VANCOUVER,
Feb. 18 /PRNewswire/ - Continental
Minerals Corporation (TSXV: KMK, OTCBB: KMKCF) ("Continental" or
the "Company") announces that it has delayed by 10 days the formal
shareholders vote on the statutory Plan of Arrangement with
Jinchuan Group Ltd ("Jinchuan"). The vote was scheduled for
February 18 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. Delaying the vote was
necessitated by the need to clear certain remaining US Securities
and Exchange Commission requirements. The Company is also advised
by Jinchuan that it has obtained the key Chinese National
Development and Reform Commission approval and believes that the
other required Chinese regulatory approvals are in process and will
be issued in the near future.
The vote is currently rescheduled for
2 pm Vancouver time, Monday,
February 28, 2011 at the same location as disclosed in the
proxy materials filed at www.sedar.com. Securityholders who have
voted in favour and wish to continue to do so need do nothing
further. Securityholders 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. Proxies received to date from
securityholders are overwhelmingly in favour of the
transaction.
Jinchuan is a large China-based mining group and will be acquiring
Continental through a statutory plan of arrangement process, which
is subject to the terms and conditions of an Arrangement Agreement
filed on SEDAR. The transaction values the common equity of
Continental at approximately C$431
million.
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 McMillan 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 . 18 PR Newswire