VANCOUVER, Aug. 18 /CNW Telbec/ - Continuum Resources Ltd (TSX-V:CNU) wishes to update shareholders and investors on matters in connection with a number of corporate transactions which have been announced over the past several weeks.
Continuum's proposed sale of eight mining claims blocks located in Oaxaca, Mexico to Green Park Capital Corp. is proceeding on the terms announced on June 20, 2008 and remains subject to regulatory approval.
As a result of the proposed acquisition of Continuum by Fortuna Silver Mines Inc. announced on August 14, 2008 (the "Fortuna Acquisition"), Continuum will not proceed with the non-brokered private placement it announced on June 24, 2008. Further, Continuum will not complete any further tranches of its private placement of convertible debenture, announcedMay 29, 2008 and July 24, 2008.
The Fortuna Acquisition will be subject to the approval of Continuum's shareholders at a special meeting to be announced in the coming weeks, as well as TSX Venture Exchange approval. In connection with the Fortuna Acquisition, insiders, employees and consultants of Continuum have tendered a total of 3,530,000 outstanding stock options for cancellation.
Continuum is also pleased to report the election of Wayne Clifton, Greig Hutton, Warren McIntyre, Robert McMorran and Dale Schultz as its board of directors as a result of its annual general meeting, which took place on August 12, 2008. Subsequent to the AGM, the board of directors made the following executive appointments: Dale Schultz as Chief Executive Officer, Robert McMorran as Chief Financial Officer, and Warren McIntyre as Corporate Secretary.
On behalf of the Board of Continuum Resources Ltd.
"Warren M. McIntyre"
Warren M. McIntyre, Corporate Secretary and Director