Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company")
is pleased to announce results for 14 diamond drill-holes and also underground
channel sampling from the Yaragua vein system ("Yaragua") at the Buritica
project in Antioquia, Colombia. Seven drills are currently on site as part of
the Company's Phase IV, minimum 100,000-metre diamond drill program for
2012-2013.
Highlights
Yaragua Vein System (Figures 1 and 2)
-- Step-out deep drilling in western Yaragua has intersected high-grade
gold in BUSY291, including:
-- 65.1 metres @ 10.4 g/t Gold and 9 g/t Silver, including 6.95 metres
@ 65.5 g/t Gold and 33 g/t Silver
-- 1.65 metres @ 65 g/t Gold and 63 g/t Silver
These intercepts are approximately 200 metres to the west of the current mineral
resource estimate model announced on October 1, 2012 (the "Resource Model")
prepared in accordance with National Instrument 43-101 ("NI 43-101") and are
among the deepest intersections (around 630 metres in elevation ("RL")) obtained
in Yaragua drilling to date.
-- Infill drilling in western Yaragua continued to demonstrate high gold
grades in the Murcielagos family of veins at intermediate elevations (RL
1,322 - RL 1,280 metres), with significant intercepts in BUSY285,
including:
-- 8.3 metres @ 8.3 g/t Gold and 11 g/t Silver, including 2.5 metres @
14.1 g/t Gold and 14 g/t Silver
-- 2.0 metres @ 21.1 g/t Gold and 9 g/t Silver
-- 2.05 metres @ 14.2 g/t Gold and 8 g/t Silver
-- Drilling in west-central and central Yaragua has increased confidence in
the high grades modeled in the central vein families in this area.
Intercepts in the Sofia Vein include:
-- 1.5 metres @ 31.7 g/t Gold and 7 g/t Silver (RL 1,222 metres,
BUSY286)
-- 0.5 metres @ 44 g/t Gold and 310 g/t Silver (RL 1,265 metres,
BUSY289)
-- 1.5 metres @ 45.9 g/t Gold and 10 g/t Silver (120 metres further
east, RL 1,471 metres, BUUY077)
-- BUUY077 also intersected high grades in the northern vein families,
including:
-- 1.4 metres @ 12.3 g/t Gold and 9 g/t Silver (San Antonio Vein, RL
1,457 metres)
-- 1.6 metres @ 22.8 g/t Gold and 60 g/t Silver (Vein D, RL 1,447
metres)
-- Systematic channel sampling along substantial strike lengths of existing
underground development on the San Antonio vein in central Yaragua
demonstrated higher grades and thickness than the drilling-based
Resource Model in this area, including:
-- 49.8 g/t Gold and 68 g/t Silver over 1.35 metres average true width
along 27 metres (RL 1,515 metres)
-- 13.1 g/t Gold and 42 g/t Silver over 1.57 metres average true width
along 36 metres (RL 1,450 metres)
-- Drilling in eastern Yaragua extended some veins and also demonstrated
grades, for the most part, similar to or higher than comparable areas of
the Resource Model. Highlights of intercepts include:
Murcielagos South vein family:
-- 9.0 metres @ 7.2 g/t Gold and 14 g/t Silver (RL 1,395 metres, BUSY301)
Murcielagos vein family:
-- 5.3 metres @ 6.6 g/t Gold and 46 g/t Silver, including 1.4 metres @ 13.6
g/t Gold and 147 g/t Silver (RL 1,207 metres, BUSY279)
-- 0.6 metres @ 99.2 g/t Gold and 24 g/t Silver (RL 1,333 metres, BUSY294)
-- 1.1 metres @ 14.9 g/t Gold and 5 g/t Silver (RL 1,386 metres, BUSY301)
-- 2.5 metres @ 8.1 g/t Gold and 15 g/t Silver (RL 1,337 metres, BUSY301)
Central vein families:
-- 5.95 metres @ 10.9 g/t Gold and 23 g/t Silver, including 0.9 metres @
41.4 g/t Gold and 101 g/t Silver (PRE vein, RL 1,236 metres, BUSY294)
-- 1.0 metres @ 11.0 g/t Gold and 109 g/t Silver (Vein B, RL 1,223 metres,
BUSY294)
-- 1.6 metres @ 11.7 g/t Gold and 134 g/t Silver (Vein C, RL 1,347 metres,
BUUY075)
Northern vein families:
-- 1.9 metres @ 12.6 g/t Gold and 1 g/t Silver (HW vein, RL 1,360 metres,
BUUY076)
-- 0.6 metres @ 15.7 g/t Gold and 41 g/t Silver (San Antonio vein, RL 1,278
metres, BUUY082)
-- 1.1 metres @ 10.5 g/t Gold and 7 g/t Silver (FW vein, RL 1,157 metres,
BUSY301)
-- Additional new veins were encountered to the north and south of the
Yaragua Resource Model, including:
-- 1.0 metres @ 13.1 g/t Gold and 145 g/t Silver (Northern Yaragua, RL
1,309 metres, BUUY076)
-- 1.4 metres @ 0.6 g/t Gold and 299 g/t Silver (Southern Yaragua, RL
1,583 metres, BUSY248)
"BUSY291 is a very significant hole for the Company as it continues with the
trend of finding high grades and large widths in deep drilling," commented Ari
Sussman, CEO. "We are eagerly anticipating the start of underground development
as eventual deep drilling from underground should provide significant excitement
and potential mineral resource growth."
Details
Continental's 100%-owned, 57,641-hectare project, Buritica, contains several
known areas of high-grade gold and silver mineralization, of base metal
carbonate-style ("Stage I") variably overprinted by texturally and chemically
distinctive high-grade ("Stage II") mineralization. The two most extensively
explored of these areas (the Yaragua and Veta Sur systems) are central to this
land package. The Yaragua system has been drill-outlined along 900 metres of
strike and 1,300 vertical metres and partially sampled in underground
developments. The Veta Sur system has been drill intersected along 570 metres of
strike and 1,180 vertical metres. Both systems are characterized by multiple,
steeply-dipping veins and broader, more disseminated mineralization and both
remain open at depth and along strike, at high grades. See "About Continental
Gold" (below) for a precis of the updated mineral resource estimates for the
Buritica project prepared in accordance with NI 43-101.
Yaragua
Significant new drill intercepts are listed below in Table I and are referenced
in Figures 1 and 2.
Table I: Drilling Highlights - Yaragua
----------------------------------------------------------------------------
Drill-hole From To Interval Gold Silver Zinc Elevation
(m) (m) (m) (g/t) (g/t) (%) (m)
BUSY248 31.50 33.00 1.50 0.24 58.0 0.04 1619
82.80 84.20 1.40 0.61 299.1 4.35 1583
453.30 454.25 0.95 2.50 3.8 0.01 1341
461.00 462.20 1.20 1.82 16.0 0.03 1334
494.20 495.40 1.20 1.32 3.1 0.01 1305
BUSY279 60.00 61.50 1.50 0.87 26.8 0.11 1481
114.20 116.20 2.00 1.15 8.6 0.11 1451
165.42 166.00 0.58 5.90 40.8 1.21 1404
178.00 179.00 1.00 1.51 20.3 0.14 1392
245.60 246.50 0.90 1.45 14.5 0.43 1330
266.20 266.75 0.55 1.72 11.4 3.65 1311
305.00 306.55 1.55 2.47 0.4 0.01 1274
345.90 347.50 1.60 4.90 5.3 1.78 1238
379.30 384.60 5.30 6.55 46.4 0.95 1207
incl. 379.30 380.70 1.40 13.60 147.0 1.76 1202
509.00 509.55 0.55 2.82 18.6 0.08 1086
BUSY283 43.50 44.75 1.25 1.16 10.4 0.03 1486
109.00 110.00 1.00 3.71 25.3 0.01 1457
123.70 125.00 1.30 2.93 28.0 0.02 1440
162.00 163.90 1.90 1.37 8.1 0.20 1405
178.00 179.10 1.10 5.34 6.0 0.21 1391
181.70 182.70 1.00 4.19 13.6 1.49 1387
185.70 186.30 0.60 3.56 47.5 4.70 1383
196.90 197.40 0.50 14.10 17.7 2.83 1372
228.10 229.00 0.90 1.77 4.4 0.21 1348
250.20 251.40 1.20 6.34 2.1 0.09 1323
257.70 259.00 1.30 1.80 5.7 0.90 1316
277.00 278.00 1.00 0.44 99.4 0.30 1298
307.80 309.20 1.40 2.72 10.3 0.73 1272
340.00 341.45 1.45 2.14 9.2 3.82 1239
380.50 392.30 11.80 2.24 24.3 0.78 1199
438.50 440.00 1.50 7.85 6.7 0.16 1148
545.60 547.50 1.90 1.28 2.6 0.03 1050
BUSY285 357.00 359.00 2.00 1.81 17.6 0.22 1405
388.20 388.70 0.50 7.11 13.2 0.37 1374
448.00 456.30 8.30 8.31 11.3 0.47 1322
incl. 448.50 451.00 2.50 14.09 14.2 0.86 1316
474.00 476.00 2.00 5.65 4.5 0.06 1300
486.00 488.00 2.00 21.05 9.4 0.08 1289
496.60 498.65 2.05 14.17 7.9 0.13 1280
incl. 496.60 497.10 0.50 51.90 23.3 0.15 1280
501.00 502.00 1.00 8.43 5.5 0.07 1275
516.25 517.00 0.75 3.65 5.8 0.02 1264
BUSY286 49.95 51.00 1.05 3.33 2.6 0.02 1545
173.85 176.43 2.58 5.35 21.5 0.54 1435
250.70 251.20 0.50 3.34 20.0 0.16 1367
317.00 318.00 1.00 9.08 6.1 0.51 1307
332.00 334.94 2.94 2.24 1.7 0.04 1293
357.00 358.00 1.00 10.40 24.5 0.15 1272
369.00 373.00 4.00 3.01 76.3 0.32 1255
397.00 398.00 1.00 2.77 31.5 0.15 1237
402.00 403.44 1.44 2.17 20.1 0.33 1231
412.50 414.00 1.50 31.70 7.0 0.02 1222
435.00 439.00 4.00 2.50 30.9 0.17 1201
454.40 456.00 1.60 1.76 16.2 0.22 1191
464.40 465.15 0.75 11.40 7.4 0.11 1177
470.00 471.00 1.00 1.68 2.6 0.02 1165
BUSY289 240.00 241.50 1.50 1.34 9.0 0.10 1384
249.80 251.00 1.20 2.84 5.7 0.05 1376
294.60 295.50 1.50 8.91 8.7 0.31 1338
331.50 333.00 1.50 3.00 2.7 0.03 1305
352.20 355.20 3.00 4.70 6.6 0.11 1287
375.00 376.40 1.40 2.95 4.2 0.21 1275
384.20 384.70 0.50 44.00 310.0 7.75 1265
393.50 395.00 1.50 2.75 2.4 0.12 1253
399.00 402.00 3.00 1.93 18.5 0.89 1247
412.10 413.50 1.40 7.61 55.4 0.42 1237
450.00 451.50 1.50 2.91 18.3 0.57 1205
488.00 490.00 2.00 2.09 3.1 0.12 1172
BUSY291 1233.50 1235.15 1.65 65.02 63.2 0.09 654
1257.50 1322.60 65.10 10.42 8.8 0.01 635
incl. 1270.65 1277.60 6.95 65.54 33.0 0.01 619
incl. 1276.00 1277.60 1.60 192.00 90.5 0.02 603
BUSY294 44.50 45.50 1.00 1.00 91.4 0.10 1487
60.00 61.00 1.00 4.82 0.6 0.02 1483
88.60 91.00 2.40 1.63 24.2 0.17 1476
156.75 159.25 2.50 3.87 6.0 0.52 1422
161.60 162.60 1.00 4.20 43.9 0.51 1417
189.10 189.60 0.50 2.99 47.1 8.93 1394
259.40 260.00 0.60 99.20 24.4 3.99 1333
309.15 310.15 1.00 14.55 5.7 0.14 1290
322.50 324.50 2.00 1.74 4.5 1.34 1279
331.50 333.00 1.50 3.17 0.7 0.01 1270
351.80 355.00 3.20 1.65 9.3 0.75 1254
357.60 359.00 1.40 1.17 4.6 0.56 1247
373.45 379.40 5.95 10.90 23.1 0.60 1236
incl. 378.50 379.40 0.90 41.35 100.6 0.49 1232
381.55 386.00 4.45 3.73 27.1 0.33 1227
384.40 385.40 1.00 10.99 108.5 1.09 1223
447.55 448.20 0.65 3.65 7.1 0.18 1171
504.70 505.20 0.50 3.75 15.9 0.04 1122
BUSY301 97.00 101.10 4.10 3.13 20.9 0.09 1476
122.15 125.10 2.95 2.40 2.2 0.16 1454
176.55 180.80 4.25 1.47 3.3 0.26 1412
184.00 192.40 8.40 1.67 6.1 0.64 1404
194.80 203.80 9.00 7.15 13.7 0.37 1395
incl. 199.00 200.10 1.10 28.19 31.6 0.15 1393
206.00 207.90 1.90 2.72 14.3 1.40 1389
213.30 214.40 1.10 14.85 5.2 0.64 1386
265.50 268.00 2.50 8.05 14.6 0.63 1337
286.00 288.85 2.85 2.97 17.2 1.17 1320
311.50 312.45 0.95 1.96 9.8 0.11 1300
324.70 325.50 0.80 1.15 32.9 0.79 1290
339.70 341.00 1.30 7.20 57.3 1.12 1278
345.60 347.10 1.50 5.73 6.5 0.44 1273
368.70 369.40 0.70 2.48 27.1 0.32 1260
404.45 406.40 1.95 1.44 8.7 0.15 1227
412.35 414.00 1.65 2.98 3.5 0.19 1220
452.50 453.30 0.80 3.50 22.6 0.35 1189
491.40 492.50 1.10 10.45 7.4 0.08 1157
BUUY075 45.40 47.00 1.60 11.70 134.4 0.11 1347
70.00 71.00 1.00 3.12 1.7 0.01 1329
113.20 114.70 1.50 1.46 7.5 0.03 1296
184.50 186.00 1.50 1.36 1.8 0.10 1244
235.70 236.40 0.70 1.15 26.4 0.18 1206
249.60 251.30 1.70 0.34 81.6 0.32 1195
259.00 259.60 0.60 4.43 6.2 0.01 1187
270.50 271.05 0.55 2.93 20.3 0.16 1179
305.40 305.90 0.50 1.57 15.9 1.82 1154
BUUY076 33.40 34.00 0.60 5.76 21.2 0.01 1367
50.10 52.00 1.90 12.55 1.4 0.05 1360
85.00 87.00 2.00 2.77 1.7 0.01 1347
146.80 148.00 1.20 3.32 39.5 0.95 1319
168.00 169.00 1.00 13.08 145.3 1.13 1309
286.50 288.40 1.90 1.40 3.4 0.12 1260
BUUY077 75.00 76.50 1.50 45.90 10.4 0.05 1471
84.00 85.50 1.50 4.32 3.1 0.51 1465
99.60 101.00 1.40 12.25 9.0 1.33 1457
127.50 129.10 1.60 22.80 60.3 1.50 1447
BUUY082 53.00 54.35 1.35 4.70 0.9 0.01 1334
68.00 69.10 1.10 1.58 28.8 0.73 1322
78.75 79.65 0.90 3.40 235.4 1.99 1313
98.30 99.60 1.30 0.50 33.0 0.51 1296
119.10 119.70 0.60 15.70 40.5 1.37 1278
213.80 215.40 1.60 2.04 15.2 0.60 1199
227.10 231.00 3.90 1.50 11.0 1.89 1188
272.00 274.50 2.50 1.57 2.0 0.17 1150
284.25 285.75 1.50 1.28 14.7 0.22 1141
303.00 306.30 3.30 0.89 9.5 1.02 1122
BUUY084 8.10 9.20 1.10 3.91 5.9 0.21 1488
107.10 111.70 4.60 2.92 5.8 0.13 1400
123.30 125.35 2.05 2.11 2.1 0.04 1387
175.00 175.80 0.80 4.28 12.9 1.39 1343
----------------------------------------------------------------------------
(i)Intercepts calculated at 1 g/t gold + 30 g/t silver cut-off grades for
minimum intervals of 0.5 metres, with up to 30% internal dilution. True
widths not accurately known but generally are between 30% and actual true
width of the down-hole interval.
BUSY291 was drilled successfully from the south through the central Veta Sur
vein system (see October 29, 2012 news release for Veta Sur assay results). The
hole then continued into western Yaragua (Figure I), intersecting high-grade
vein mineralization (from 1,233.5 metres down-hole, 1.65 metres @ 65.0 g/t Gold
and 63 g/t Silver) and a broad intercept (from 1,257.5 metres, 65.1 metres @
10.4 g/t Gold and 9 g/t Silver, including 6.95 metres @ 65.5 g/t Gold and 33 g/t
Silver) comprising multiple high-grade veins (including 1.6 metres @ 192 g/t
Gold and 91 g/t Silver). These intercepts are more than 200 metres west of the
Yaragua Resource Model at around RL 630 metres and are among the deepest
intercepts encountered in Yaragua drilling to date. The low base metal contents
and other geochemical characteristics of the deep intercepts in BUSY291 are
similar to other intercepts of deep mineralization encountered at Buritica to
date. Artisanal workings, located some 1,200 metres above the deep intercepts in
BUSY291, are consistent with the large vertical extent of the mineralization
seen elsewhere at Buritica.
BUSY285, also continued from Veta Sur (see October 29, 2012 news release for
Veta Sur assay results) into western Yaragua, encountered good grades and
thicknesses in the Murcielagos family of veins, expanding a high-grade section
in the Resource Model at approximately RL 1,300 metres. Significant Murcielagos
intercepts between 448 metres and 499 metres down-hole included 8.3 metres @ 8.3
g/t Gold and 11 g/t Silver (including 2.5 metres @ 14.1 g/t Gold and 14 g/t
Silver), 2.0 metres @ 21.1 g/t Gold and 9 g/t Silver and also 2.05m @ 14.2 g/t
Gold and 8 g/t Silver).
Drilling in west-central Yaragua (BUSY286, BUSY289) and central Yaragua
(BUUY077, BUUY084) generally intersected grades comparable with those of the
Resource Model, increasing confidence in the high grades modeled in the central
vein families in these areas. Intercepts of the Sofia Vein included:
-- 1.5 metres @ 31.7 g/t Gold and 7 g/t Silver (RL 1,222 metres, BUSY286)
-- 0.5 metres @ 44 g/t Gold and 310 g/t Silver (1,265 metres, BUSY289)
-- 1.5 metres @ 45.9 g/t Gold and 10 g/t Silver (120 metres further east,
RL 1,471 metres, BUUY077)
BUUY077 also intersected high grades in the northern vein families, including:
-- 1.4 metres @ 12.3 g/t Gold and 9 g/t Silver (San Antonio Vein, RL 1,457
metres)
-- 1.6 metres @ 22.8 g/t Gold and 60 g/t Silver (Vein D, RL 1,447 metres)
Also in central Yaragua, systematic sampling of the San Antonio vein set was
undertaken on new underground development 50 metres further east on Level NV (RL
1,515 metres) and at 65 metres lower RL on Level 2. Results are tabulated below:
Table II: Underground channel sampling - Yaragua
----------------------------------------------------------------------------
0 g/t gold cut-off
----------------------------------------------------------------------------
Segment RL Length(i) Average Gold Silver Zinc
(m) (m) Width (m) (g/t) (g/t) (%)
San A Vein Set 1515 27 1.35 49.76 68.4 2.02
San A Vein Set 1450 36 1.57 13.10 41.7 0.62
----------------------------------------------------------------------------
(i) Channel samples taken across the roof of the underground opening, spaced
every 3 metres along the tabulated strike length. Widths are true
horizontal.
On both levels, high grades were continuous over substantial strike lengths; on
Level NV, the San Antonio vein along 27 metres averaging 49.8 g/t Gold and 68
g/t Silver over an average true width of 1.35 metres. For both sets of samples,
the gold and silver grades are higher than in comparable areas of the Resource
Model, which was based on drilling prior to the underground sampling.
In eastern Yaragua, drilling tested mainly the southern and central vein
families (BUSY301, BUSY294, BUSY283 and BUSY279) and also the central and
northern vein packages (BUUY075, BUUY076 and BUUY082). This drilling generally
intersected grades comparable to or greater than in the Resource Model, extended
some modeled veins and encountered new veins to both the north and south of the
Resource Model.
BUSY301 intersected the Murcielagos South vein family (9.0 metres @ 7.2 g/t Gold
and 14 g/t Silver, including 1.1 metres @ 28.2 g/t Gold and 32 g/t Silver, from
194.8 metres down-hole) at RL 1,395 metres and on the margins of the Resource
Model. This intercept is consistent with the grades of the Murcielagos South
vein family generally increasing to depth and to the west, where this vein
family has been encountered in deep drilling to RLs around 800 metres.
BUSY279, BUSY294 and BUSY301 intersected the Murcielagos vein family over RLs
ranging from 1,207 metres to 1,386 metres, demonstrating higher grades and/or
thickness on the margins of the Resource Model and further defining an area of
good grade thickness in eastern Yaragua. Murcielagos vein family intercepts
include:
-- 5.3 metres @ 6.6 g/t Gold and 46 g/t Silver, including 1.4 metres @ 13.6
g/t Gold and 147 g/t Silver (RL 1,207 metres, BUSY279)
-- 0.6 metres @ 99.2 g/t Gold and 24 g/t Silver (RL 1,333 metres, BUSY294)
-- 1.1 metres @ 14.9 g/t Gold and 5 g/t Silver (RL 1,386 metres, BUSY301)
-- 2.5 metres @ 8.1 g/t Gold and 15 g/t Silver (RL 1,337 metres, BUSY301)
The central vein families in Yaragua east were also intersected by all
drill-holes in this area, at grades generally consistent with the Resource
Model. Intercepts in the central vein family include:
-- 5.95 metres @ 10.9 g/t Gold and 23 g/t Silver, including 0.9 metres @
41.4 g/t Gold and 101 g/t Silver (PRE vein, RL 1,236 metres, BUSY294)
-- 1.0 metres @ 11 g/t Gold and 109 g/t Silver (Vein B, RL 1,223 metres,
BUSY294)
-- 1.6 metres @ 11.7 g/t Gold and 134 g/t Silver (Vein C, RL 1,347 metres,
BUUY075)
The northern vein families in Yaragua east were intersected by the drill-holes
and added further definition to these vein families. Significant intercepts
include:
-- 1.9 metres @ 12.6 g/t Gold and 1 g/t Silver (HW vein, RL 1,360 metres,
BUUY076)
-- 0.6 metres @ 15.7 g/t Gold and 41 g/t Silver (San Antonio vein, RL 1,278
metres, BUUY082)
-- 1.1 metres @ 10.5 g/t Gold and 7 g/t Silver (FW vein, RL 1,157 metres,
BUSY301)
BUUY075 and BUUY076 continued to the north, intersecting several sets of veins
with moderate to high silver/gold, outside of the Resource Model, including, in
BUUY076, from 168 metres down-hole (RL 1,309 metres), 1.0 metres @ 13.1 g/t Gold
and 145 g/t Silver.
BUSY279, BUSY283, BUSY294 and BUSY301 drilled in eastern Yaragua, and BUSY248
drilled in the central Yaragua area, all intersected multiple veins of the
Yaragua South vein family, all outside of the Resource Model. Intercepts were
mainly of modest grades and moderate to high silver/gold, but indicate this
family of veins extend over more than 500 metres lateral strike and more than
500 metres of vertical strike. Further drilling is required to clarify whether
this vein family exhibits potentially mineable grades at depth.
BUSY248 also discovered a family of veins in the far south of Yaragua (Figure
I). These veins exhibit very high silver/gold at RLs around 1,600 metres,
intercepts include 1.4 metres @ 0.6 g/t Gold, 299 g/t Silver and 4.35% Zinc.
Technical Information
Vic Wall, PhD, special advisor to the Company and a qualified person for the
purpose of NI 43-101, has prepared or supervised the preparation of, or
approved, as applicable, the technical information contained in this press
release. Dr. Wall is a geologist with 35 years' experience in the minerals
mining, consulting, exploration and research industries. Following a career in
Australian and North American academes, he held senior positions in a number of
multinational major and junior minerals companies. A Fellow of the Australian
Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a
Brisbane-based consultancy that provides geoscientific services to mineral
companies and government agencies, worldwide.
The Company utilizes a rigorous, industry-standard QA/QC program. Core is sawn
in half with one-half shipped to a sample preparation lab in Medellin run by ALS
Colombia Limited ("ALS") in Colombia. Samples are then shipped for analysis to
an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is
stored in a secured storage facility for future assay verification. Blanks,
duplicates and certified reference standards are inserted into the sample stream
to monitor laboratory performance and a portion of the samples are periodically
check assayed at ACME Analytical Laboratories in Vancouver, British Columbia
and/or Inspectorate America Corp. in Reno, Nevada.
The Company does not receive assay results for drill-holes in sequential order;
however, all assay results are publicly reported. A complete listing of assay
results to date for the Buritica project is available on the Company's website
at www.continentalgold.com.
For additional technical information on the Buritica project, please refer to
the Company's technical report (the "Technical Report") entitled "Mineral
Resource Estimate of the Buritica Gold Project, Colombia" dated October 24,
2011, as amended November 23, 2011, prepared by Andrew J Vigar, BAppSc Geo,
FAusIMM, MSEG, and Martin Recklies, BAppSC Geo, MAIG, each of Mining Associates
Pty Limited, available on SEDAR at www.sedar.com and on the Company website at
www.continentalgold.com.
About Continental Gold
Continental Gold Limited is an advanced-stage exploration and development
company with an extensive portfolio of 100%-owned gold projects in Colombia.
Spearheaded by a team with over 40 years of exploration and mining experience in
Colombia, the Company is focused on advancing its high-grade Buritica gold
project to production. On October 1, 2012, the Company announced an updated
mineral resource estimate for the Buritica project prepared in accordance with
NI 43-101 which covers two major vein systems, with combined Measured and
Indicated mineral resource of 3,740,000 tonnes of mineralized material
containing 1,640,000 ounces of gold grading 13.6 g/t gold, 4,600,000 ounces of
silver grading 38 g/t silver, and 55,800,000 pounds of zinc grading 0.7% zinc.
The Inferred mineral resource is 13,330,000 tonnes of mineralized material
containing 3,760,000 ounces of gold grading 8.8 g/t gold, 14,200,000 ounces of
silver grading 33 g/t silver and 156,500,000 pounds of zinc grading 0.5% zinc.
In August 2012, Continental achieved an important milestone, receiving formal
approval for the modification of its existing Environmental Impact Assessment.
The amendment allows the Company to build a six-kilometre switchback road and
begin underground development by constructing a one-kilometre access tunnel.
With a goal of being the first modern-day gold producer in Colombia, Continental
will commence the construction of the access tunnel in H2 2012, initially
providing access for underground drilling and eventually used for commercial
production. A Phase IV drill program is underway at the Buritica project to
further delineate the mineral resource and drill new target zones identified
within its concessions.
Additional details on the Buritica project and the rest of Continental's suite
of gold exploration properties are available at www.continentalgold.com.
Forward-Looking Statements
This press release contains or refers to forward-looking information under
Canadian securities legislation, including statements regarding the estimation
of mineral resources, exploration results, potential mineralization, exploration
and mine development plans, timing of the commencement of operations and is
based on current expectations that involve a number of business risks and
uncertainties. Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking statements. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not limited to,
failure to convert estimated mineral resources to reserves, capital and
operating costs varying significantly from estimates, the preliminary nature of
metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing needed in the
future, changes in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of projects and the
other risks involved in the mineral exploration and development industry
forward-looking statements are subject to significant risks and uncertainties,
and other factors that could cause actual results to differ materially from
expected results. Readers should not place undue reliance on forward-looking
statements. These forward-looking statements are made as of the date hereof and
the Company assumes no responsibility to update them or revise them to reflect
new events or circumstances other than as required by law.
Differences in Reporting of Resource Estimates
This press release was prepared in accordance with Canadian standards which
differ in some respects from United States standards. In particular, and without
limiting the generality of the foregoing, the terms "inferred mineral
resources," "indicated mineral resources," "measured mineral resources" and
"mineral resources" used or referenced in this press release are Canadian mining
terms as defined in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects under the guidelines set out in the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral
Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ
significantly from standards in the United States. While the terms "mineral
resource," "measured mineral resources," "indicated mineral resources," and
"inferred mineral resources" are recognized and required by Canadian
regulations, they are not defined terms under standards in the United States.
"Inferred mineral resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of an inferred mineral resource will ever
be upgraded to a higher category. Under Canadian securities laws, estimates of
inferred mineral resources may not form the basis of feasibility or other
economic studies. Readers are cautioned not to assume that all or any part of
measured or indicated mineral resources will ever be converted into reserves.
Readers are also cautioned not to assume that all or any part of an inferred
mineral resource exists, or is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under Canadian
regulations; however, United States companies are only permitted to report
mineralization that does not constitute "reserves" by standards in the United
States as in place tonnage and grade without reference to unit measures.
Accordingly, information regarding resources contained or referenced in this
press release containing descriptions of our mineral deposits may not be
comparable to similar information made public by United States companies.
To view figure 1, "Plan View of new drilling highlights, showing also the
surface projection of veins in the October 1, 2012 resource estimate model,"
please visit the following link:
http://media3.marketwire.com/docs/ContinentalGoldfigure1.pdf.
To view figure 2, "Longitudinal Section of Yaragua drilling and underground
sampling highlights and also the October 1, 2012 resource estimate model,"
please visit the following link:
http://media3.marketwire.com/docs/ContinentalGoldfigure2.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Continental Gold Limited
Nisha Hasan
Director, Investor Relations
+1.416.583.5611
info@continentalgold.com
www.continentalgold.com
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