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Continental Gold Provides Update on Buritica Project in Antioquia, Colombia

Continental Gold Limited (the "Company") is pleased to provide details of its 2013 exploration and development plans for the Buriticá project in Antioquia, Colombia.

Exploration Plans (Figure 1)

Recent Development Activities at Buritica: Higabra Valley Tunnel

The Company's 2013 drilling plan will utilize a minimum of seven diamond drill rigs to drill 95,000 metres, with 48,000 metres focused on exploration targets. In light of the early success achieved in drilling the La Estera area, drilling has already resumed and will continue to expand and define the three vein systems discovered in 2012. The next batch of assay results from this area is expected to be released in early February 2013. The remaining budgeted exploration metres will test the San Agustin and the Pinguro areas, with drilling commencing at the beginning of Q2 2013.

The remaining fifty percent of planned drilling will continue to define the Yaraguá and Veta Sur vein systems in order to increase the measured and indicated categories in the current mineral resource estimate. The underground drilling in the Yaraguá vein system is well underway and the Company remains on track to begin underground drilling in the Veta Sur vein system by March 2013. Deep underground drilling in the Yaraguá vein system is expected to commence later in 2013 once the Higabra Valley tunnel development has sufficiently advanced. The next set of assay results from the Yaraguá and Veta Sur vein systems are expected prior to the end of January.

Planned drilling will focus on the following targets:

  • La Estera area exploration - 34,000 metres
  • San Agustin exploration - 9,600 metres
  • Pinguro area exploration - 4,400 metres
  • Yaraguá underground drilling - 27,100 metres
  • Veta Sur underground drilling - 12,000 metres
  • Yaraguá and Veta Sur step-out drilling - 7,900 metres

In addition, the Company plans to release an updated mineral resource estimate prepared in accordance with National Instrument 43-101 in H2 2013, to be followed by a Pre-feasibility Study to be completed in 2014.

Development Update

As announced on December 6, 2012, two production-scale 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 for both the Yaraguá and Veta Sur vein systems. To date, the Company has completed approximately 40 metres of steel arch-supported development on schedule in both the Higabra Valley tunnel and the Veta Sur ramp (Figure 2). It is expected that the development pace will increase as it progresses into stronger working index rocks. Images reflecting recent development activities at Buriticá are presented below.

The bidding process for the construction of a six-kilometre switchback road has been initiated, with bids expected late in the first quarter of 2013. A thorough review of each bid will be undertaken and construction is expected to commence in Q3 2013. The road will connect the existing main paved road at the Buriticá 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.

The Company is currently working on the required studies and analyses for the submission of the final modification of its existing Environmental Impact Assessment to Corantioquia, the autonomous regional corporation responsible for issuing and controlling environmental permits in Antioquia, Colombia. The final environmental permit amendment is anticipated to grant the Company the necessary permits to begin construction of the entire infrastructure required for production. It is expected that the required work and report will be completed and submitted to Corantioquia in H2 2013, with final approval anticipated in 2014.

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