Vancouver, British Columbia – Ronald Xie, President and CEO of China NetTV Holdings Inc. (CTVH.OB) (the “Company”) is pleased to announce that the Company has reached an agreement (the “Property Option Agreement”) with Hunter Dickinson, Inc.(“HDI”), whereby HDI has acquired the right to earn a 60% interest in the Company’s Xietongmen Gold-Copper Property (“the Property”) in Tibet. Pursuant to the Property Option Agreement, HDI has assigned all its rights to Continental Minerals Corp. (TSXV:KMK; OTCBB:KMKCF) (“Continental”). Continental is a member of the Hunter Dickinson group of public companies which are active in mineral exploration and development throughout the world.
Under the terms of the Property Option Agreement, as assignee, Continental is required to pay the Company a total of US$2,000,000 and incur expenditures totalling US$5,000,000 over a 24 month period in order to earn a 50% interest in the Property. Continental also has the right to acquire a further 10% interest in the Property by incurring a further US$3,000,000 of expenditures in year 3. Upon Continental earning its interest, Continental and the Company will pursue development of the Property on a joint venture basis.
The Xietongmen gold-copper deposit is located between the Gangdisi Mountains and Brahmaputra River, in an area of moderate to gentle relief, approximately 240 kilometres southwest of Lhasa, Capital of Tibet. A highway and hydro electric transmission line traverse the southern edge of the Property providing basic infrastructure. The deposit consists of porphyry -like, disseminated and quartz stockwork mineralization. Geochemical surveys have outlined a 4 kilometre long alteration zone that has been tested by two vertical diamond drill holes, separated by a 200 metre long underground adit. Drill holes samples and adit samples returned strong gold-copper assays. This gold-copper mineralization remains open in all directions and will be the subject of a large scale, multi-rig drilling program which is now being planned by the venture partners.
Assay results for the drill holes were analyzed by ALS Chemex of Vancouver, BC and assay results for channel samples from the adit and related crosscuts were analyzed by CLTB Labs of Lhasa, Tibet. The results are tabulated below.
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Drill
Type Hole From To Intercept Au Cu CuEQ(1)
Adit/CX (metres) (metres) (metres) g/t % %
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DDH ZK0301 34.64 269.21 234.57 0.58 0.47 0.84
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DDH ZK0301 Incl. 64.69 180.28 115.59 0.68 0.57 1.01
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DDH ZK0701 25.40 231.90 206.50 1.43 0.68 1.59
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DDH ZK0701 Incl. 25.40 118.05 92.65 1.96 1.02 2.27
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Adit PD04 74.00 187.00 113.00 0.50 0.56 0.88
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CX PD04-YM2 0.00 24.00 24.00 0.71 0.50 0.96
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CX PD04-YM3 0.00 55.00 55.00 1.03 0.59 1.25
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CX PD04-YM3A 0.00 29.00 29.00 0.75 0.52 1.00
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CX PD04-YM4 0.00 76.20 76.20 1.91 1.23 2.45
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CX PD04-YM4 Incl. 32.00 52.00 20.00 4.01 1.87 4.43
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(1) Copper equivalent calculations use metal prices of US$350/oz for gold and US$0.80/lb for copper. Adjustment factors to account for differences in relative metallurgical recoveries for gold and copper will depend upon the completion of definitive metallurgical testing.
CuEQ equals Cu % + (Au g/t x 11.25/17.64)
DDH equals diamond drill hole
CX equals crosscut
