TORONTO, Sept. 5, 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 1–4)
As of August 31, 2018, the Buriticá project has reached 38% completion, with mill and surface infrastructure engineering and procurement at 91% complete. Site activities continue at a brisk pace. Excavation was recently completed for the coarse ore reclaim area and the crusher and Merrill Crowe area civil works are well advanced. Preparations are in progress for the final SAG and ball mill pedestal pours. Work is also well advanced in the tailing filter area, including concrete for the feed tank area foundation. Leach tank concrete work is nearly complete, and the leach tank contractor is preparing to mobilize to site. The Company is preparing to select the general contractor for the project and major infrastructure installation is anticipated to begin prior to year-end of 2018.
Underground development continues ahead of schedule and is approximately 25% complete. Since the beginning of 2018, monthly advance has consistently exceeded planned development and, as of August 31, 2018, 4,934 metres of lateral underground development has been completed. Crews are advancing daily at the Yaraguá and Veta Sur ramps and the Higabra tunnel and upper and lower drifts connecting the Yaraguá and Veta Sur vein areas are advancing well. Additionally, definition drilling is now underway. Drill chambers are being extracted proximal to planned stoping areas as development advances; monthly definition drilling will continue to increase through the balance of the year and into 2019 as development accesses additional drilling areas.
"The Buriticá project construction is rapidly moving forward and remains on schedule," commented Donald Gray, Chief Operating Officer. "We are pleased with not only the progress being made on a number of concurrent key site activities, but also how our underground development is consistently tracking ahead of schedule. We are also proud of the hard work put forth by the members of our Continental team and look forward to continued Project advancement in 2018 and going into 2019."
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, 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