Continental Minerals Corporation
Mining Exploration & Dev
KMK : TSX-V
Continental is developing the Xietongmen Copper-Gold Project in the Tibet Autonomous Region of China. Continental owns 100% of Xietongmen through its wholly owned Chinese subsidiary, Tibet Tian Yuan Minerals Exploration Ltd. The project is located about 240 kilometers west of Lhasa, the provincial capital of Tibet Autonomous Region.
Continental began work on the project in 2005, and over the next two years outlined a significant resource in the Xietongmen copper-gold deposit. The Company initiated comprehensive engineering, environmental and socio-economic studies in 2006. In mid 2007, Continental announced positive feasibility study results on a 40,000 tonnes per day open pit operation on the Xietongmen deposit. The mine would have a 14 year life with an annual average production of 116 million pounds of copper, 190,000 ounces of gold and 1.73 million ounces of silver.
Continental has planned its work to meet the requirements for its mining license and also international standards for financing. It is currently completing the final report for its Chinese mining application and an international social and environmental impact assessment (SEIA). The SEIA is scheduled for completion in the coming months.
A second porphyry copper-gold discovery was made by drilling on the property in 2006. The Newtongmen deposit is located 2.5 km northwest of the Xietongmen deposit. The Company completed a 15,000 meter drilling program at Newtongmen in 2007 has demonstrated the potential for another significant copper-gold deposit.
As part of its commitment to responsible mineral development, Continental initiated a community engagement program at the exploration stage. This program has expanded as the project advanced. The long-term goal of this active engagement is to ensure that project activities provide direct, tangible benefits for local residents and communities. Hence, active dialogue with the local residents in the Tibetan villages and the various authorities in the region will be ongoing in order that the project proceeds in a manner that respects local socio-economic priorities and incorporates a high standard of environmental management.
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