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Continental Gold Limited - news

TORONTO, ONTARIO–(Marketwire – Feb. 1, 2012) – Continental Gold Limited (“Continental” or the “Company”) (TSX:CNL) is pleased to announce results for nine diamond drill-holes from the Company’s ongoing program at its 100%-owned Buritica Project in Antioquia, Colombia. Ten drills are currently on site as part of the Company’s Phase III, 60,000-metre diamond drill program for 2012.


Yaragua (Figures 1 and 2)


--  Step-out drilling to the west at the Yaragua System has extended the


    strike length of several veins between 50 to 75 metres and the veins


    remain open along strike and at depth. Significant intercepts include 25


    metres @ 13.3 g/t Gold and 16 g/t Silver (including 4.5 metres @ 52.8


    g/t Gold and 16 g/t Silver) in drill-hole BUSY224, which is outside the


    current National Instrument 43-101 ("NI 43-101") compliant resource





--  BUSY238, the first deep penetrating drill-hole to test the Yaragua


    System vertically, was drilled to over 1,000 metres before completion.


    Significant intercepts below the current NI 43-101 resource estimate


    include 36 metres @ 6.7 g/t Gold and 11 g/t Silver. A second deep


    penetrating diamond drill hole is nearing completion and a series of


    deep holes are planned to probe the depth extent of the Yaragua System


    in 2012.



--  Step-out drilling in eastern Yaragua demonstrated that the system


    remains open to the east and at depth. Results outside the current NI


    43-101 compliant resource model include 3.65 metres @ 13.5 g/t Gold and


    552 g/t Silver.


La Mano (Figure 1)



--  BUSY228, the second drill hole completed at La Mano target prior to the


    end of 2011, yielded several high silver/gold mineralized zones at


    shallow depths and, encouragingly, at greater depths. A significant


    intercept to the south intersected 0.6 metres @ 55.4 g/t Gold, 6 g/t


    Silver and 1.42% Zinc. Two diamond drills are presently being mobilized


    to the La Mano target with drilling expected to commence towards the end


    of February. The next assay results from La Mano will be released once


    five to ten holes have been completed and analyzed.



Veta Sur System (Figures 1 and 3)



--  BUSY231, the third deep penetrating drill hole to test the Veta Sur


    system, intersected 5.95 metres @ 125.9 g/t Gold, 66 g/t Silver and 1.6%


    Zinc before the hole ran into technical difficulty and was abandoned at


    approximately 550 metres down-hole, ending in mineralization. This hole


    extended the northern Veta Sur system by more than 100 metres of strike


    length and to a depth of approximately 500 metres from surface outside


    of the current NI 43-101 resource estimate. The reader should be


    cautioned that due to drilling difficulties, a recovery rate of 25% was


    achieved in this portion of the interval and, consequently, the result


    should only be regarded as an indication that high-grade mineralization


    occurs at this depth in the northern portion of the Veta Sur System. The


    Company intends to re-drill this hole in short order.



--  BUSY225 drilled from northern Veta Sur intersected high silver/gold base


    metal-rich mineralization (including 1.9 metres @ 0.5 g/t Gold and 326


    g/t Silver), open laterally and at depth.



--  BUSY226 encountered several broad mineralized intervals (for example 7.2


    metres @ 5.2 g/t Gold and 36 g/t Silver, including 1.55 metres @ 16.3


    g/t Gold and 115 g/t Silver) mainly outside the current resource model.



“Our exploration efforts at Buritica continue to expand the mineralized footprint of the project. The initial deep hole at the Yaragua System and the La Mano intercept bode well for an updated NI 43-101 compliant resource due to be released during the summer of 2012,” commented Ari Sussman, CEO. “The Company is well funded for its exploration and development programs with a $58 million budget for 2012.”


Continental’s 100%-owned, 19,452-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 system and the Veta Sur system, Figure 1) are central to this land package. The Yaragua System has been drill-outlined along 650 metres of strike and 600 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill intersected along 550 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. Continental recently issued a NI 43-101 compliant maiden resource for parts of the Yaragua and Veta Sur systems. See “about Continental Gold” below.


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