Panda Announces Annual and Special Meeting Results

Panda Capital Inc. (TSX VENTURE:PDA.H) ("Panda" or the "Company") wishes to
provide an update on the previously announced proposed Qualifying Transaction
(pursuant to Policy 2.4 of the TSX Venture Exchange) with Continental Mining and
Smelting Limited ("Continental"). The Company is pleased to announce that at the
Annual and Special Meeting of Shareholders of Panda held on September 21, 2011,
Panda received all shareholder approvals required with respect to matters in
respect of the Qualifying Transaction including:




--  the election of H. Roy Shipes, James Macintosh, Bruce Reid, John A.
    McKinney and Robert Munro being conditional upon and effective as of the
    completion of the Proposed Qualifying Transaction with Continental; 
--  re-appointing MNP LLP, Chartered Accountants, as auditors of the
    Company; 
--  approval of the Company's stock option plan; 
--  a special resolution authorizing an amendment to the articles of the
    Company to effect the name change from Panda to "Continental Mining &
    Smelting Ltd." or such other name as is acceptable to the applicable
    regulatory authorities; 
--  a special resolution authorizing an amendment to the articles of the
    Company to consolidate the issued and outstanding common shares of the
    Company on the basis of one new common share for every two common shares
    issued and outstanding.



These filings are available for review at www.sedar.com. It is expected the
Qualifying Transaction will close on or before October 31, 2011. 


About Continental Mining and Smelting Limited

Continental is a private Canadian company which currently owns 70% of the
Estrades Mine, located approximately 125 kilometres north of Val-d'Or, Quebec.
The Estrades Mine contains a gold, silver, zinc VMS (volcanogenic massive
sulphide) deposit with associated copper and lead ore. Breakwater Resources Ltd.
put the Estrades Mine into production from 1990 to 1991. In addition to a full
production ramp reaching down to a depth of 300 meters, there are several
surface buildings and a year round road to access the Estrades Mine. Continental
completed a National Instrument 43-101 compliant technical report in respect of
the Estrades Mine in May 2011 which is available under Continental's profile on
www.SEDAR.com.


Completion of the Proposed Transaction is subject to a number of conditions,
including but not limited to TSX-V/NEX acceptance and if applicable pursuant to
TSX-V/NEX requirements, majority of the minority shareholder approval. Where
applicable, the Proposed Transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the Proposed Transaction
will be completed as proposed or at all. 


Investors are cautioned that, except as disclosed in the management information
circular or filing statement to be prepared in connection with the Proposed
Transaction, any information released or received with respect to the Proposed
Transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a Capital Pool Company should be considered highly
speculative. 


The TSX-V has in no way passed upon the merits of the Proposed Transaction and
has neither approved nor disapproved the contents of this press release. 


Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
reflected in the forward looking-statements, unless and until required by
securities laws applicable to the Company. Additional information identifying
risks and uncertainties is contained in the Company's filings with the Canadian
securities regulators, which filings are available at www.sedar.com.