Continental Precious Minerals Inc.-Resignation of Directors

TORONTO, ONTARIO -- (Marketwire) -- 12/20/12 -- Continental Precious Minerals Inc. (TSX: CZQ) announced today that the members of the board of directors have tendered their resignations.

Mr. Godin, who resigned as a director but remains the CEO of Continental, thanked the board for their dedicated service and wisdom over the years, noting that under the guidance of the board "Continental is one of only a handful in the junior mining exploration sector that has survived the ups and downs of the global commodity cycle for a quarter of a century."

The outgoing directors are pleased to leave Continental in a strong position and wish the incoming directors every success in strengthening that position to enhance shareholder value.

Continental wishes the outgoing directors well in their future endeavours.

About Continental Precious Minerals Inc:

Continental is a multi-mineral exploration company with multiple interests and exploration licences in Sweden. Since March 2005, our primary goal has been to advance its Swedish assets. We are also evaluating other opportunities as they emerge in current market conditions.

Contacts:

Continental Precious Minerals Inc.

Ed Godin

President & CEO

(416) 805-3036

(416) 848-0790 (FAX)
godine@rogers.com