TORONTO, ONTARIO--(Marketwire - Dec. 20, 2012) - Continental Precious Minerals Inc. (TSX:CZQ) ("Continental" or the "Company") is pleased to announce that at the Company's annual and special shareholder meeting held this morning, Sharad Mistry, Carmen Diges, Laurie Curtis and Bob Perry were elected as directors of the Company. In addition, McCarney Greenwood LLP were re-appointed as auditors of the Company and the Company's advance notice by-law amendment was ratified by the shareholders.

The new board of directors of the Company will be spending the next few weeks speaking with management of the Company to get a better understanding of all of the Company's operations. Once the board has completed an overall analysis of the Company, a further press release will be issued to advise all stakeholders of the specific plans for the Company in the immediate future and moving forward.

Sharad Mistry, Chairman, stated: "We greatly appreciate the confidence shareholders of Continental have shown us in the past few weeks by electing the new board with a strong majority of support. We look forward to executing on a new plan for Continental to try and build value for shareholders."

Cautionary Statement Regarding Forward-Looking Statements

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Continental expects to occur, are forward-looking statements.

Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Continental's management on the date the statements are made. Continental undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

Contact Information:

Continental Precious Minerals Inc.
Sharad Mistry