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Continental Gold Drills High-Grade Gold and Silver in the La Estera Area, Buritica Project, Colombia

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TORONTO, ONTARIO -- (Marketwire) -- 12/13/12 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce results for 10 diamond drill-holes following up on the recent discovery at the La Estera area, as part of the Company's ongoing exploration program at the Buritica Project in Antioquia, Colombia. The La Estera area measures approximately 1,000 metres east-west by 700 metres north-south and consists of three east-west trending vein systems named Laurel (north), La Mano (central) and La Estrella (south). 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

(Figure 1 and Figure 2)

-- In western La Estera, BUSY325 encountered the La Estrella set of high- grade silver and gold veins, including: -- 1.1 metres @ 3.1 g/t gold, 1,857 g/t silver and 3.2% zinc -- 0.9 metres @ 4.8 g/t gold, 538 g/t silver and 2.6% zinc -- 2.3 metres @ 9.2 g/t gold and 18 g/t silver



These intersections are interpreted to represent fault-offset western extensions of the La Estrella vein system previously intersected in drilling and sampling of old workings as announced on September 13, 2012 (Figure 2).

-- BUSY331 intersected the Laurel vein system some 300 metres further east of BUSY325, exhibiting high-grade gold and zinc, including: -- 1.05 metres @ 21.3 g/t gold, 96 g/t silver and 3.5% zinc (at an elevation of 1,448 metres above sea-level) -- 2.75 metres @ 13.6 g/t gold, 135 g/t silver and 12.8% zinc (at an elevation of 1,437 metres above sea-level)



Based on assay results received to date, the Laurel vein system is interpreted to measure 300 metres laterally by over 1,000 metres vertically, where it lines up with surface manifestations of mineralization and high-grade intercepts deep in BUSY292 (see September 13, 2012 release). Additionally, encouraging and potential visual mineralization has been logged in BUSY332, which if mineralized would increase the lateral strike of the Laurel vein system to 400 metres.

-- BUSY319, drilled further east of BUSY331, resulted in the discovery of three families of multiple, closely-spaced veins interpreted to be part of the La Estrella vein system and are the most southerly veins yet encountered in the La Estera area. Intercepts in the La Estrella vein system include: -- 0.4 metres @ 36.6 g/t gold, 84 g/t silver and 6.1% zinc (at an elevation of 975 metres above sea-level) -- 1.0 metres @ 8.3 g/t gold, 11 g/t silver and 3.9% zinc (at an elevation of 944 metres above sea-level)-- 500 metres east of BUSY319 in the eastern La Estera area, in close proximity to a small artisanal working named La Suliman, BUSY288, BUSY322 and BUSY328 each intersected multiple vein sets, including intercepts of: -- 0.75 metres @ 6.0 g/t gold, 20 g/t silver and 0.6% zinc (at an elevation of 1,416 metres above sea-level; BUSY288) -- 2.13 metres @ 15.9 g/t gold and 19 g/t silver (at an elevation of 1,080 metres above sea-level; BUSY322)-- Further drilling is required to clarify the potential continuity of the Laurel, La Mano and La Estrella vein systems between the eastern and central La Estera area.-- In the Far West area, BUSY314 intersected a family of veins with high silver/gold and high zinc contents, which may represent the southern extensions of the Veta Sur system or may belong to the Laurel vein system at relatively high elevations, circa, 1,550 metres above sea- level. Some 500 metres to the northwest, BUSY280 intersected a high silver/gold vein set and a broad interval of low-grade gold mineralization, the most westerly precious metal mineralization yet drilled in the Buritica project.-- In the Guacamaya area, BUSY284 intersected two intervals of high silver/gold veins, the first-drilled mineralization east of the Tonusco Fault and some 1,700 metres to the northeast of Yaragua.



"Our team deserves credit for the success achieved so early into the evaluation of our new discovery at La Estera," commented Ari Sussman, CEO. "A core focus of 2013 is going to be drilling the La Estera area as we believe there is a potential to add a new dimension of mineral resource growth to our corporate profile."

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 National Instrument 43-101 ("NI 43-101"). This release documents drilling results for prospects from the La Estera area to the south (Laurel, La Mano and La Estera vein systems), west (Far West target) and northeast (Guacamaya target) of the Yaragua and Veta Sur vein systems.

La Estera AreaSignificant new drill intercepts are listed below in Table I and arereferenced in Figure 2.Table I: Drilling Highlights, La Estera Area----------------------------------------------------------------------------Drill- From To Interval(i) Gold Silver Zinc Elevationhole (m) (m) (m) (g/t) (g/t) (%) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY288 37.35 38.20 0.85 1.33 44.3 0.9 1437---------------------------------------------------------------------------- 61.65 62.40 0.75 5.95 19.6 0.6 1416---------------------------------------------------------------------------- 116.10 117.10 1.00 2.74 1.9 0.1 1370---------------------------------------------------------------------------- 140.50 142.00 1.50 0.67 10.2 2.3 1348---------------------------------------------------------------------------- 196.00 197.00 1.00 1.07 1.0 0.0 1300--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY319 117.40 118.80 1.40 1.68 53.6 0.2 1670---------------------------------------------------------------------------- 294.00 294.40 0.40 0.62 36.3 0.7 1520---------------------------------------------------------------------------- 811.60 812.00 0.40 15.9 22.4 6.6 1100---------------------------------------------------------------------------- 821.80 822.20 0.40 3.38 11.6 1.0 1091---------------------------------------------------------------------------- 975.10 975.50 0.40 36.6 83.9 6.1 975---------------------------------------------------------------------------- 994.60 995.00 0.40 15.05 22.0 0.3 960---------------------------------------------------------------------------- 1007.50 1007.90 0.40 1.22 3.6 1.8 951---------------------------------------------------------------------------- 1014.60 1018.50 3.90 2.7 6.1 1.9 946----------------------------------------------------------------------------incl. 1016.30 1017.30 1.00 8.28 10.5 3.9 944---------------------------------------------------------------------------- 1024.00 1025.00 1.00 1.36 2.6 0.5 939---------------------------------------------------------------------------- 1026.00 1026.95 0.95 4.64 9.3 0.9 938---------------------------------------------------------------------------- 1028.70 1031.80 3.10 2.18 7.0 0.9 935---------------------------------------------------------------------------- 1034.50 1035.00 0.50 4.01 7.5 1.7 931---------------------------------------------------------------------------- 1036.50 1037.00 0.50 1.7 5.1 0.5 929---------------------------------------------------------------------------- 1302.00 1302.40 0.40 0.95 3.3 0.0 726--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY322 204.35 205.50 1.15 2.5 7.8 0.0 1206---------------------------------------------------------------------------- 210.60 211.35 0.75 3.04 33.3 0.1 1201---------------------------------------------------------------------------- 317.00 318.50 1.50 1.9 0.4 0.0 1108---------------------------------------------------------------------------- 350.00 352.13 2.13 15.9 19.1 0.1 1080---------------------------------------------------------------------------- 359.50 361.00 1.50 1.13 3.7 0.0 1071---------------------------------------------------------------------------- 457.50 458.00 0.50 1.65 1.2 0.0 987--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY325 208.35 209.40 1.05 2.71 45.1 0.0 1715---------------------------------------------------------------------------- 212.10 213.25 1.15 2.95 48.6 0.1 1711---------------------------------------------------------------------------- 246.20 247.30 1.10 3.1 1857.1 3.2 1680---------------------------------------------------------------------------- 283.40 287.00 3.60 1.38 180.1 0.8 1643----------------------------------------------------------------------------incl. 283.40 284.30 0.90 4.76 537.7 2.6 1643---------------------------------------------------------------------------- 341.60 342.20 0.60 1.06 15.6 0.2 1587---------------------------------------------------------------------------- 368.30 370.60 2.30 9.19 18.0 0.2 1562---------------------------------------------------------------------------- 433.20 434.30 1.10 1.44 72.1 1.1 1498---------------------------------------------------------------------------- 1288.22 1289.75 1.53 4.4 11.3 0.0 680--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY327 37.60 40.35 2.75 1.54 76.7 0.9 1741---------------------------------------------------------------------------- 44.00 47.10 3.10 1.96 99.7 16.9 1734----------------------------------------------------------------------------incl. 44.00 45.25 1.25 2.08 230.0 39.7 1734---------------------------------------------------------------------------- 65.50 66.00 0.50 1.09 0.5 0.0 1716---------------------------------------------------------------------------- 90.15 92.00 1.85 1.56 24.1 0.1 1694---------------------------------------------------------------------------- 200.80 201.80 1.00 0.86 39.3 0.2 1600---------------------------------------------------------------------------- 208.00 208.40 0.40 2.79 70.4 1.3 1593---------------------------------------------------------------------------- 1030.40 1030.90 0.50 1.26 2.1 0.1 894--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY328 172.90 175.00 2.10 1.84 5.7 0.1 1222---------------------------------------------------------------------------- 405.00 406.00 1.00 1.01 1.0 0.0 1007---------------------------------------------------------------------------- 439.50 440.50 1.00 1.82 9.4 0.2 975---------------------------------------------------------------------------- 456.25 456.75 0.50 3.08 7.0 0.0 960--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY331 184.30 184.90 0.60 4.07 3.6 0.0 1622----------------------------------------------------------------------------(ii) 206.34 208.00 1.66 2.99 51.3 1.6 1604---------------------------------------------------------------------------- 222.47 223.60 1.13 0.97 174.2 0.0 1590---------------------------------------------------------------------------- 267.40 268.20 0.80 2.94 19.1 0.4 1553---------------------------------------------------------------------------- 392.50 393.50 1.00 0.21 51.3 0.0 1451---------------------------------------------------------------------------- 397.00 398.05 1.05 21.25 95.9 3.5 1448---------------------------------------------------------------------------- 400.10 400.60 0.50 12.95 34.3 3.4 1445---------------------------------------------------------------------------- 406.45 408.35 1.90 2.39 39.1 1.0 1440---------------------------------------------------------------------------- 409.55 412.30 2.75 13.55 135.0 12.8 1437----------------------------------------------------------------------------incl. 409.55 411.05 1.50 20.22 150.8 6.3 1437---------------------------------------------------------------------------- 414.65 415.50 0.85 3.64 225.6 2.3 1433----------------------------------------------------------------------------(i)Intercepts calculated at 1 g/t gold + 30 g/t silver cut-off grades forminimum intervals of 0.4 metres, with up to 30% internal dilution. Truewidths not accurately known but generally are between 30% and actual truewidth of the down-hole interval.(ii)Assays not yet received for BUSY331 below 500 metres down-hole.



In western La Estera, from 208 metres to 342 metres down-hole, BUSY325 intersected three vein families from the La Estrella vein system with high silver/gold and high silver and zinc grades in two of these vein families, including 1.1 metres @ 3.1 g/t gold, 1,857 g/t silver and 3.2% zinc (from 246.2 metres down-hole) and also 0.9 metres @ 4.8 g/t gold, 538 g/t silver and 2.6% zinc (within a broader mineralized interval from 283.4 metres down-hole, around an elevation of 1,643 metres above sea-level). Further down-hole (from 368.3 metres) and to the north, BUSY325 encountered a high-grade auriferous vein set, 2.3 metres @ 9.2 g/t gold and 18 g/t silver with relatively low base-metal content. These veins are interpreted to represent fault offset western extensions of geochemically similar La Estrella veins intersected previously in BUSY292 and also the La Estrella workings (see September 13, 2012 news release).

A deep intercept (from 1,288 metres down-hole; at an elevation of 680 metres above sea-level) in BUSY325 (1.53 metres @ 4.4 g/t gold and 11 g/t silver) may correlate with visual intercepts in BUSY332, further west, and also with base metal-poor, gold-rich intercepts deep in BUSY282 to the east (see September 13, 2012 news release).

Some 300 metres east of BUSY325, drill-hole BUSY331 intersected two families of precious metal-bearing veins that are part of the Laurel vein system, the more southerly of which exhibits high-grade gold accompanied by high base-metal contents. Intercepts in this vein family include, 1.05 metres @ 21.3 g/t gold, 96 g/t silver and 3.5% zinc (at an elevation of 1,448 metres above sea-level) and 2.75 metres @ 13.6 g/t gold, 135 g/t silver and 12.8% zinc (at an elevation of 1,437 metres above sea-level). These vein families may prove to be continuous with mineralization (discussed in the previous paragraph) further west, outlining the Laurel vein system in the northern La Estera Area. This broad east-west vein system has a potential strike length in excess of 400 metres, and depth extent of potentially more than 1,000 metres. High silver/gold intercepts with high zinc contents encountered near-collar in BUSY327, such as (from 44 metres down-hole, at an elevation of 1,734 metres above sea-level), 3.1 metres @ 2.0 g/t gold, 100 g/t silver and 16.9% zinc (including 1.25 metres @ 2.1 g/t gold, 230 g/t silver and 39.7% zinc) may also be included in the Laurel vein system.

BUSY319 drilled from north to south resulted in the discovery of three families of multiple, closely-spaced veins to the east of mineralized intercepts in BUSY331. These veins are interpreted to be part of the La Estrella vein system. The two deepest intercepts of interest are the most southerly yet encountered in the La Estera area, and include intercepts of: (from 811.6 metres down-hole, at an elevation of 1,100 metres above sea-level) 0.4 metres @ 15.9 g/t gold, 22 g/t silver and 6.6% zinc; (from 975.1 metres down-hole, at an elevation of 975 metres above sea-level) 0.4 metres @ 36.6 g/t gold, 84 g/t silver and 6.1% zinc; and, (from 1,016.3 metres down-hole, at an elevation of 944 metres above sea-level) 1.0 metres @ 8.3 g/t gold, 11 g/t silver and 3.9% zinc. Encouragingly, these veins project vertically up to broad zinc and precious metal soil anomalies and also shallow artisanal workings. Further drilling is planned to clarify the depth and lateral extents of the La Estrella vein system.

Three holes were drilled in the eastern La Estera area proximal to a small artisanal working named La Suliman, some 500 metres east of BUSY319. Drilled northwards, BUSY322 encountered multiple, base metal-poor veins at low elevations, including 2.13 metres @ 15.9 g/t gold and 19 g/t silver (from 350 metres down-hole, at an elevation of 1,080 metres above sea-level). Drilled east-west to clarify the potential for bedding sub-parallel vein sets, BUSY288 encountered multiple vein intervals including, 0.75 metres @ 6.0 g/t gold, 20 g/t silver and 0.6% zinc. BUSY328, drilled southwards, also encountered multiple vein intervals, including the most southerly vein sets drilled to-date in eastern La Estera. These southerly vein sets underly artisanal workings and potentially correlate with the La Estrella vein system intersected in BUSY319, some 500 metres to the west.

Far West AreaSignificant new drill intercepts are listed below in Table II and arereferenced in Figure 1 and Figure 2.Table II: Drilling highlights, Far West area----------------------------------------------------------------------------Drill- From To Interval(i) Gold Silver Zinc Elevationhole (m) (m) (m) (g/t) (g/t) (%) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY280 373.10 375.20 2.10 0.13 150.1 0.1 1576--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY314 379.33 379.80 0.47 0.59 19.5 2.3 1580---------------------------------------------------------------------------- 403.60 404.20 0.60 1.05 5.4 1.3 1560---------------------------------------------------------------------------- 413.90 414.50 0.60 1.35 24.2 1.7 1552---------------------------------------------------------------------------- 417.40 418.90 1.50 1.86 17.5 4.2 1549----------------------------------------------------------------------------(i)Intercepts calculated at 1 g/t gold + 30 g/t silver cut-off grades forminimum intervals of 0.4 metres, with up to 30% internal dilution. Truewidths not accurately known but generally are between 30% and actual truewidth of the down-hole interval.



In the Far West area, BUSY314 intersected a family of veins with high silver/gold and high zinc contents at elevations straddling about 1,550 metres above sea-level. This vein family could represent either an extension of the Veta Sur system to the southwest or a shallow westerly extension of the Laurel vein system.

Some 500 metres further to the northwest, BUSY280 intersected a high silver/gold vein set at an elevation of 1,576 metres above sea-level. Some 80 metres further down-hole, BUSY280 cut a broad interval (68.5 metres @ 0.24 g/t gold and 0.1% copper) of low-grade mineralization. These intersections are the most westerly drilled to date in the Buritica project and it is unclear whether the mineralization is an extension of the Yaragua system or a newly discovered precious metal-bearing system.

Table III: Drilling highlights, Guacamaya AreaSignificant new drill intercepts are listed below in Table III and arereferenced in Figure 1.---------------------------------------------------------------------------- From To Interval(i) Gold Silver Zinc ElevationDrill-hole (m) (m) (m) (g/t) (g/t) (%) (m)--------------------------------------------------------------------------------------------------------------------------------------------------------BUSY284 4.57 6.09 1.52 0.05 110.0 0.0 993---------------------------------------------------------------------------- 152.40 155.44 3.04(ii) 0.06 891.0 0.1 880----------------------------------------------------------------------------(i)Intercepts calculated at 1 g/t gold + 30 g/t silver cut-off grades forminimum intervals of 0.4 metres, with up to 30% internal dilution. Truewidths not accurately known but generally are between 30% and actual truewidth of the down-hole interval.(ii) Denotes interval of low core recovery.



BUSY284, in the Guacamaya area, 1,700 metres northeast of Yaragua, intersected two intervals of high silver/gold veins at shallow depths below the valley floor, as well as some low-grade gold mineralization. It is not clear if the high silver grades (891 g/t silver) are representative of the full 3.04 metres (from 152.4 metres down-hole) interval due to low core recoveries. The Guacamaya mineralization is the first to be drilled east of the Tonusco Fault. Additional drilling in the area will be undertaken as part of the proposed tailings storage sterilization program.

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 "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.

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 newest hard rock gold producer in Colombia, Continental has commenced the construction of the access tunnel, which will initially provide 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, and 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 the surface projection of veins in the October 2012 mineral resource model on geology-topography base, please visit the following link:

http://media3.marketwire.com/docs/841476FG1.pdf

To view Figure 2 - Plan view of the La Estera area, showing new drilling highlights, near surface sampling and geographic features, please visit the following link:

http://media3.marketwire.com/docs/841476FG2.pdf



Contacts:
Continental Gold Limited
Nisha Hasan
Director, Investor Relations
+1.416.583.5611
info@continentalgold.com
www.continentalgold.com