Editors Note: There are two photos associated with this press
release.
Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) (the "Company")
is pleased to report that underground development commenced as
scheduled on November 22, 2012 at its 100%-owned Buritica project
in Antioquia, Colombia. Two working fronts are being advanced
simultaneously with an initial goal of providing underground
drilling access in order to grow the measured and indicated portion
of the mineral resource estimate prepared in accordance with
National Instrument 43-101 ("NI 43-101") for both the Yaragua and
Veta Sur vein systems ahead of a pre-feasibility study in H1 2014.
Images reflecting recent development activities at Buritica are
presented below.
As announced on October 22, 2012, the first development face is
a 4.5 x 5.0 metre tunnel located in the Higabra Valley at an
elevation of 1,150 metres above sea-level. The tunnel will be
driven into the hillside for approximately 1,000 metres in a
northwest direction before turning due east where it will hit the
projection of the Yaragua vein system, allowing underground infill
and depth extension drilling to commence (Figures 1 and 2).
Presently, 14.4 metres of steel arch-supported development in
oxidized basalts has been completed. It is anticipated that the
development will transition shortly into primary basalts, a strong
working index host rock for development, and development pace will
pick up considerably, as the required installation of steel arches
will cease at that time. Underground diamond drilling from this
tunnel is expected to commence in Q3 2013.
The second development face is a 3.5 metre x 3.5 metre ramp
beside the Veta Sur vein system located at an elevation of 1,700
metres above sea-level (Figure 3). To date, 19.2 metres of steel
arch-assisted development has been completed in oxidized andesitic
rock. Over the next 10 days, development is expected to pass out of
the oxidized rock into primary andesite, with a significant
increase in development pace anticipated. Underground definition
drilling into the Veta Sur vein system is expected to commence in
February 2013.
Furthermore, the Company is planning to initiate a bid process
for the construction of a six kilometre switchback road, with
construction expected to commence in Q3 2013. The road will connect
the existing main paved Buritica road that traverses the Buritica
project at approximately 1,800 metres above sea-level, with the
future infrastructure site in the Higabra Valley at approximately
1,000 metres above sea level (Figure 4).
"I am pleased with the progress to date and impressed with the
ability of our development contractors, Mincivil S.A., Estyma S.A.,
and Latinco S.A., to responsibly and expeditiously mobilize large
development-related equipment down difficult terrain," commented
Mark Moseley-Williams, President and COO. "Prior to the calendar
year-end, we will announce our 2013 development and exploration
plan and, on a go-forward basis, provide regular updates, including
photos on our website."
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. 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 with an effective
date of October 22, 2012, prepared by 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.
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 commenced 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.
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.
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: Future Infrastructure Site and One-kilometre
Underground Access Tunnel in the Higabra Valley", "Figure 2:
One-kilometre Underground Access Tunnel in the Higabra Valley",
"Figure 3: Ramp Accessing Veta Sur System", and "Figure 4:
Six-kilometre Switchback Road Connecting Existing Main Paved Road
with Future Infrastructure Site in the Higabra Valley", please
visit the following link:
http://media3.marketwire.com/docs/continental_gold_fig01-04.pdf
Recent Development Activities at Buritica:
To view the first photo associated with this press release,
please visit the following link:
http://www.marketwire.com/library/20121206-continental_gold_dec6_pic01.jpg
To view the second photo associated with this press release,
please visit the following link:
http://www.marketwire.com/library/20121206-continental_gold_dec6_pic02.jpg
Contacts: Continental Gold Limited Nisha Hasan Director,
Investor Relations +1.416.583.5611info@continentalgold.com
www.continentalgold.com
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