Continental Resources to Resume Trading.

MONTREAL--(BUSINESS WIRE)--March 25, 1999--Continental Resources Ltd. (ME:CTC.) is pleased to announce that its common shares will be reinstated for trading as of March 26, 1999.

The Montreal Exchange had suspended trading on May 5, 1998 pending clarification relating to the acquisition of a private Swiss company. The acquisition combined with related financing would have produced a significant change in ownership and, under the rules of the Exchange, would have constituted a backdoor listing. In addition to not proceeding with the acquisition of the Swiss-based aluminum trading company, Continental has dropped plans to acquire a 20,000-hectare alluvial diamond concession in South Africa.

Furthermore, regulatory approval has been received whereby 2,200,000 escrowed shares have been cancelled in exchange for the Company's oil and gas assets sold to former officers of Continental. Stock options representing 600,000 shares have also been cancelled. These cancellations were ratified by shareholders at the Annual and Special meeting held in Montreal on October 8, 1998.

The Company will now concentrate all of its efforts on the development of its large Gandhamardan bauxite deposit in the State of Orissa, India. Continental Orissa Mining Private Ltd. (COMP) is a joint venture between Continental and Orissa Mining Corporation (OMC), wholly-owned by the State of Orissa, in which each will own a 50 percent interest upon completion of the feasibility study and for which Continental acts as manager. The Joint Venture Agreement was concluded on April 18, 1997 and was later amended on April 18, 1998 in order to provide for certain delays. Continental and OMC have been meeting regularly with Indian authorities to ensure proper work procedures.

COMP has the right to develop a bauxite mine, alumina refining plant and an aluminum smelter. In addition, the Gandhamardan project could include the construction of a thermal power generating station together with the mining of a coal deposit as a source of fuel. OMC will have one year, from the date of the transfer of the claims in favor of COMP, to exercise its option to participate in the construction of the aluminum smelter. Should OMC decide not to exercise its option, then Continental shall remain the sole owner of the alumina refining plant and the aluminum smelter.

As a result of the recent reorganization, the following persons have been appointed to sit on the Board of Directors: Jacques Brazeau of Outremont, Quebec, Canada, President of J. Brazeau International Inc., Pierre Goossens of Belgium, President of BUGECO, a mining consulting firm, and Alan Bruce McKerron of South Africa, businessman and former executive director of Anglo American Corporation.

COMP and Montreal-based SNC-Lavalin Inc.(SNCL) entered into an agreement in early October 1998, whereby SNCL is completing a pre- feasibility study on the Gandhamardan bauxite deposit by the end of May 1999 at a cost of C$625,000. As part of its investment into COMP, Continental bears the cost of this study and to date payments of C$281,250 have been made. One of the assignments of SNCL is to confirm and upgrade the bauxite resource as previously defined by two agencies of the government of India, the Directorate of Mines and Mineral Exploration Corp. The Gandhamardan deposit stands out topographically as an elevated plateau. The bauxite horizon extends over a length of 9.8 km and a width averaging 750 meters. Average thickness is 16.6 meters. The principal mineral is gibbsite. A somewhat extensive exploration program consisting of mapping, sampling and drilling has identified, to date, a deposit containing 207.4 million metric tonnes averaging 45.75 percent Al2O3, 2.23 percent SiO2, 23.23 percent Fe2O3, 2.58 percent TiO2 and 22.95 percent LOI. The deposit is considered attractive because of its size, high aluminum content, low silica composure and what appears to be a low waste ratio.

Continental has recently completed a C$1.05 million private placement financing by issuing 3.5 million units, each unit consisting of one common share at C$0.30 and one purchase warrant enabling the holder to subscribe to an additional share at C$0.45 over a period of 12 months. Continental will then have 12,125,226 common shares outstanding. Working capital is C$400,000.