vote at the Meeting, which will
be reconvened to a date to be announced with at least 15 days notice
upon completion of the SEC's review of the amended Schedule 13E-3. The
parties will amend their Arrangement Agreement to extend the targeted
completion of the Arrangement to occur within approximately 30 days but
in any event prior to April 30, 2011.

Shareholders who have already submitted their proxies need do nothing
further and shareholders continue to have the right to revoke or change
their proxies prior to the commencement of the adjourned meeting.

Jinchuan is acquiring Continental through a statutory plan of
arrangement process which is subject to the terms and conditions of an
Arrangement Agreement, as amended and restated as of the date hereof
and which is filed on SEDAR. The transaction values the common equity
of Continental at approximately C$431 million.

Additional Information and Where to Find It

Jinchuan Group Ltd. has filed a Schedule 13E-3 with the SEC in
connection with the proposed Arrangement. The Schedule 13E-3 contains
additional information regarding the Arrangement, including, without
limitation, information regarding the special meeting of shareholders
of Continental Minerals Corporation that will be called to consider the
proposed Arrangement. The Schedule 13E-3 contains important information
about the parties to the Arrangement, the proposed Arrangement and
related matters. Investors and shareholders should read the Schedule
13E-3 (and any amended Schedule 13E-3) and the other documents filed
with the SEC in connection with the proposed Arrangement carefully
before they make any decision with respect to the proposed Arrangement.
A copy of the Plan of Arrangement with respect to the proposed
Arrangement is an exhibit to the Schedule 13E-3.

The Schedule 13E-3 and all other documents filed with the SEC in
connection with the proposed Arrangement is available free of charge at
the SEC's web site at
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

For further information: <p>Susie Bell, Investor Relations<br/> Toll Free: 1-800-667-2114<br/> Ph: (604) 684-6365<br/> Fax: (604) 684-8092<br/> Email: <a href="
mailto:[email protected]">[email protected]</a></p>

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