good news out... all fine here .. developement ahead of schedule + visible gold ....
TORONTO, ON--(Marketwired - August 21, 2017) - Continental Gold Inc. (CNL.TO)(CGOOF) ("Continental" or the "Company") comments that, at this time, the Company is unaware of any specific reason contributing to the recent decline in the Company's share price. Excellent progress is being made at the Company's flagship Buritic gold project (the "Project") with early construction, engineering and procurement activities remaining on or ahead of schedule.
The Company continues to ramp-up mine development, which began in January 2017 well ahead of the January 2018 development start date outlined in the February 2016 feasibility study for the Project. Major development equipment has been arriving per this early start-up plan, allowing the Company's miners to move from conventional mining activities to mechanized development. Focused training has resulted in development efficiencies increasing faster than anticipated. The mining fleet will increase to three jumbos with September delivery of the Company's second two-boom jumbo. This accelerated development start date reduces the risk of not completing mine development needed for production start-up, anticipated for the first half of 2020.
Site preparation is rapidly advancing with the first concrete pour planned for late fourth quarter 2017. The recently completed single-lane access road, connecting the existing Buritic-municipal paved road to the Higabra Valley mill site, is undergoing planned upgrade to accommodate plant and infrastructure equipment deliveries; this upgrade is scheduled for completion in the fourth quarter of 2017. Clear-cutting of mill site and infrastructure areas in the Higabra Valley has recently been completed and work is well-advanced on the site diversion channels required for starting major earthworks.
The 15,000-metre drilling program at the Project is well underway with three rigs currently operating. Two additional rigs are expected to arrive in September and October 2017, respectively. Drill intercepts in the first series of holes are strongly mineralized, including zones with visible gold. Due to the positive results, the Company is currently planning a significantly expanded drilling program that will focus on conversion, step-out drilling and greenfield targets with the intent to deliver overall mineral resource growth during the construction phase of the Project.
The illegal mine (where the recent tragedy occurred involving security contractors) remains closed. Support of local communities against illegal mining has been strongly communicated and the Company has been assured by the Government that the increased presence of authorities at site will remain in place on a permanent basis.
In early September 2017, the Company expects to issue a drilling update with first assay results from the current drilling program; a more detailed development update for the Project is anticipated shortly thereafter.
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 fully-permitted high-grade Buritic gold project to production with first gold pour on track for early 2020.
For information on the Buritic project, please refer to the technical report, prepared in accordance with NI 43-101, entitled "Buritic 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 Continental Gold's suite of gold exploration properties are also available at www.continentalgold.com.