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Continental Gold Announces High-Grade Sampling Results from Four Undrilled Targets at Its Buritica Project, Colombia

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TORONTO, ONTARIO -- (Marketwire) -- 02/28/13 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce the results of surface exploration that has outlined four new precious metal-mineralized systems at the Company's Buritica Project in Antioquia, Colombia. These new prospects are outside of the future Higabra valley infrastructure site ("VIS"), where expansion and resource delineation drilling continues in the Yaragua, Veta Sur, La Estera and San Agustin vein systems.

Highlights

Referenced in Figures 1 and 2

-- 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. Additionally, each of these prospects is situated to the east of the Tonusco fault.-- 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.-- In the Obispo area, northeast-trending and steeply-dipping vein systems have been mapped and partially sampled along approximately 3,500 metres of potential strike length. These veins and a distinct set of intersecting northwest trending veins occur over an elevation range of more than 500 metres and are open in all directions. The Obispo vein sets locally exhibit very high-grade precious metals, accompanied by low to moderate base-metal and high tellurium contents. Highlights of vein sampling include:----------------------------------------------------------------------------Gold Silver Zinc Bismuth Telluriumg/t g/t ppm ppm ppm----------------------------------------------------------------------------188.50 258.0 304 166.0 greater than 500.078.61 106.0 2538 3.6 270.170.09 420.0 645 3.5 229.763.62 92.0 2700 3.0 234.245.80 78.0 801 0.6 129.341.40 436.0 2560 1.3 greater than 200.041.03 55.0 1506 1.1 159.237.38 175.0 984 2.5 126.734.96 227.0 1481 2.1 131.731.85 244.0 862 1.6 159.7----------------------------------------------------------------------------



The geochemical signature of Obispo mineralization is akin to Stage II mineralization in the Veta Sur vein system, but also exhibits highly anomalous vanadium contents, similar to bonanza-grade mineralization at the Porgera gold mine in Papua New Guinea and elsewhere.

-- At Pinguro, soil geochemical work, geological mapping, and near-surface sampling have outlined a 1 square-kilometre area containing multiple families of veins. Two orientations of vein sets have been recognized - north-northwest-striking and east-northeast-striking and moderately southwest-dipping; the latter vein set having potential strike length of over 300 metres, and a vertical extent of more than 300 metres. Rock- chip sampling to date indicates that both vein orientations may exhibit high-grade gold mineralization and are base-metal rich, geochemically similar to Yaragua Stage I mineralization. Highlights of vein sampling include:----------------------------------------------------------------------------Gold Silver Zinc Bismuth Telluriumg/t g/t ppm ppm ppm----------------------------------------------------------------------------88.18 630.0 1531 10.9 5.253.67 80.0 15600 26.1 24.349.9 81.0 19200 71.1 42.436.73 30.0 3604 13.5 8.728.38 77.0 2127 34.9 30.1------------------------------------------------------------------------------ Reconnaissance mapping and sampling has recognized several auriferous vein systems in the 1 square-kilometre Pinguro North area, located proximal to the site of proposed future development in the Higabra valley.-- The Guarco-Pajarito prospect displays broad areas of soil gold and copper anomalism. Within these areas, porphyry gold-copper and vein gold mineralization has been sampled in limited outcrop and by trenching. Auriferous vein systems exhibit low to moderate base-metal contents and are both shallowly and steeply dipping. Systematic sampling of one of the latter veins averaged 5.3 g/t gold and 33 g/t silver over an average width of 0.3 metres along 400 metres of strike length.-- The high-grade vein systems in the Pinguro and Obispo prospects will be drilled as soon as the required regulatory permits are in place, anticipated in Q2 2013.



"Preliminary results from surface exploration are very encouraging and demonstrate further support that there are potentially multiple high-grade mineralized systems outside of the Yaragua and Veta Sur vein systems," commented Ari Sussman, CEO. "We look forward to drill-testing all of these prospects as soon as possible, with Pinguro and Obispo up first."

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 news release documents the initial results of Continental's surface exploration work in the broader Buritica project, in areas spatially separated and distinct from Yaragua, Veta Sur and other prospects drilled to-date.

Systematic exploration, involving ridge-and-spur soil geochemistry, geological mapping and rock-chip sampling has been undertaken in several areas of Continental's tenements judged to be prospective in light of earlier stream sediment geochemistry and geological and geophysical settings. The prime outcome of this work has been the discovery of four precious-metal mineralized systems. Three of the new prospect areas are to the east of the Tonusco fault (Figure 1) - Pinguro North and Pinguro are, respectively, 1 and 3 kilometres to the south, and Obispo is 6 kilometres to the southeast, of the VIS. The Guarco-Pajarito prospect is 4 to 10 kilometres to the northwest of the central Buritica project area (Figure 2). Each of the prospects displays distinctive styles of mineralization, including precious metal-bearing vein systems, spatially related to andesitic/microdiortic intrusions similar to those in the central project area.

Obispo Vein Target

In this area, northeast-trending, steeply-dipping vein systems have been outlined and partially sampled along approximately 3,500 metres of potential strike length (Figure 1). These vein sets and an intersecting set of northwest-trending veins occur over an elevation range of more than 500 metres and are open in all directions. The Obispo vein system is localized in a radiometric anomaly, which corresponds to phyllicly-altered late Cretaceous tonalitic pluton containing inclusions and lenses of Cretaceous metasediments that are intruded by the pluton. Small bodies of Tertiary andesite porphyry crop out in the mineralized area.

The Obispo vein sets locally exhibit very high-grade precious metals, accompanied by low to moderate base-metal and high tellurium contents. Highlights of channel-chip and soil sampling are listed in Table I and outlined in Figure 1.

Table I: Vein Sampling Highlights, Obispo----------------------------------------------------------------------------SampleID Gold Silver Zinc Lead Copper g/t g/t ppm ppm ppm----------------------------------------------------------------------------S907814 188.50 258.0 304 37 1590904261 78.61 106.0 2538 3239 1514904198 70.09 420.0 645 2715 1598904196 63.62 92.0 2700 3713 1616904164 45.80 78.0 801 1364 1416907462 41.40 436.0 2560 5210 4870(i)904162 41.03 55.0 1506 4740 1568904183 37.38 175.0 984 2229 1015904184 34.96 227.0 1481 3247 1157904178 31.85 244.0 862 268 657906061 29.68 16.0 38 41 4844904188 22.92 160.0 361 223 575904157 21.97 329.0 1186 501 1771904148 21.86 33.0 945 2903 904904163 21.18 149.0 509 2903 1255906049 20.10 33.0 845 4096 1730904191 18.73 82.0 729 1636 279904153 13.51 123.0 433 783 887904159 10.05 47.0 212 838 340904161 9.58 30.0 390 299 416904177 9.37 76.0 592 766 166904146 8.18 129.0 1770 3126 1507906070 8.04 137.0 647 2585 93906037 7.88 6.2 327 534 316904204 7.54 184.0 379 805 989904167 6.78 113.0 624 2105 865904169 5.51 176.0 691 3502 796907458 5.49 31.9 293 863 155907148 5.47 238.0 901 121 224906053 5.12 13.0 340 2683 369906005 4.22 75.0 731 2491 196904176 3.72 60.0 1141 1186 412906007 3.18 13.0 248 440 76904197 3.11 51.0 515 3262 586906008 3.03 6.6 1281 5261 648907146 2.77 11.9 243 90 246906045 2.27 14.0 98 275 191904166 2.27 42.0 707 659 361904165 2.26 57.0 480 869 407904199 1.98 106.0 265 1784 408907471 1.90 2.9 116 51 60907470 1.68 3.8 150 47 32904175 1.51 16.0 432 246 75904160 1.35 5.2 2189 723 454906048 1.29 65.0 130 6720 188S907810 1.17 16.5 334 152 136904174 1.08 9.2 684 1264 161906006 1.01 11.0 488 812 59----------------------------------------------------------------------------SampleID Arsenic Bismuth Antimony Tellurium Vanadium ppm ppm ppm ppm ppm---------------------------------------------------------------------------- greater thanS907814 106 166.0 6 500.0 148904261 652 3.6 225 270.1 140904198 595 3.5 822 229.7 1763904196 566 3.0 211 234.2 427904164 308 0.6 220 129.3 105 greater than907462 687 1.3 1150 200.0 153(i)904162 233 1.1 879 159.2 186904183 320 2.5 336 126.7 201904184 257 2.1 298 131.7 107904178 293 1.6 809 159.7 599906061 128 0.2 19 26.0 71904188 232 2.2 118 135.5 874904157 953 0.9 971 159.9 119904148 287 1.5 146 107.0 441904163 266 0.8 366 76.0 228906049 395 0.2 1866 20.8 463904191 147 1.0 132 64.9 190904153 220 0.4 336 73.9 123904159 62 0.3 102 57.7 239904161 40 0.6 192 72.9 111904177 242 1.2 103 34.8 547904146 208 0.7 678 127.6 306906070 259 1.3 481 63.8 509906037 494 0.1 50 4.9 290904204 250 0.9 257 37.5 700904167 69 1.1 368 102.9 755904169 96 1.1 462 84.3 366907458 285 0.8 81 26.8 150907148 229 2.7 1465 53.5 1290906053 156 5.8 74 4.1 1325906005 180 1.4 146 13.0 46904176 178 0.8 128 29.0 318906007 363 0.2 35 1.1 193904197 188 1.1 84 11.1 260906008 223 0.3 77 8.1 228907146 54 0.4 4 6.4 48906045 466 0.1 52 6.7 4192904166 41 0.5 96 21.5 203904165 29 1.0 268 45.1 213904199 119 0.5 40 9.3 72907471 1140 0.0 211 0.1 478907470 1080 0.0 224 0.1 401904175 39 0.8 29 7.3 281904160 67 0.1 201 11.9 160906048 147 1.4 496 14.8 85S907810 98 34.4 1 5.7 443904174 42 0.5 30 4.1 69906006 207 0.1 36 1.3 117----------------------------------------------------------------------------(i)Rock-chip/ channel and soil samples (designated SampleID) above 1 g/tgold. Sample true widths average 0.32 metres. Background vanadium valuesaverage 50 ppm.



The geochemical signature is akin to Stage II mineralization in the Veta Sur system, but also exhibits highly anomalous vanadium contents, similar to bonanza grade mineralization at the Porgera gold mine in Papua New Guinea and elsewhere.

Pinguro Vein Target (Figure 1)

The Pinguro prospect is located in a 1 square-kilometre area containing multiple families of auriferous veins, outlined by soil geochemical work, geological mapping and near-surface rock-chip sampling. Two orientations of vein sets have been recognized, north-northwest-striking and east-northeast-striking and moderately southwest-dipping, the latter vein sets with potential strike lengths of over 300 metres, vertical extents of potentially more than 300 metres and open in all directions. Country rocks are mainly Cretaceous metabasalts and metasediments locally intruded by andesitic bodies.

Limited rock-chip sampling indicates that both vein orientations may exhibit high-grade, gold-silver mineralization. Highlights of vein channel sampling are included in Table II and outlined in Figure 1 along with gold-anomalous soil samples.

Table II: Vein Sampling Highlights, Pinguro----------------------------------------------------------------------------SampleID Gold Silver Zinc Lead Copper g/t g/t ppm ppm ppm----------------------------------------------------------------------------906020 88.18 630.0 1531 17300 1069906014 53.67 80.0 15600 221 682904132 49.9 81.0 19200 662 5881906025 36.73 30.0 3604 1155 741906015 28.38 77.0 2127 403 841904133 11.6 156.0 7372 232 1286906021 8.63 15.0 8021 129 330904134 7.88 95.0 3679 140 511904129 6.23 30.0 2420 106 349904104 3.66 108.0 5469 1371 205906022 2.79 4.7 616 82 164904128 2.70 7.0 1716 45 603907125 1.93 2.2 40 3 23904105 1.73 8.3 2122 127 171--------------------------------------------------------------------------------------------------------------------------------------------------------SampleID Arsenic Bismuth Antimony Tellurium Vanadium ppm ppm ppm ppm ppm----------------------------------------------------------------------------906020 6299 10.9 1643 5.2 271906014 774 26.1 34 24.3 132904132 902 71.1 278 42.4 143906025 265 13.5 10 8.7 369906015 866 34.9 54 30.1 94904133 434 17.3 453 10.3 110906021 630 3.8 71 1.1 127904134 393 4.7 285 0.5 43904129 556 8.8 119 2.9 158904104 272 1.4 111 1.1 47906022 149 1.7 7 0.6 283904128 114 1.9 26 1.2 274907125 2640 0.0 66 0.2 119904105 140 0.7 24 0.1 266----------------------------------------------------------------------------(i)Rock-chip/ channel above 1 g/t gold. Sample true widths average 0.41metres.



Sampling to date indicates that most of the Pinguro gold-silver veins are base-metal rich and geochemically similar to Yaragua Stage I mineralization.

Pinguro North Vein Target (Figure 1)

Reconnaissance mapping and sampling has recognized several auriferous vein systems in the 1 square-kilometre Pinguro North area, close to the VIS. Three sets of vein orientations have been observed over a 400-metre range of elevations, but the lateral extents of the vein systems remain to be clarified. Country rocks are mainly Cretaceous metabasalts and metasediments intruded in some areas by Tertiary andesitic bodies.

Sampling to date (Table III and Figure 1) has indicated mainly base-metal poor, gold+/-silver bearing veins. One carbonate-rich vein sample has a 1,445 g/t silver grade. A vein sample in the northeast of the area, assaying 1.77 g/t gold and 18 g/t silver, exhibits highly anomalous tellurium and vanadium contents similar to the geochemical signature of mineralization in the Obispo prospect further east.

Table III: Rock-chip Sampling Highlights, Pinguro North----------------------------------------------------------------------------SampleID Gold Silver Zinc Lead Copper g/t g/t ppm ppm ppm----------------------------------------------------------------------------906984 3.58 15.7 97 81 532906031 3.36 9.0 34 14 54906985 2.78 9.9 272 44 125906991 2.70 3.6 75 12 179906996 2.62 2.3 57 6 110906994 2.57 6.5 62 8 115907164 2.38 35.2 661 156 160907457 1.77 18.1 45 4 98906989 1.71 2.2 605 66 78906990 1.71 3.7 57 7 82906921 1.71 2.3 74 4 11906999 1.68 7.5 46 7 64906933 1.58 0.7 64 8 26906944 1.39 0.8 42 6 23906995 1.39 5.9 93 7 179907414 1.34 0.3 27 1 7907453 1.31 9.1 79 29 37906997 1.28 8.0 46 5 69907454 1.07 9.7 128 21 65906983 1.01 4.8 64 19 385907166 0.11 1445.0 433 581 7830--------------------------------------------------------------------------------------------------------------------------------------------------------SampleID Arsenic Bismuth Antimony Tellurium Vanadium ppm ppm ppm ppm ppm----------------------------------------------------------------------------906984 518 -0.01 249 1.1 156906031 420 -0.04 43 3.2 781906985 110 -0.01 44 7.2 113906991 506 0.01 63 2.0 416906996 512 -0.01 48 1.2 303906994 384 -0.01 31 3.8 329907164 5220 0.01 126 0.4 265907457 114 0.01 53 10.2 1690906989 204 -0.01 40 1.0 240906990 237 -0.01 57 1.7 355906921 94 -0.01 10 1.7 722906999 221 -0.01 36 3.0 338906933 412 -0.01 98 0.2 231906944 236 -0.01 28 0.5 282906995 259 0.01 37 3.3 388907414 137 -0.01 11 0.3 101907453 449 0.04 59 0.8 338906997 281 -0.01 26 6.9 437907454 194 0.02 82 0.9 219906983 188 -0.01 89 0.7 165907166 2880 -0.01 5630 -0.1 39----------------------------------------------------------------------------(i)Rock-chip/ channel above 1 g/t gold-equivalent (Au + Ag/50 g/t). Sampletrue widths average 0.52 metres.



Guarco-Pajarito Vein Target (Figure 2)

The Guarco-Pajarito prospects are located 4 to 10 kilometres to the northwest and west-northwest respectively of the Yaragua vein system.

The Guarco area exhibits extensive areas of soil gold and also copper-gold anomalism spatially associated with microdiorite intrusions. The latter anomalies (greater than 500 ppm copper) are up to 200 and 500 metres in extent and overlie porphyry gold-copper style mineralization evidenced by quartz-magnetite stockworks and weak potassic alteration. Higher grade (0.5 g/t to 6.47 g/t) gold-in-soil anomalies occur within, and also separated from the broad gold and copper anomalies. Mapping and limited rock chip sampling of outcrop, trenches and artisanal workings (Table IV and Figure 2) indicate that the higher grade anomalies are associated with vein and sheeted-vein style gold mineralization (channel samples are up to 5.6 g/t gold), variably enriched in copper, zinc and arsenic. Both shallowly and steeply dipping vein sets have been observed but strike and vertical extents remain unknown. The geochemical characteristics, associated alteration and morphology of the mineralization is consistent with moderate to high temperature styles compatible with their intrusion proximal character and the deeper erosion levels inferred for the Guarco area.

Gold and copper soil anomalism is less extensive in the Pajarito area, where mineralization sampled to date (Table IV and Figure 2) appears to be of vein styles, channel samples including 10.1 g/t gold, 9.5 g/t gold and 44 g/t silver. Both steeply and shallowly-dipping vein sets have been observed in outcrop, trenches and artisanal workings. Systematic sampling of one of a family of veins with Yaragua orientations averaged 5.3 g/t gold and 33 g/t silver over an average width of 0.3 metres along 400 metres of strike length.

Table IV: Sampling Highlights, Guarco-Pajarito----------------------------------------------------------------------------SampleID Gold Silver Zinc Lead Copper Arsenic Bismuth Antimony g/t g/t ppm ppm ppm ppm ppm ppm----------------------------------------------------------------------------906219P 10.10 1.8 23 10 11 908 0.1 18.4215392P 9.50 44.2 - - - - - -215393P 7.70 43.8 - - - - - -S905236 6.47 1.6 161 11 31 42 0.5 0.6903113P 6.11 3.5 157 16 25 1586 0.1 33.3215388P 6.00 29.3 - - - - - -902579 5.55 6.3 977 61 930 251 -2.0 11.0S903263P 4.71 1.0 93 6 175 3 0.0 0.6215389P 4.70 48.0 - - - - - -906221P 3.70 1.0 60 13 15 421 0.1 22.5215390P 3.30 52.7 - - - - - -903065P 3.26 37.0 1160 243 283 1185 2.0 53.0215395P 3.20 12.5 - - - - - -215396P 2.70 22.2 - - - - - -225061 2.52 1.6 220 9 8 95 0.7 2.6906276 2.33 1.7 71 6 1023 11 0.2 2.2903105P 2.15 11.0 27 24 125 2228 0.5 117.4906335P 1.41 4.6 1610 14 4410 18.9 0.3 1.5906626 1.34 0.5 28 7 185 3 0.7 0.9906307 1.27 0.8 56 6 927 5 0.1 1.4----------------------------------------------------------------------------(i)Rock chip/ channel (Pajarito samples labeled SampleIDP) and soil samples(designated SampleID) above 1 g/t gold-equivalent (Au + Ag/50 g/t) Sampletrue widths average 0.8 metres.



Further work will be undertaken to clarify potentially bulk tonnage and vein system drill targets in the Guarco-Pajarito area.

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. Reconnaissance soil samples are taken at regular intervals along ridges and spurs and mostly comprise 2-3 kilograms of Zone C soils. Where exposure permits rock chip sampling is undertaken in channels across the apparently mineralised entities and their wall rocks, assay samples typically greater than 2 kilograms mass. Soil and rock samples are 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. Gold is fire-assayed with instrumental & gravimetric finishes on 30gram aliquots, other elements by instrumental finishes on the products of four-acid digestions, overlimits values re-assayed by element specific methods. 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. Crush rejects and pulps are returned and stored in a secured storage facility for future assay verification.

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 International 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 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.

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. The term "resource" does not equate to the term "reserves." Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. 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. The requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. 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 Pinguro North, Pinguro, and Obispo Prospects, Showing Highlights of Surface Sampling, Inferred Vein Domains on Geology-topography and the Yaragua and Veta Sur Vein Systems with Related Proposed Infrastructure" please visit the following link: http://media3.marketwire.com/docs/Figure1_cnl02282013.pdf.

To view "Figure 2 - Plan view of the Guarco-Pajarito Prospects, Showing Highlights of Surface Sampling, Inferred Vein Domains on Geology-topography and the Yaragua and Veta Sur Vein Systems with Related Proposed Infrastructure" please visit the following link: http://media3.marketwire.com/docs/Figure2_cnl02282013.pdf.



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



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