TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) - Continental Precious Minerals Inc. (TSX:CZQ) (the "Company" or "Continental") provides an update on its progress with its MMS Viken licence in Sweden.

Since the filing of the Preliminary Economic Assessment (scoping study) for MMS Viken in October 2010, the company has continued to advance the property following two strategies. One is to continue metallurgical research and complete a pre-feasibility study; another is to pursue a joint venture agreement with a major mining company.

Metallurgical research is being carried out at the laboratories of Process Research ORTECH Inc. (PRO) in Mississauga, Ontario by PRO personnel along with Al Hayden of EHA Engineering Ltd. (EHA). PRO and EHA completed the metallurgical results that were incorporated into the scoping study. The focus of the current research is to carry out leaching and roasting tests on MMS Viken ore samples with the goal of optimizing metal recovery rates while reducing production costs. Results are expected to be announced in 2011.

The metallurgical research will be incorporated into the pre-feasibility study and will be important in the Company's decision to advance to a pilot plant at MMS Viken.

Due to the large size of the resource identified at MMS Viken, Continental has decided that the best way to advance the property is to collaborate with a major mining company that could bring its expertise and capital resources to the project. Continental has initiated discussions with several mining companies. These discussions have not yet reached a point where progress can be reported to shareholders.

"We are moving forward with our exploration licence at Viken," said Ed Godin, President and CEO. "This very large resource hosted in nonconventional geology requires time and careful preparation to develop. Based on our progress to date, we are confident that our current strategies will create shareholder value."

About Continental Precious Minerals Inc.

Continental Precious Minerals Inc. is a multi-mineral exploration company with multiple interests and exploration licences in Sweden. Since March 2005, Continental's primary goal has been to advance its Swedish assets. The Company is also evaluating other opportunities as they emerge in current market conditions.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements, including statements relating to the company's expectations that it will be able to announce improved metallurgical results in 2011 and that its current strategies will create shareholder value. There is no assurance that a pre-feasibility report will be completed, that a joint venture agreement with a major mining company will be entered into or that the company will be able to develop MMS Viken. Factors that could affect the outcome include, without limitation, uncertainties as to research outcomes, uncertainty of production and cost estimates, permitting to construct and operate a mine (which permits have not been obtained or applied for, and are not assured), environmental, social and political factors, as well as metal prices and unanticipated technical difficulties, and the other risk factors described in the Company's annual information form for the year ended May 31, 2010 available on SEDAR. The forward-looking statements contained in this news release represent the Company's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

Contact Information: Continental Precious Minerals Inc.
Ed Godin
President & CEO
(416) 805-3036
(905) 276-4862 (FAX)
Craig MacPhail
(416) 815-0700, ext. 290