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Continental Gold Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  155 Wellington Street West, Suite 2920
Toronto, Ontario
Canada M5V 3H1
Tel No.: 416-583-5610
Toll Free No.: 1-877-273-8228
Web Site: www.continentalgold.com
E-mail: info@continentalgold.com
Contact Person: Investor Relations
Position: Investor Relations


Company Data

Traded Market: TSX / OTCQX
Traded Symbol: CNL / CGOOF
Outstanding Shares: 188.5 million
52 Week High: $ 4.13
52 Week Low: $ 1.98
Present Price: Click Here


Introduction

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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.

Why Colombia?

  • Most unexplored and prospective country in Latin America
  • Strong pro-business, right-leaning government in place


FLAGSHIP PROJECT

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:

  • Proven and Probable Reserves of 3.71 million gold ounces and 10.72 million silver ounces (13.72 million tonnes at 8.4 g/t Au and 24.3 g/t Ag)
  • Measured & Indicated mineral resources of 4.71 million gold equivalent ounces (12.89 million tonnes at 11.4 g/t AuEq)
  • Inferred mineral resources of 4.8 million gold equivalent ounces (15.6 million tonnes at 9.5 g/t gold AuEq)

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.

  • The Company anticipates releasing an updated mineral resource estimate and mine plan in Q1 2019. With increased understanding of both the geologic controls and mineability of the Yaraguá and Veta Sur deposits, the Company expects that the updated mineral resource estimate and mine plan have the potential for larger, more productive stopes in the broader mineralized zones. As a result, the Company anticipates that the updated mine plan will improve mining productivity and reduce associated project start-up risks.

Buriticá: 45,000 Metres of Drilling in H2 2018

Definition Drilling (10,000 metres)

  • Focusing on broad mineralized zones (BMZs)

Infill Drilling (25,000 metres)

  • Prep areas ahead of definition drilling
  • Infill areas where high-grade gold intercepts occur outside of current NI 43-101 resource estimate

Step-out and Greenfield Drilling (10,000 metres)

  • Extend Veta Sur vertically
  • Laurel and Perseus Targets

Laurel Target

  • New discovery confirmed May 2, 2018; remains open in all directions
  • Soil geochemistry outlines significant size target similar to Yaraguá
  • Sparsely drilled over significant dimensions measuring 1,285m strike X 1,250m vertically
    • 1.45m @ 84 g/t gold, 7 g/t silver (BUUY258)
    • 3.5m @ 13.3 g/t gold, 181 g/t silver (BUSY342)
    • 9.83m @ 16.1 g/t gold, 50 g/t silver (BUSY332)
    • 3.58m @ 6.8 g/t gold, 1,061 g/t silver (BUSY292)

Perseus Target

  • Robust soil geochemical anomaly
  • Multiple veins mapped and sampled
  • Measures 500m X 200m and open

"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.

BURITICÁ RESOURCE STATEMENT 3G/T AU CUT-OFF
EFFECTIVE JANUARY 26, 2019

Resource

Grades

Metal

Category

Tonnes
(M)

Gold
(g/t)

Silver
(g/t)

Gold
Equivalent
(g/t)

Gold
(Moz)

Silver
(Moz)

Gold
Equivalent
(Moz)

Yaraguá & Veta Sur Vein System

Measured

1.28

14.5

61.2

15.5

0.6

2.5

0.64

Indicated

14.16

10.18

40.1

10.9

4.63

18.3

4.94

M&I

15.45

10.54

41.8

11.2

5.23

20.8

5.58

Inferred

20.36

8.87

39.3

9.5

5.81

25.8

6.24

Broad Mineralized Zone (BMZ)

Measured

0.12

5.15

14.7

5.4

0.02

0.1

0.02

Indicated

0.46

4.5

11.6

4.7

0.07

0.2

0.07

M&I

0.58

4.64

12.3

4.8

0.09

0.2

0.09

Inferred

1.51

4.41

9.4

4.6

0.21

0.5

0.22

Total

Measured

1.4

13.7

57.2

14.7

0.62

2.6

0.66

Indicated

14.62

10

39.2

10.7

4.7

18.4

5.01

M&I

16.02

10.32

40.8

11

5.32

21

5.67

Inferred

21.87

8.56

37.3

9.2

6.02

26.2

6.46

Investment Highlights

  • Most advanced modern gold mining company in Colombia
    • First mover advantage in Colombia: operating for over 10 years
  • Flagship Buriticá project is one of the largest and highest grade gold projects in the world
    • Will be Colombia's largest gold mine
    • Currently in construction
    • Production of up to 300,000 oz/year
    • First gold pour anticipated in H1 2020
  • Colombian leader in best practices for mine construction, environmental care and community inclusion


Management

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


News Update

On September 09, 2019, Continental Gold Inc. has released high-grade channel sampling assay results from seven development drifts being prepared as part of the underground construction at its 100-per-cent-owned Buritica project in Antioquia, Colombia. Development of the Buritica project remains on schedule with first gold pour anticipated in the first half of 2020. Continental Gold Inc. announced that high grade gold channel sampling results from underground development drifts at Buritica, including 41.56g/t gold along 42 metres of strike.

On August 7, 2019, Continental Gold Inc. has released photos showing construction advancements at its flagship Buritica project in northwestern Antioquia, Colombia. The project remains on schedule for construction completion and first gold pour in the first half of 2020.

On July 25, 2019, Continental Gold Inc. has released high-grade assay results for 11 diamond drill holes drilled into the eastern portion of the Yaragua system at its 100-per-cent-owned Buritica project located in western Antioquia, Colombia.

  • 40.20 metres @ 6.43 g/t gold and 19.3 g/t silver (BUSY424)
  • 23.00 metres @ 7.27 g/t gold and 53.0 g/t silver (BUSY433)
  • 11.10 metres @ 8.43 g/t gold and 2.6 g/t silver (BUSY418)
  • 10.10 metres @ 7.40 g/t gold and 6.0 g/t silver (BUSY423)
  • 9.75 metres @ 10.59 g/t gold and 5.5 g/t silver (BUSY426)
  • 19.10 metres @ 3.08 g/t gold and 17.4 g/t silver (BUSY435)

On July 12, 2019, Continental Gold Inc. announced that its investor Newmont Goldcorp Corp. has elected to exercise its right to maintain its pro rata ownership of 19.9 per cent of the Company, which was triggered as a result of the previously announced non-brokered private placement with Eric Sprott. Accordingly, the Company will issue 3,038,765 common shares to Newmont at a price of $3.10 per share for gross proceeds of approximately $7.2-million (U.S.), which will be used for general working capital and corporate purposes. The Company has received conditional approval from the Toronto Stock Exchange and expects closing to occur next week.

On July 5, 2019, Continental Gold Inc. announced that it has closed its previously announced non-brokered private placement with Eric Sprott through 2176423 Ontario Ltd. (a company which he beneficially owns), pursuant to which the Company issued 10,645,200 common shares of the Company for a total investment of $25-million (U.S.). The proceeds of the private placement will be used for general working capital and corporate purposes.

On June 25, 2019, Continental Gold Inc. announced that it has closed its previously announced $100-million (U.S.) gold and silver stream transaction with Triple Flag Mining Finance Bermuda Ltd. Proceeds from the stream will be used for general and working capital purposes, as well as for the construction, commissioning and start-up of the Company's Buritica project, located in Antioquia, Colombia.

On June 24, 2019, Continental Gold Inc. announced that Eric Sprott has agreed to purchase 10,645,200 common shares of Continental Gold Inc. at a price of $3.10 per share, representing a 2.9-per-cent discount to the five-day volume weighted average price ended June 21, 2019, for a total investment of approximately $25-million (U.S.) in a non-brokered private placement. The proceeds of the private placement will be used for general working capital and corporate purposes.

On June 6, 2019, Continental Gold Inc. has released a construction progress video showing advancements made at its flagship Buritica project in northwestern Antioquia, Colombia. The project remains on schedule for construction completion and first gold pour in the first half of 2020.

On June 4, 2019, Continental Gold Inc. announced high-grade gold channel sampling results from underground development drifts at its 100-per-cent-owned Buritica project in Antioquia, Colombia, including 25.11 g/t gold equivalent along 31 metres of strike.

Highlights:

  • New channel sampling results, from underground development drifts being evaluated for stope design in three areas of the Buritica project currently under preparation for mine start-up in 2020, have returned high grades of gold and silver over significant strike lengths in both the Yaragua and Veta Sur systems, with results as follows:
    • 31 metres at 24.09 grams per tonne gold and 76.22 g/t silver at 2.26 m width;
    • 35 metres at 18.26 g/t gold and 104.70 g/t silver at 2.24 m width;
    • 35 metres at 14.24 g/t gold and 56.81 g/t silver at 2.25 m width;
    • 45 metres at 10.60 g/t gold and 124.36 g/t silver at 2.25 m width;
    • 46 metres at 10.07 g/t gold and 25.35 g/t silver at 2.24 m width;
    • 10 metres at 58.55 g/t gold and 85.78 g/t silver at 2.24 m width;
    • 32 metres at 9.46 g/t gold and 88.26 g/t silver at 2.21 m width;
    • 19 metres at 9.53 g/t gold and 10.44 g/t silver at 2.23 m width;
    • 51 metres at 8.61 g/t gold and 41.47 g/t silver at 2.25 m width.

On May 16, 2019, Continental Gold Inc. has released the high-grade assay results from the initial 12 holes drilled into BMZ4, a new discovery located in the easternmost part of the Yaragua system at its 100-per-cent-owned Buritica project in Antioquia, Colombia. The company plans to drill up to 73,500 metres in 2019, consisting of approximately 55,000 metres of capitalized definition drilling and approximately 18,500 metres of exploration drilling targeting broad mineralized zone (BMZ) targets.

On April 15, 2019, Continental Gold Inc. has released high-grade channel sampling assay results from three development drifts where up to five stope areas are being prepared for production as part of the underground construction at its 100-per-cent-owned Buritica project in Antioquia, Colombia. Development of the Buritica project remains on schedule with first gold pour anticipated in the first half of 2020.

Highlights:

  • New channel sampling results, being used for stope design in three areas of the Buritica project currently under preparation for mine start-up in 2020, have returned high grades of gold and silver over significant strike lengths with results as follows:
    • 78 metres at 13.44 grams per tonne gold and 197.80 g/t silver at 2.26 m width;
    • 30 metres at 13.84 g/t gold and 44.42 g/t silver 2.26 m width;
    • 19 metres at 19.36 g/t gold and 69.00 g/t silver at 2.24 m width;
    • 47 metres at 8.63 g/t gold and 114.37 g/t silver at 2.24 m width.
  • The weighted average gold grade of the development drifts measures 12.89 g/t gold or 53 per cent higher than the proven and probable mineral reserve grade of 8.4 g/t gold for the Buritica project.
  • Remarkable continuity and consistent gold-grades were observed in all stope development drifts, with total drift sampling measuring 174 m strike length.
  • Face channel sampling in the drifts often includes gold mineralization that extends beyond anticipated stope limits, indicating potential for mineralized overbreak dilution during extraction.
  • Lateral underground development for the project continues to be ahead of schedule, with 1,068 metres completed in March against 972 metres planned.

On April 08, 2019, Continental Gold Inc. reported that the company has appointed Ana Milena Vasquez as senior vice-president, external affairs and sustainability. Ms. Vasquez joined the company on April 1, 2019, and is based in the company's office in Medellin, Colombia.

On April 02, 2019, Continental Gold Inc. has released additional high-grade assay results from 15 holes drilled into the Yaragua system as part of the infill and definition 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, consisting of approximately 55,000 metres of capitalized definition drilling and approximately 18,500 metres of exploration-led infill drilling primarily targeting the BMZ. Drilling result highlights include 17.20 metres at 99.95 grams per tonne gold and 21.6 g/t silver, including an ultrahigh-grade subinterval of 0.60 metre at 2,843.77 g/t gold and 560.9 g/t silver.

On March 27, 2019, Continental Gold Inc. reported the construction of the overall Buritica project is 56 per cent complete and remains on schedule for completion and first gold pour in the first half of 2020. Ramp-up to commercial production is anticipated approximately six months thereafter.

On March 20, 2019, Continental Gold Inc. announced a high-grade and robust mineral resource estimate for BMZ1 at the Buritica Project, Colombia.

BMZ1 Mineral Resource Statement at a 3 g/t Cut-off
Effective January 30, 2019

Resource

Grades

Metal

Category

Tonnes

Gold
(g/t)

Silver
(g/t)

Gold
(oz)

Silver
(oz)

Measured

206,980

24.29

37.3

161,600

248,300

Indicated

621,880

10.77

18.2

215,300

363,000

M&I

828,870

14.15

22.9

377,000

611,000

Inferred

141,150

5.37

12.1

24,400

55,000

Continental Gold's Local Supply Chain Program

Total Investment: US$835,266

The Program includes:

  • Identification and analysis of companies and markets
  • Training and technical assistance: administrative, legal, technical, marketing and quality areas as well as business model
  • Joint management with strategic partners

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:

  • 2.23 metres at 16.95 grams per tonne gold and 20.42 g/t silver along 78 metres (stope areas 1 and 2).
  • 2.2 metres at 5.95 g/t gold and 8.77 g/t silver along 78 metres (stope areas 3 and 4);
  • 2.22 metres at 11.11 g/t gold and 46.17 g/t silver along 26 metres (stope area 7);
  • 3.91 metres at 8.06 g/t gold and 32.83 g/t silver along 33 metres (stope area 8);
  • 2.22 metres at 24.75 g/t gold and 47.39 g/t silver along 34 metres (stope area 9);
  • 4.17 metres at 16.17 g/t gold and 23.69 g/t silver along 46 metres (stope area 10);
  • 2.23 metres at 15.81 g/t gold and 28.16 g/t silver along 55 metres (stope areas 11 and 12).

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:

  • 27.40 metres @ 9.04 g/t gold equivalent (BUSY402)
  • 12.10 metres @ 19.02 g/t gold equivalent (BUSY398)
  • 8.50 metres @ 18.63 g/t gold equivalent (BUSY399)
  • 4.60 metres @ 28.37 g/t gold equivalent (BUSY399)
  • 5.20 metres @ 18.35 g/t gold equivalent (BUSY397

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.

  • Measured and indicated mineral resources for the combined vein systems have increased by approximately 19 per cent to 5.58 million gold equivalent ounces (15.45 million tonnes grading 10.54 grams per tonne gold and 41.8 grams per tonne silver).
  • Inferred mineral resources for the combined vein systems has increased by approximately 30 per cent to 6.24 million gold equivalent ounces (20.36 million tonnes grading 8.87 grams per tonne gold and 39.3 grams per tonne silver).

On January 28, 2019, Continental Gold Inc. has provided a project update for its Buritica project in northwestern Antioquia, Colombia.

Highlights

  • An updated mineral resource estimate for the project is progressing well and ahead of schedule.
  • The project remains on schedule for construction completion and first gold pour in the first half of 2020. Ramp-up to commercial production is anticipated approximately six months thereafter.
  • Underground development is nearly 55 per cent complete, with 7,864 metres lateral development completed (as of Dec. 31, 2018). If the current development rate persists, the company will complete the required preproduction development ahead of schedule; this would allow crews to start the year 1 production development earlier, providing access to additional stope areas.
  • Top sill development is advancing well for 10 stopes in the Yaragua system and two stopes in the Veta Sur system; ground conditions within these areas continue to meet design expectations.
  • Major mill and infrastructure equipment components have arrived in country and have been delivered to either the project's laydown facility or to site. Approximately 80 per cent of the structural steel has been fabricated and delivered.
  • The mechanical contractor has arrived at site and crews have begun preparations for mechanical installation and structural steel erection.
  • The 110-kilovolt power line installation remains on schedule for completion in Q3 2019.

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:

  • 20.10 metres of 9.12 grams per tonne gold equivalent (BUSY391, 1,339-metre elevation);
  • 8.70 metres of 9.32 grams per tonne gold equivalent (BUSY390, 1,380-metre elevation);
  • 10.05 metres of 7.38 grams per tonne gold equivalent (BUSY393, 1,346-metre elevation);
  • 37.95 metres of 3.25 grams per tonne gold equivalent (BUUY410, 1,421-metre elevation).

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.


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