Continuum Resources Ltd (TSXV:CNU) is pleased to announce that it has closed the first tranche of its private placement of secured convertible debentures (the “Debentures”), as previously announced May 29, 2008, in the amount of $265,000. The Debentures have a two-year term and bear interest at 6% per annum, compounded monthly. The Debentures are convertible into common shares of Continuum at a price of $0.10 per share. Insiders and employees of Continuum subscribed for a total of $190,000 worth of Debentures. Continuum issued a total of 106,000 common shares as a fee in connection with the advance of the Debenture proceeds.

The TSX Venture Exchange has granted conditional approval to this financing, however, closing of this and all remaining tranches remains subject which remains subject to final Exchange approval. The Debentures and common shares issued are subject to a four-month hold period expiring November 24, 2008.

Proceeds of this financing will be used to continue the Company’s proposed work programs and for general working capital.

Continuum is currently exploring 7 separate gold-silver projects in the state of Oaxaca, comprising approximately 125,000 hectares. Continuum is also a 24% joint venture partner with Fortuna Silver Mines Inc. (TSXV: FVI) on the San Jose silver project, on which drilling continues to expand on the resource estimate previously announced by the Company on March 12, 2007.

On behalf of the Board of Continuum Resources Ltd.

Warren M. McIntyre, Corporate Secretary and Director

For further information

Investor Relations: (604) 629-0000, www.continuumresources.com

Source: CONTINUUM RESOURCES LTD.

This entry was posted by Gold Mining on Saturday, July 26th, 2008 at 9:38 pm and is filed under Gold, Gold Mining Companies, Silver. Tags: Alliance, Board of Continuum Resources Ltd., Company, Continuum Resources Ltd, Drilling, Fortuna Silver Mines Inc., Gold, Inc., Investor Relations, Joint Venture, Ltd, Mine, Oaxaca, Placement, Resources, San Jose, Silver, TSX Venture, TSX Venture Exchange, Warren M. McIntyre. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.