Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company")
is pleased to report the following highlights for the year ending December 31,
2013 and updates for the Buritica project in Antioquia, Colombia.
2013 Highlights and Significant Events
-- Completed approximately 56,109 metres of diamond drilling during the
year ended December 31, 2013 for an overall project life total of
approximately 215,300 metres to December 31, 2013. Drilling has extended
several vein sets and identified new veins outside of the current
mineral resource and discovered new mineralized areas within the greater
Buritica area.
-- Discovery of a new mineralized vein system called San Agustin. Drill
results included: BUSY329, which intersected 0.4 metres @ 49.7 g/t gold
and 163 g/t silver; BUUY093 which intersected 3.0 metres @ 7.2 g/t gold,
43 g/t silver and 8% zinc; and BUSY340, which intersected 0.72 metres @
31.0 g/t gold and 3 g/t silver and 0.5 metres @ 12.0 g/t gold and 31 g/t
silver.
-- Surface exploration outlined four new precious metal-mineralized systems
called Pinguro North, Pinguro, Obispo and the Guarco-Pajarito prospect.
These new prospects are outside of the future Higabra valley
infrastructure site ("VIS"), where expansion and resource delineation
drilling continued in the Yaragua, Veta Sur, La Estera and San Agustin
vein systems.
-- Continued underground development of the main access tunnel in the
Higabra valley at an elevation of 1,150 metres above sea-level. In
addition, commenced construction of two new ramps parallel to the Veta
Sur and Yaragua vein systems at an elevation of approximately 1,700
metres and 1,600 metres above sea-level, respectively.
-- On April 11, 2013, the Company released updated metallurgical results
for the Buritica project. The preferred recovery process selected is
gravity concentration followed by cyanidation of gravity tails. Overall
metallurgical recoveries on all four 150 kilogram samples yielded 95.4%
and 48.6% for gold and silver, respectively. In addition, a large
proportion of the gold can be extracted using gravity separation with an
average recovery rate of 73.8%.
-- On December 23, 2013, the Company submitted an Environmental Impact
Assessment ("EIA") to Corantioquia, the autonomous regional corporation
responsible for issuing and controlling environmental permits in
Antioquia, representing the final modification to the environmental
license for the entire surface infrastructure required to build a mine
in the Higabra valley.
-- Completed the purchase of approximately 99% of the hectares required for
the future infrastructure at the Buritica project.
-- On August 20, 2013, the Company celebrated 365 days without a lost-time
accident for employees. This significant achievement validates extensive
safety procedures implemented over the past two years.
-- The Company remains debt-free and well-funded, ending the year with
US$117.5 million in its treasury (approximately US$104 million as at
March 5, 2014).
Exploration
Exploration activities during the year consisted of topographic and geological
mapping, geochemical soil surveys and other surface sampling, underground
mapping and channel sampling, and underground drilling at Yaragua, Veta Sur and
the Veta Sur ramp. Drilling extended several vein sets and identified new veins
outside of the current mineral resource, and discovered new mineralized areas
within the greater Buritica area.
Drill results in the Veta Sur vein system included: BUUY121, which intersected
16.7 metres @ 58.7 g/t gold and 233 g/t silver, including 5.15 metres @ 184 g/t
gold and 671 g/t silver; BUUY118, which intersected 18.7 metres @ 22.4 g/t gold
and 80 g/t silver, including 3.8 metres @ 99.6 g/t gold and 254 g/t silver;
BUUY126, which intersected 28.4 metres @ 20.5 g/t gold and 135 g/t silver,
including 2.15 metres @ 135.3 g/t gold and 921 g/t silver and 10.9 metres @ 10.8
g/t gold and 85 g/t silver; and BUUY149, which intersected 0.5 metres @ 101.5
g/t gold and 20 g/t silver.
Drill results in the Yaragua vein system included: BUUY083, which intersected
22.3 metres @ 23.9 g/t gold and 255 g/t silver; BUUY086, which intersected 20.2
metres @ 11.4 g/t gold and 59 g/t silver; BUUY114, which intersected 10.5 metres
@ 108 g/t gold and 96 g/t silver; BUUY170, which intersected 2.7 metres @ 830.6
g/t gold and 65 g/t silver and 3.45 metres @ 27.1 g/t gold and 11 g/t silver;
and BUUY120, which intersected 1 metre @ 329.5 g/t gold and 52 g/t silver.
Underground channel sampling in the Yaragua vein system resulted in significant
intervals including 56.3 g/t gold and 112 g/t silver across 1.34 metres along 32
metres and 121.4 g/t gold and 775 g/t silver across 0.45 metres along 60 metres.
Drill results in the La Estera vein system included: BUSY332, which intersected
9.83 metres @ 16.1 g/t gold and 50 g/t silver and 1.75 metres @ 36.7 g/t gold
and 182 g/t silver; BUSY342, which intersected 3.5 metres @ 13.3 g/t gold, 181
g/t silver and 5.3% zinc, including 1 metre @ 21.3 g/t gold, 362 g/t silver and
8.2% zinc; and BUSY357, which intersected 0.5 metres @ 32.5 g/t gold and 64 g/t
silver.
On February 12, 2013, the Company announced the discovery of a new mineralized
vein system called San Agustin, located up to 400 metres north of the Yaragua
vein systems. Drill results included: BUSY329, which intersected 0.4 metres @
49.7 g/t gold and 163 g/t silver; BUUY093 which intersected 3.0 metres @ 7.2 g/t
gold, 43 g/t silver and 8% zinc; and BUSY340, which intersected 0.72 metres @
31.0 g/t gold and 3 g/t silver and 0.5 metres @ 12.0 g/t gold and 31 g/t silver.
The drilling results and the surface geochemistry testing the San Agustin vein
system indicate potential of over 500 metres of lateral strike length and
between 500-900 metres of vertical extents. The system remains open along strike
to the east, west and at depth.
Surface exploration outlined four new precious metal-mineralized systems. These
new prospects are outside of the future Higabra valley infrastructure site
("VIS"), where expansion and resource delineation drilling continued in the
Yaragua, Veta Sur, La Estera and San Agustin vein systems. Three of the new
prospects - Pinguro North, Pinguro and Obispo - are located 1 kilometre south, 3
kilometres south and 6 kilometres southeast of the VIS, respectively. The
Guarco-Pajarito prospect is 4 to 10 kilometres northwest of the VIS. Each
prospect displays distinctive styles of mineralization, including precious
metal-bearing vein systems, spatially related to andesitic/microdioritic
intrusions similar to those at the Yaragua and Veta Sur vein systems.
Pre-Development
Many of the pre-development activities at the Buritica project continued
throughout fiscal 2013, including advancing the following studies: civil,
metallurgical, hydrological, geotechnical, water management and electrical
studies.
The Company continued throughout 2013 with underground development of a tunnel
in the Higabra valley at an elevation of 1,150 metres above sea-level. In
addition, the Company commenced construction of two new ramps parallel to the
Veta Sur and Yaragua vein systems at an elevation of approximately 1,700 metres
and 1,600 metres above sea-level, respectively. The Company's initial goal is to
provide underground drilling access to grow the mineral resource estimate for
both the Yaragua and Veta Sur vein systems.
On April 11, 2013, the Company released updated metallurgical results for the
Buritica project. The preferred recovery process selected is gravity
concentration followed by cyanidation of gravity tails. Overall metallurgical
recoveries on all four 150-kilogram samples yielded 95.4% and 48.6% for gold and
silver, respectively. In addition, a large proportion of the gold can be
extracted using gravity separation with an average recovery rate of 73.8%.
On December 23, 2013, the Company submitted an EIA to Corantioquia, representing
the final modification to the environmental license for the entire surface
infrastructure required to build a mine in the Higabra valley. Corantioquia, the
autonomous regional corporation responsible for issuing and controlling
environmental permits in Antioquia, is the same agency that approved the
Company's first environmental permit modification on August 30, 2012, allowing
the Company to commence construction of a six-kilometre switchback road and
begin underground development.
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 combined 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.
An animation video providing an overview of the Buritica project and the
exploration potential is available in the following link: http://bit.ly/Z6HBh9.
Please note that any future production decision will be based on, among other
things, the positive outcome of a pre-feasibility study in 2015.
The scientific and technical information contained in this press release has
been reviewed and approved by Mark Moseley-Williams, President and Chief
Operating Officer of the Company, who is a qualified person within the meaning
of NI 43-101.
For additional technical information on the Buritica project, please refer to
the technical report entitled "2012 Mineral Resource Estimate of the Buritica
Gold Project, Colombia" dated November 15, 2012, effective as at October 22,
2012, available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com
and on the Company website at www.continentalgold.com. Additional details on the
rest of Continental's suite of gold exploration properties are also 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, results of
a PFS, submission of the second and final modification to the existing
Environmental Impact Assessment, exploration and mine development plans, and
timing of the commencement of construction and 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Continental Gold Limited
Paul Begin
Chief Financial Officer
+1.416.583.5610
info@continentalgold.com
www.continentalgold.com
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