Gaining approvals for any mine site is a difficult process. Add in the issue of the mine being an open-pit mine and the process becomes that much more difficult. Eventually, however, the process of mining can begin if the effort to satisfy all parties involved is approached correctly. In this regard, an investor that wants to become involved with a mining company needs to find a company that has; not only good operational mining skills but a management team in place that understands the political processes of mining.

Continental Minerals Corp., an exploration and development mining company, is currently working to complete the approvals process for a copper/gold open-pit mining project in the Tibet Autonomous Region. In total, there are seven approvals and reports to be filed and accepted before mining may begin. The company is now close to acceptance for all approvals and reports.

The proposed copper/gold/silver mine property will encompass 122 square kilometers of land and take the form of an open-pit mine. Full approvals require that a program of reclamation be undertaken with an approved plan accepted before commencement of the operation. The company has recently received this all important approval and expects final submission of its required documents in the third quarter 2008.

Given the scale and location of the mine project, one would think that access and financing might be an issue. Each event affecting the proposed operation of the mine appears to have been considered based on some rather conservative estimates. At present, copper and gold price estimates for calculations are $1.50lb.for copper and $500.00 per/oz. for gold. Further operational estimates include a payback period of 5.2 years with a life expectancy for the mine of 14 years. Per day production is estimated at 40,000 tones per day to yield a life time expectancy of 182 million tones of recovery at 0.45% copper, 0.62% g/t gold and 4.03 g/t silver. Annual through put is estimated at 13.2 million tones.

Although international financing will be required, the company does appear to have its mineralogical and production data in-place. Logistics have also been addressed owing to the generally remote nature of the proposed mine. In any event, Continental Minerals does appear to have a new strip mine in its future with the support of the Chinese government.

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