Continental Gold Inc.
Continental Gold is the leading large-scale gold mining company in Colombia and is presently developing its 100% owned flagship Buriticá project in Antioquia, Colombia. Buriticá is one of the largest and highest-grade gold projects in the world and is being advanced utilizing best practices for mine construction, environmental care and community inclusion. Led by an international management team with a successful record of discovering, financing and developing large high-grade gold deposits in Latin America, the Buriticá project is on schedule with first gold pour anticipated during the first half of 2020.
Newmont Mining owns a 19.9% interest in the Company after investing US$109 million at a 46% premium to the market (at the time) to help fund project construction.
Buriticá Project, Antioquia, Colombia
The Buriticá project is 100% owned and fully permitted, and encompasses an aggregate area of 75,023 hectares in the Antioquia Department in north-western Colombia. Buriticá is located in the middle Cauca belt and is approximately a two-hour drive on the paved Pan-American highway from Medellín, Colombia's second largest city.
On February 24, 2016, the Company announced the results of an independent Feasibility Study that indicates the Buriticá project will be a lowest quartile cost producer and an economically robust, high-grade underground gold mine (a copy of the Feasibility Study is available on the Company's website). Once in production, Buriticá has the potential to approximately double the formal production of gold in Colombia and become the largest single gold mine in the country.
The project is approximately 40 per cent complete and remains on schedule for anticipated first gold pour in the first half of 2020.
Reserves and Resources
The Project's Mineral Reserve and Resource estimates cover both the Yaraguá and Veta Sur vein systems, and include:
The Yaraguá system has been drill-outlined along 1,350 metres of strike and 1,800 vertical metres. The Veta Sur system has been drill-outlined along 1,000+ metres of strike and 1,800 vertical metres. Both systems remain open at depth and along strike, at high grades.
Buriticá: 45,000 Metres of Drilling in H2 2018
Definition Drilling (10,000 metres)
Infill Drilling (25,000 metres)
Step-out and Greenfield Drilling (10,000 metres)
"The Buriticá project continues to demonstrate its prowess as a rare world-class system, both in terms of its size and high grades. The system is so vast that it will take years of drilling to determine just how many ounces of gold will ultimately be mined from the Yaraguá and Veta Sur deposits," stated Ari Sussman, CEO.
Management and Directors
Ari Sussman, Chief Executive Officer and Director
Over 20 years of experience in the mining industry
Instrumental in sourcing, funding and developing mineral assets with a strong focus on Latin America
Raised over C$800 million since 2006 for various companies
Luis Germán Meneses, Country Manager
Over 37 years of senior management experience
Former Executive Vice-President and COO of Cerrejón
Holds a degree in Systems Engineering and a Master of Business Administration (MBA)
Donald Gray, M.Sc., MBA, Chief Operating Officer
Formerly Vice-President, Operations for Tahoe Resources Inc., where he led the construction, commissioning and operating of the flagship Escobal mine
Long-hole mining operational expertise in narrow veins at both La Camorra mine in Venezuela and the Cerro Bayo mine in Chile
Paul Begin, CA, MBA, Chief Financial Officer
Chartered Accountant with over 15 years of experience
Formerly CFO with Hanfeng Evergreen Inc., Trilliant Incorporated and OZZ Corporation
David Reading, MSc. Economic Geology, Special Advisor to CEO
Previously CEO of European Goldfields and General Manager of African exploration for Randgold Resources
Leon Teicher, Chairman of the Board
Former President and CEO of Cerrejón Coal Ltd.
Currently on the board of Cementos Argos
Dr. Kenneth Thomas, P.Eng., Lead Director
President, Canadian Institute of Mining Metallurgy & Petroleum (CIM)
Over 45 years of mining sector experience, including as former Senior Vice-President at Barrick Gold and Kinross
2001 Selwyn G. Blaylock Medal recipient for achievement in international mine design from CIM
Paul J. Murphy, B.Comm, CA, Director
Martin Carrizosa, Director
James (Jim) Gallagher, P.Eng., Director
Stephen Gottesfeld, Director (Newmont Nominee)
Dr. Claudia Jiménez, Ph.D., Director
Christopher Sattler, MBA, Director
On March 20, 2019, Continental Gold Inc. announced a high-grade and robust mineral resource estimate for BMZ1 at the Buritica Project, Colombia.
Continental Gold's Local Supply Chain Program
Total Investment: US$835,266
The Program includes:
On March 15, 2019, Continental Gold Inc. announced that it has obtained a $175-million (U.S.) financing package consisting of (i) $75-million (U.S.) of unsecured convertible debentures being issued to certain investors, including a $50-million (U.S.) debenture from Newmont Mining Corp., and (ii) a $100-million (U.S.) gold and silver stream from Triple Flag Mining Finance Bermuda Ltd.
On March 5, 2019, Continental Gold Inc. has released high-grade gold channel sampling assay results from 12 stope development drifts at its Buritica project in Antioquia, Colombia. High-grade results as follows:
On March 1, 2019, Continental Gold Inc. has released additional high-grade assay results from 10 holes drilled into the Yaraguá system as part of the exploration drilling program at its 100-per-cent-owned Buritica project in Antioquia, Colombia. Continental Gold expands BMZ2 with high-grade intercepts over broad intervals at the Buritica project, key results as follows:
On February 21, 2019, Continental Gold Inc. has released additional high-grade assay results from six holes drilled into the Yaragua vein system as part of the exploration drilling program at its 100-per-cent-owned Buritica project in Antioquia, Colombia. Continental Gold has discovered a third Broad Mineralized Zone (BMZ3) at its Buriticá project with high-grade gold drill results including 5.50 metres @ 202.56 g/t gold equivalent
On January 30, 2019, Continental Gold Inc. has provided an updated mineral resource estimate prepared in accordance with National Instrument 43-101 for its Buritica project in Antioquia, Colombia. The Buritica project remains on schedule for construction completion in the first half of 2020.
On January 28, 2019, Continental Gold Inc. has provided a project update for its Buritica project in northwestern Antioquia, Colombia.
On January 22, 2019, Continental Gold Inc. has released additional high-grade assay results from 15 holes drilled into the Veta Sur system as part of the exploration drilling program at its 100-per-cent-owned Buritica project in Antioquia, Colombia. Drilling results in the Veta Sur system have intercepted high-grade gold over large dimensions measuring approximately 1,000 metres laterally by 1,200 metres vertically.
On January 15, 2019, Continental Gold Inc. has released additional high-grade assay results from underground channel sampling and nine holes drilled into the Yaragua system as part of the underground mine construction and exploration drilling program at its 100-per-cent-owned Buritica project in Antioquia, Colombia. The Company plans to drill up to 73,500 metres in 2019.
New exploration drilling and geological reinterpretation using recently revised lithological and block models have led to the discovery of broad mineralized zone 2 (BMZ2) in the Yaragua system.
Results are as follows:
On December 4, 2018, Continental Gold Inc. announced that its drilling extends BMZ1 to more than 400 vertical metres with high-grade gold intercepts at the Buriticá Project in Antioquia, Colombia. Hole DYR0085 returns 11.50 metres at 52.35 g/t gold and 33.5 g/t silver. BMZ1's total vertical extent now totals more than 400 metres and it remains open at depth for expansion.
On November 27, 2018, Continental Gold Inc. has provided a construction update for its Buritica project in northwestern Antioquia, Colombia. The project remains on schedule, with expected construction completion and first gold pour to take place in the first half of 2020. Commercial production ramp-up is still anticipated approximately six months after first gold pour.
On November 26, 2018, Continental Gold Inc. announced that Mateo Restrepo Villegas has resigned as president of Continental Gold Inc., effective Nov. 30, 2018.