Continental Gold Appoints Mateo Restrepo as President

TORONTO, ON--(Marketwired - March 14, 2016) - Continental Gold Inc. (TSX: CNL) (OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce the promotion of Mateo Restrepo to President of the Company, reporting to Ari Sussman, Chief Executive Officer, effective April 1, 2016. Mr. Restrepo previously served as Continental's Executive Vice-President.

"Since joining the Company in August 2015, Mateo's energy, strong leadership skills and key relationships have made a positive impact on the Company," commented Ari Sussman. "Based out of our Medellín office, Mateo will work in direct partnership with Donald Gray, Chief Operating Officer. I am confident that their complementary, yet distinct skill sets will result in a seamless transition for the Company as we move into project financing and construction once permitting is completed. Lastly, I would like to thank Leon Teicher, Executive Chairman of the Board, for his effort in helping to prepare Mateo for his new role."

Mr. Restrepo has extensive Colombian experience in mining, infrastructure, and government relations. Most recently, Mr. Restrepo was Vice-President of Corporate Affairs at Prodeco Group (a Glencore subsidiary), Colombia's third largest thermal coal producer, where he was responsible for managing the company's key relationships with the Colombian government, non-government organizations, and national and local stakeholders.

Mr. Restrepo has held various positions with the Colombian Government. In 2009-2010, he was the Senior Counselor to the President of Colombia on Economic Recovery, where he helped form and implement a strategic action plan totaling US$34 billion in infrastructure investments aimed at mitigating the effects of the 2008 global recession on the Colombian economy. From 2005-2008, as Advisor to the Presidency of Colombia, he served as a liaison between the Presidency and the private sector. He led, among other things, the renegotiation of the Port Authorities' contracts and the privatization of government-owned gold mining operations, and supported the recapitalization of various industries which presented a social and economic risk to local communities.

Born in Medellín, Mr. Restrepo holds a Master in Public Administration from Harvard University and a Bachelor of Business Administration from Berkeley College.

"It is a great honor to assume the Presidency of Continental, a company of great importance for the future of mining in Antioquia and Colombia. We have the responsibility to develop the most modern and sustainable underground gold mining project in the country, employing the highest technical, environmental and social standards in the industry," stated Mr. Restrepo. "We are fully committed to contribute positively and significantly to the economic development of western Antioquia and improving the quality of life of its communities. I thank Leon, Ari and the Board of Continental for the confidence placed in me and I reaffirm my total commitment to the Company's success."

"It has been a real pleasure working with Mateo over the past several months. Mateo is a leader and a team player and has precisely the right understanding of what it will take to drive Continental, under Ari´s leadership, to the successful development of this world-class mining operation," stated Mr. Teicher, Executive Chairman. "Mateo is clearly committed to the harmonious and balanced co-existence of a modern, industry leading standards, responsible mine with the continuous enhancement of living standards for the community in the area of influence of the mine, the protection of the natural environment and the contribution to Colombia´s prosperity."

About Continental Gold

Continental Gold Inc. is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Formed in April 2007, the Company - led by an international management team with a successful track record of discovering and developing large high-grade gold deposits in Latin America -- is focused on advancing its high-grade Buriticá gold project to production.

Additional details on the Buriticá project and the rest of Continental's suite of gold exploration properties are available at www.continentalgold.com.

Forward-Looking Statements

Certain information contained in this press release, including statements as to advancing the Buriticá project, achieving commercial production, access to project funding, obtaining necessary permitting for the Buriticá project, continued advancement of the Company's corporate social responsibility program, the Company's strategy, projects, plans or future financial or operating performance constitutes "forward-looking statements", and is based on current expectations that involve a number of significant business risks and uncertainties. Forward-looking statements are subject to 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, an inability to advance the Buriticá project to the next level, 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. Specific reference is made to the most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements, and are made as of the date hereof. The Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.