Continental Gold drills 10.0 metres of 28.26 g/t gold & 364 g/t silver and 7.5 metres of 39.15 g/t gold and 44 g/t silver in the Veta Sur vein system and 3.3 metres of 95.26 g/t gold and 23 g/t silver in the Yaragua vein system, Buritica Project, Colombia
February 16, 2011
Toronto, Ontario - Continental Gold Limited ("Continental" or the "Company") (TSX:CNL) is pleased to announce results from fourteen diamond drill-holes from the Company’s 2010 program at its Buriticá gold project in Antioquia, Colombia. To date, 47,000 metres of diamond drilling has been completed on the property and eight drills are currently working on a 60,000-metre surface and underground 2011 drill program.
Highlights
Significant intercepts in the Veta Sur package include:
10.0m @ 28.26 g/t Au and 364.6 g/t Ag in hole BUSY-118,
7.5m @ 39.15 g/t Au and 44.8 g/t Ag in BUSY-122,
2.74m @ 48.11 g/t Au and 435.3 g/t Ag in BUSY-117 and
1.20m @ 150.95 g/t Au and 15 g/t Ag in BUSY-107.
BUSY-107 and BUSY-122 appear to have demonstrated two new high grade gold subzones. BUSY-117, BUSY-118 and other holes continued to delineate high grade silver in Veta Sur
Highlights of drilling in the Yaragua vein system include:
3.30m @ 95.26 g/t Au and 23.7 g/t Ag in BUUY-53,
2.60m @ 43.65 g/t Au and 33.5 g/t Ag in BUSY-108 and
3.20m @ 34.48 g/t Au and 21.4 g/t Ag in BUSY-105.
These and other Yaragua drill-holes include newly recognized vein sets and demonstrate the grade continuity of several of the veins in the west part of the Yaragua System.
28.5m @ 3.82 g/t Au and 1.49% Zn in BUUY-53 was drilled in the Yaragua breccia, results which are similar to other drill holes and underground crosscuts from 2008-2010. This result further underlines the potential of the Yaragua breccia as an underground bulk mineable body.
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About Continental Gold Limited
Continental Gold Limited is an advanced-stage exploration company with eight gold projects covering approximately 166,207 hectares in Colombia. Spearheaded by a management team with over 40 years of exploration and mining experience in South America, the Company has begun an aggressive exploration program on its extensive portfolio of properties with a focus on its flagship high-grade gold project, Buriticá and the highly prospective Berlin gold project. Additional details on the Buriticá project and the rest of Continental Gold's suite of gold exploration properties is available at www.ContinentalGold.com.
For further information, please contact:
Elina Chow
Director, Investor Relations
Continental Gold Limited
+1.416.400.0149
info@continentalgold.com
www.continentalgold.com
Forward-Looking Statements
This press release contains or refers to forward-looking information, including statements regarding the expected listing date of the Warrants and is based on current expectations that involve a number of business risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements.These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.