TORONTO, May 30, 2018 /CNW/ - Continental Gold Inc. (TSX:CNL; OTCQX:CGOOF) ("Continental" or the "Company") is pleased to provide a construction update for its Buriticá project in northwestern Antioquia, Colombia. Construction completion and first gold pour remain on schedule for H1 2020, with commercial production ramp-up anticipated approximately six months after first gold pour.
Details (see Photos 1–5; to view a site construction progress time-lapse video, click here)
The Buriticá project is 30% complete with approximately 50% of total project cost committed to date. Initial concrete has been placed for the mill grinding area, and rebar is nearly complete for the main foundation pour, which includes the SAG mill pedestal. Concrete placement has begun for the leach tank foundations. Mill and surface infrastructure detail engineering and procurement are moving forward on schedule and are more than 80% complete as of April 30, 2018. Equipment and materials are arriving on schedule, with modular mine rescue and main gate buildings expected to arrive in June. Major earthworks are planned for completion in Q4 2018 and will coincide with the start of major infrastructure installation.
Underground development continues slightly ahead of schedule and is more than 16% complete. As of May 25, 2018, 3,041 metres of underground development has been completed with monthly advance rates increasing since the beginning of 2018. Crews are advancing daily at the Yaraguá ramp, the Veta Sur ramp and the Higabra tunnel; upper and lower elevation connection drifts between the Yaraguá and Veta Sur ramps are well underway.
"Moving forward in these key areas is a very exciting time for us as we advance the Buriticá project," commented Donald Gray, Chief Operating Officer. "We are pulling together all the hard work of the past few years by Continental's outstanding team. As we move forward with our commitment to build Colombia's largest modern underground gold mine, we are grateful for the continuing support of not only the various government agencies we work with, but also our local communities."
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 Buriticá gold project to production with first gold pour on track for the first half of 2020. For information on the Buriticá project, please refer to the technical report, prepared in accordance with NI 43–101, entitled "Buriticá 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.
This news release contains or refers to forward–looking information under Canadian securities legislation, including statements regarding the development and construction of the Buriticá project, completion of various construction and development activities, expected delivery of underground mining development and drilling equipment, ramp-up of underground development activities, timing of production start-up, advancing the Buriticá project and future plans and objectives of the Company, 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. 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 the forward–looking statements made in this news 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.
SOURCE Continental Gold Inc.
For further information: please contact: Paul Begin, Chief Financial Officer, Continental Gold Inc., +1.416.583.5610, [email protected], www.continentalgold.com