Shares of Continental Precious Minerals of Toronto, involved in the exploration and development for, among other mineral products, diamonds, were recently listed on the Montreal Exchange (symbol czq).
Continental owns property in Tolmie Twp., Ont., and reports it has entered into an agreement with BP Canada whereby it may acquire up to a 40% undivided interest in claims which will be staked following a study on the potential for diamonds in an “area of interest” in Ontario and Manitoba.
The company has also arranged a private placement with mvp Exploration (1987) and Co., Limited Partnership, composed of flow- through shares and worth up to $2 million.
Continental says it will use almost all of the proceeds on exploration work on the “area of interest” mentioned above. A small portion of the company’s working capital will be allocated for exploration work on the Tolmie Twp. property.
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