TORONTO, ON--(Marketwired - January 18, 2016) - Continental Gold Inc. (CNL.TO) (CGOOF) ("Continental" or the "Company") announces that national and regional police authorities in Buriticá, Antioquia launched a significant operation to evict illegal miners from unsafe areas near the Company's Veta Sur operations in the Buriticá town during the weekend. The National Mining Agency has ordered local authorities, with the participation of Continental as the legal title holder in the area, to formally close down those illegal operations as a preventative measure in light of the danger from potential landslides and the collapsing of tunnels in areas of illegal mining activity. A Security Council, led by the Buriticá Major and the regional police commander, is in the process of issuing the corresponding eviction orders to remove the miners from several illegal mines in the area. So far miners have been leaving their tunnels peacefully.
The Company's operations are unaffected. The Company´s management and technical teams are on site ready to cooperate with the authorities in the orderly implementation of the government´s orders and to close down several illegal mines.
"Illegal mining is endemic to areas with high-grade gold deposits in Colombia, as it has been throughout history elsewhere in the world. The Colombian government has declared "war on criminal mining" and is deploying its resources to control the activity in various parts of the country. Continental works in very close coordination with the authorities in its area of influence in that regard, as well as protecting our people and assets. Despite the regional emergency of this situation, we think it is a positive sign of the direction of the joint work between the Colombian government and the legitimate owners of titles, especially where projects of national strategic interest, such as Continental's Buriticá Project, are being developed and operated", said Leon Teicher, Executive Chairman of the Board.
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 inLatin 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 "Independent Technical Report and Resource Estimate on the Buriticá Gold Project 2015" and dated August 7, 2015 with an effective date of May 11, 2015, led by independent consultants Mining Associates Limited. 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's suite of gold exploration properties are also available at www.continentalgold.com.
Forward-Looking Statements
Certain information contained in this press release 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.