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Friday, September 17, 2010

Continental Minerals Sold for $432 Million

Shares on Continental Minerals Corp. soared more than 12% to 2.58$/share Friday morning as Jinchuan Group Ltd announced agreement to acquire the company for $432 Million. Continental Minerals Corp. signed the agreement for the all cash deal for $2.60/share. Such a takeover shows that Canadian mining companies continue to be eyed by the Chinese. Bay Street Analysts believe there is still lots of Merger and Acquisition activity to come in the Canadian commodity sector.