Continental Gold Ltd.

Continental Gold Ltd.

April 19, 2010 07:00 ET

Continental Gold Limited to Begin Trading on the Toronto Stock Exchange Under the Symbol "CNL" on April 19, 2010

TORONTO, ONTARIO--(Marketwire - April 19, 2010) - Continental Gold Ltd. (TSX:CNL) ("Continental" or "the Company") is pleased to announce that its common shares will commence trading on the Toronto Stock Exchange ("TSX") today, April 19, 2010, under the symbol "CNL".

"I would personally like to thank the Continental team for working diligently on the amalgamation and subsequent listing on the TSX," said Ari Sussman, CEO. Mr. Sussman added, "I look forward to working with our new team to develop Continental's promising projects and move the Company to the next stage."

Continental is an advanced-stage exploration company with an extensive portfolio of gold projects located in established mineral belts in Colombia, South America (see Figure 1). The Company has seven 100%-owned gold projects covering 190,000 hectares and one project that is subject to a joint venture agreement with AngloGold Ashanti as operator. By year-end, Continental plans to complete a combined minimum of 26,000 metres drilling program at its flagship projects, Buriticá and Berlin.

Figure 1: Map of Continental's projects is available at the following web link:

Buriticá Gold Project

Buriticá, Continental's 100%-owned flagship project, is an emerging high-grade gold deposit located in Antioquia Department, 75 km northwest of Medellin. The 18,000-hectare project is accessible by paved roads and boasts excellent infrastructure with power and water readily available.

Buriticá is situated in a mineral-prolific region consisting of high-grade gold veins and disseminated mineralization in breccias and sediments. During the Spanish colonial period, the district was an important producer of gold, principally from colluvial deposits.

The Buriticá district is underlain by a sequence of flysche type sediments and basalts, which are cut by tonalitic intrusions and overlain by a mafic volcanic complex. The Tertiary age Buriticá sequence, a high level intrusion of intermediate composition is affected by propylitic through potassic alteration. A late-stage diatreme breccia cuts the higher temperature phases and is characterized by sericitization and intermediate argillic alteration. Gold mineralization is present in several geological settings including replacements at intrusive contacts, disseminations in the breccia pipe bodies and in a series of bonanza grade veins. It is characterized by pyrite-sphalerite with lesser galena and is associated with late, sericitic alteration.

The mineralization at Buriticá consists of a porphyry-related carbonate base metal vein and breccia system that has yielded numerous important areas of mineralization and several additional targets to be tested. Since the first discovery-hole in late 2007, Continental has completed over 17,000 metres of diamond drilling and over 1,200 metres of underground development at this project.

Berlin Gold Project

Berlin is a 100%-owned gold project located approximately 90 km north of Medellin. The Berlin concessions cover approximately 28,000 hectares and include the historical Berlin Mine. The original Berlin Mine operated from 1930 to 1946 and produced 413,000 oz of gold from a 20-metre thick lens with a production grade of 16 g/t Au and recoveries of 94% (This work was not carried out or certified by a "qualified person" for purposes of NI 43-101 and accordingly, may not be relied upon). To date, surface mapping and sampling indicate excellent potential for large-scale mesothermal veins contained within a large, orogenic gold system. Over 11 km of favorable vein trend in two sub- parallel belts have been outlined with a minimum of 4,000 metres of drilling planned in 2010.

About Continental Gold Limited

Continental Gold Limited is an advanced-stage exploration company with eight gold projects covering 190,000 hectares in Colombia. Spearheaded by a management team with over 40 years of mining experience in South America, the Company plans to conduct an aggressive exploration program to its extensive portfolio with a focus on its flagship high-grade gold project, Buriticá.

Continental's Vice President of Exploration, Stuart Moller, P.Geo, is a "qualified person" under National Instrument 43-101 and has reviewed the technical information contained in this press release.


Except for statements of historical fact relating to Continental, certain information contained herein constitutes "forward-looking information" within the meaning of the Securities Act (Ontario) or "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. Forward-looking statements are frequently characterized by words such as "target", "plan", "expect", "project", "intend", believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties about project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties inherent to conducting business in Colombia and the rest of Latin America, the availability of supplies, unexpected adverse climate conditions, the reliance on only a few key members of management, and other factors. Continental undertakes no obligation to update forward looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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