core sector communique

Shareholders meeting adjourned pending final clearance of joint SEC filings

March 14, 2011 Vancouver, BC -- Continental Minerals Corporation (TSX-V: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…