Investment of Geologic Resource Partners LLC in Continental Gold Limited

TORONTO, June 3 /CNW/ - Geologic Resource Partners LLC ("Geologic") announced today that it held, for its own account and on behalf of client accounts over which it has discretionary trading authority, 4,245,058 common shares, 4,110,665 warrants to purchase common shares and 1,556,334 subscription receipts ("Subscription Receipts") in a private company, Continental Gold Limited ("Private Continental"). On March 23, 2010, shareholders of Cronus Resources Ltd. ("Cronus") and Private Continental each approved an amalgamation between Private Continental and Cronus and the amalgamation became effective on March 30, 2010. The resulting issuer formed by the amalgamation of Cronus and Private Continental is a new public company, Continental Gold Limited ("Continental Gold").

Upon the formation of Continental Gold, the Subscription Receipts converted into 1,556,334 common shares and 778,167 warrants to purchase common shares. Geologic currently holds for its own account and on behalf of client accounts over which it has discretionary trading authority, 5,801,392 common shares and 4,888,832 warrants to purchase common shares, representing approximately 14.05% of the issued and outstanding shares of Continental Gold, on a partially diluted basis assuming the exercise of the warrants.

Geologic has exclusive control over all of the securities but does not have ownership.

Geologic has purchased these securities for investment purposes, and may increase or decrease its investment in the securities of Continental Gold depending upon future market conditions.

Geologic is an investment advisory firm specializing in precious metals, industrial metals, and energy minerals equities.

For further information: or to obtain a copy of the report contact: John Kanellitsas, Chief Operating Officer, at [phone]