TORONTO, ONTARIO -- (Marketwire) -- 02/06/13 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") announces today that it has voluntarily initiated the process of relinquishing to the National Mining Agency 1,001 hectares of its mineral exploration rights located in the Santander region within the newly-declared 11,700 hectare-area Parque Natural Regional Paramo de Santurban (the "Paramo Park"). The Company intends to retain its remaining 3,471 hectares of mineral exploration rights in the Santander region not impacted by the Paramo Park boundaries as it considers the ground prospective for precious metals.
The Paramo Park is located in the Department of Santander, Colombia, approximately 579 kilometres north-east of the Company's flagship Buritica project located in the Department of Antioquia, Colombia. The Buritica project remains unaffected by this declaration.
The declaration was approved last month by the Corporacion Autonoma Regional para la Defensa de la Meseta de Bucaramanga ("CDMB") (Regional Autonomous Corporation for the Bucaramanga Plateau) to protect the environmentally-sensitive region essential for water, climate regulation and carbon sequestration.
"Our mineral rights in the Santander region are not a core focus of Continental Gold," commented Mark Moseley-Williams, President and COO. "Now that the Paramo Park boundaries have been established, our decision to relinquish these mineral rights is the right thing to do. We understand what the Colombian government is attempting to accomplish and we respect their decision."
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 Canadian National Instrument 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. For additional technical information on the Buritica project, please refer to the Company's technical report entitled "2012 Mineral Resource Estimate of the Buritica Gold Project, Colombia" dated November 15, 2012 with an effective date of October 22, 2012, 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, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com.
Most Popular Stories
- Twitter Names Woman to Board
- NSA Tracks 5 Billion Cellphone Records a Day
- Nelson Mandela Dies After Momentous Life
- Nelson Mandela Dead at 95
- W.H. Corrects Itself on Unclegate
- Pope Francis Says He'll Fight Child Sex Abuse
- Yemen Attack Kills 52
- Fast-Food Workers Want $15 an Hour
- Roybal-Allard Tours Gordon Brush Plant
- Aspen Contracting Adding 300 Jobs