TORONTO, ON--(Marketwired - December 07, 2016) - Continental Gold Inc. (TSX: CNL) (OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce approval of the Mining Technical Work Plan (Programa de Trabajo y Obras or "PTO") for the Company's Buriticá project. The Secretary of Mines of Antioquia has issued Resolution No. S2016060095092, formally approving the PTO application submitted in May 2016 to amend the existing PTO to encompass the expansion of the Buriticá project outlined in the Company's Feasibility Study dated March 29, 2016.
As previously announced on November 30, 2016, the Company received the environmental permit for the Buriticá project from ANLA (the Colombian National Authority of Environmental Licenses), which authorizes the Company to expand its current small-scale operating mine to a fully integrated mining and milling operation, including a processing plant up to a maximum of 3,200 tonnes per day. The environmental permit, along with the PTO, represents the necessary permits required by the Company for the Buriticá project to begin formal construction activities and production.
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.
For information on the Buriticá Project, please refer to the technical report, prepared in accordance with NI 43-101, entitled "Buriticá Project NI 43-101 Technical Report Feasibility Study, Antioquia, Colombia" and dated March 29, 2016 with an effective date of February 24, 2016, led by independent consultants JDS Energy & Mining Inc. The technical report is available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com. Additional details on the rest of Continental Gold's suite of gold exploration properties are also available at www.continentalgold.com.
This news release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding completion of the permitting process and approval of the amendment to the environmental license for the Buriticá project, advancing the Buriticá project, and future plans and objectives of the Company, and is based on current expectations that involve a number of significant business risks and uncertainties, including that the environmental license amendment is subject to expiry of a 10-day objection period or resolution of any concerns raised during such period. 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 news 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.