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Continental Precious Minerals Announces the Filing of Preliminary Economic Assessment of Viken MMS Project

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2010) - Continental Precious Minerals Inc. (TSX:CZQ - News; the "Company" or "Continental") announces that the Preliminary Economic Assessment ("PEA" or "scoping study") of the Company's Viken MMS Licence in Sweden has been filed on SEDAR. The results of the PEA were initially published in a news release on September 13, 2010.The highlights of the PEA include:

- Pre-tax net present value of US$1.039 billion (at a 6.5 percent discount

- Internal rate of return of 10.3 percent using base case metal prices of
US$65.30/lb uranium oxide, US$15/lb vanadium and US$15/lb molybdenum

- 16-year life of conventional open pit mine producing 40,000 tonnes per day

"With the filing of the PEA, investors will see the significant development potential at Viken," said Ed Godin, President and CEO. "Also, this study only includes 223 million tonnes of the indicated and inferred resources that are above a Net Smelter Return cut-off grade of US$60 per tonne in its base case. The total resource is much larger and includes other smaller areas with similar grades."The PEA was completed by P&E Mining Consultants Inc. with EHA Engineering Ltd. completing the metallurgical component. The study recommends that Continental advance the Viken project with extended and advanced metallurgical, geotechnical and environmental studies to a pre-feasibility stage."Not only do we have a project that is economically viable, but we believe that it will bring considerable economic benefit to the region," added Mr. Godin. "The Viken project will bring benefits through local employment and services, as well as tax and royalty revenue."The PEA is preliminary in nature and includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Reference is made to the complete copy of the PEA for the basis of the PEA, qualifications and assumptions.Qualified Persons and ReportThe PEA study was completed under the supervision of Eugene Puritch, P. Eng. of P&E Mining Consultants. Mr. Puritch was also responsible for mine design, production scheduling and overall financial analysis. Alexander Partsch, P.Eng., also of P&E Mining Consultants, was responsible for capital and operating costs and cash flow modelling. Alfred Hayden, P. Eng. of EHA Engineering was responsible for metallurgical testing review, mineral processing and process capital and operating costs.Gerald A. Harron, P. Eng of G.A. Harron & Associates Inc. and Fred Brown CPG, PrSciNat of P&E Mining Consultants are responsible for the resource estimate on which the PEA is based.Each of the individuals named above is a qualified person, as defined in National Instrument 43- 101, is independent of the Company and is responsible for the technical disclosure contained in this news release.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 StatementsThis news release contains forward-looking statements including statements relating to mineral resource estimates, capital and operating cost estimates, production and economic return estimates. The PEA, and the estimates contained therein, is preliminary in nature and there is no assurance that the Company will be successful in extracting metals from the Company's mineral exploration licences in Sweden on a commercial scale owing to a number of factors. The PEA is based on a number of assumptions, any one of which, if incorrect, could materially change the projected outcome. Factors that could affect the outcome include, without limitation, 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.