Continental Gold Appoints Mark Moseley-Williams as President & Chief Operating Officer

TORONTO, ONTARIO--(Marketwire - July 14, 2011) - Continental Gold Limited ("Continental" or the "Company") (TSX:CNL) is pleased to announce the promotion of Mark Moseley-Williams to President and Chief Operating Officer of the Company, effective Friday, July 15, 2011. Mr. Moseley-Williams previously served as Continental's Senior Vice President, Operations, a position he has held since May 2010. Ari Sussman will continue his role as Chief Executive Officer.

"Since joining Continental Gold, Mark has continuously demonstrated that he possesses the leadership skills required to build a responsible gold mine at Buriticá," commented Ari Sussman, Chief Executive Officer of Continental. "I look forward to working in conjunction with Mark as we continue advancing along an aggressive path towards commercial production."

Mr. Moseley-Williams has over 16 years of experience in mine construction, expansion projects and operations in North, Central and South America, and holds a BSc. Mining Engineering degree from the Colorado School of Mines and an MBA from the Cranfield School of Management in the United Kingdom. He is a citizen of Colombia and the United Kingdom and, having been raised in Colombia, is fluent in both Spanish and English. Previously, Mr. Moseley-Williams served as Operations Manager for Agnico-Eagle Mines Limited's Pinos Altos Mine in Chihuahua, Mexico where he oversaw all underground and open pit operations as well as the mine's engineering and planning requirements. Prior to joining Agnico-Eagle, he held senior-level positions at Kinross Gold Corporation, Coeur d'Alene Mines Corp., and Fortuna Silver Mines Inc.

"I am honored to assume the new role at Continental Gold," said Mark Moseley-Williams. "I am grateful to the Board of Directors for its vote of confidence and am excited to be a part of a rare high-grade gold company."

Continental Gold currently has nine diamond drills operating at Buriticá and a larger surface drill capable of testing the system to at least the 900-metre level just arrived on site with coring of the first deep diamond drill hole to begin this week.

About Continental Gold Limited

Continental Gold Limited (TSX:CNL) is an advanced-stage exploration company with nine gold projects covering over 197,000 hectares in Colombia. Spearheaded by a management team with over 40 years of exploration and mining experience in South America, the Company has begun an aggressive exploration program on its extensive portfolio of properties with a focus on Buriticá, its flagship high-grade gold project. Additional details on the Buriticá project and the rest of Continental's suite of gold exploration properties is 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, timing of the commencement of operations and estimates of market conditions, 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, as well as those factors discussed in the section entitled "Risks of the Business" in the Company's most recent Annual Information Form and other regulatory filings which are posted on SEDAR at www.sedar.com. 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 applicable securities law.