Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Rex Morrow, Datical, Liz McMillan, John Wetherill, Ruxit Blog

News Feed Item

Continental Gold Files NI 43-101 Technical Report and Announces Commencement of Preliminary Economic Assessment on its Buritica Project, Colombia

TORONTO, ONTARIO -- (Marketwired) -- 06/26/14 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce that, further to its press release of May 13, 2014 announcing an updated mineral resource estimate for the Buritica project in Colombia, the Company has filed with Canadian securities regulators an independent technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") entitled "Independent Technical Report and Resource Estimate on the Buritica Gold Project 2013" (the "Technical Report"), containing the updated mineral resource estimates. The Technical Report, dated June 25, 2014, with an effective date of December 31, 2013, was prepared for the Company by Mining Associates Pty Limited. A copy of the Technical Report can be accessed under the Company's SEDAR profile at www.sedar.com, or on the Company's website at www.continentalgold.com.

The Technical Report covers two major vein systems - Yaragua and Veta Sur - with a combined Measured mineral resource of 990,000 tonnes of mineralized material containing 650,000 ounces of gold grading 20.4 g/t gold, 1,540,000 ounces of silver grading 48 g/t silver, and 15,000,000 pounds of zinc grading 0.7% zinc, and a combined Indicated mineral resource of 7,410,000 tonnes of mineralized material containing 2,150,000 ounces of gold grading 9.0 g/t gold, 6,890,000 ounces of silver grading 29 g/t silver, and 75,100,000 pounds of zinc grading 0.5% zinc. The combined Inferred mineral resource is 16,700,000 tonnes of mineralized material containing 4,200,000 ounces of gold grading 7.8 g/t gold, 13,100,000 ounces of silver grading 24 g/t silver and 111,000,000 pounds of zinc grading 0.3% zinc.


---------------------------------------------------------------------------
Combined Yaragua and Veta Sur Mineral Resources above a 3 g/t gold cut-off,
                          as at December 31, 2013
---------------------------------------------------------------------------
      Resource                 Grades                       Metal
---------------------------------------------------------------------------
                                   AuEq                        AuEq
Category  M tonnes Au g/t Ag g/t    g/t   Zn % Au Moz Ag Moz    Moz  Zn Mlb
---------------------------------------------------------------------------
Measured      0.99   20.4     48   21.4   0.7%   0.65   1.54   0.68    15.0
---------------------------------------------------------------------------
Indicated     7.41    9.0     29    9.6   0.5%   2.15   6.89   2.29    75.1
---------------------------------------------------------------------------
M & I         8.39   10.4     31   11.0   0.5%   2.80   8.43   2.97    90.1
---------------------------------------------------------------------------
Inferred      16.7    7.8     24    8.2   0.3%    4.2   13.1    4.4     111
---------------------------------------------------------------------------
Notes - Reported tonnage and grade figures have been rounded from raw
estimates to reflect the order of accuracy of the estimate. Minor
variations may occur during the addition of rounded numbers. There have
been no assumptions made as to metal prices or recoveries in this mineral
resource estimate other than in gold equivalents that are calculated for
AuEq = Au+ Ag/50. M in Figures and Tables represents millions.
---------------------------------------------------------------------------

In addition, the Company announces that it has engaged M3 Engineering & Technology Corp. ("M3"), a full-service international engineering design company headquartered in Tucson, Arizona, to oversee and complete a Preliminary Economic Assessment ("PEA") of the Buritica project in Q4 2014. Since its inception in 1986, M3 has provided architectural, engineering and construction management services, ranging from technical and financial conception to operational startup, on numerous domestic and international mining and other projects with unique technical challenges.

The PEA will be the first economic study for Buritica, to determine the potential mining and processing parameters and associated capital expenditures and operating costs for the project. The following table lists the contributors that will be responsible for the various aspects of the PEA:


---------------------------------------------------------------------------
Component                     Contributor
---------------------------------------------------------------------------
Geology                       Continental Gold Limited
---------------------------------------------------------------------------
Mineral Resource Estimate     Mining Associates Pty Limited (Australia)
---------------------------------------------------------------------------
Mine Planning                 NCL Ingeneiria Y Construccion S.A. (Chile)
---------------------------------------------------------------------------
Metallurgy and Process Plant
Design                        Transmin (Peru)/M3 (US and Mexico)
---------------------------------------------------------------------------
Geotechnical Studies          Ingeroc (Chile)
---------------------------------------------------------------------------
Hydrology and Hydrogeology    SAG (Colombia)
---------------------------------------------------------------------------
Tailings Storage              SVS Ingenieros (division of SRK (Peru))
---------------------------------------------------------------------------
Power Supply                  HMV Ingenieros Ltda (Colombia)
---------------------------------------------------------------------------
Environmental Baseline        SAG (Colombia)
---------------------------------------------------------------------------

The PEA is intended to be a preliminary step and is in addition to, and not a replacement, substitute or proxy for the planned Pre-Feasibility Study ("PFS"), which the Company still intends to complete on schedule in the second half of 2015. The PEA will be based off the updated mineral resource estimate contained in the Technical Report.

"The track record of both M3 and NCL for project design and implementation in Latin America is excellent," commented Ari Sussman, CEO. "We look forward to delivering a realistic PEA in Q4 2014, providing a first-pass outline for the Buritica project."

About Continental

Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Spearheaded by a team with over 40 years of exploration and mining experience in Colombia, the Company is focused on advancing its high-grade Buritica gold project to production.

Additional details on the Buritica project and the rest of Continental's suite of exploration properties are available at www.continentalgold.com.

The authors of the Technical Report, Mr. Andrew Vigar, BAppSc Geo, FAusIMM, MSEG, and Mr. Martin Recklies, BAppSc Geo, MAIG, each of Mining Associates Pty Limited, are each a "qualified person" (as such term is defined in NI 43-101) and independent of the Company, and have prepared or supervised the preparation of the technical information upon which the technical information contained in this press release is based.

Forward-Looking Statements

This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, the anticipated completion of a PEA and PFS, and exploration and mine development plans, 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. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. 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.

Differences in Reporting of Resource Estimates

This press release was prepared in accordance with Canadian standards, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
ProfitBricks has an early preview of its new Docker hosting platform. The ProfitBricks Docker platform enables its customers to build fully-portable applications within the ProfitBricks cloud. Unlike other Docker platforms, ProfitBricks’ Docker provides developers and system administrators with a platform with dedicated resources that autoscales the Docker hosts. Early access customers will be able to utilize up to 2,500 CPU core hours as part of ProfitBricks’ early access Docker preview.
IBM has acquired Blue Box Group, Inc., a managed private cloud provider built on OpenStack. Customers benefit from the ability to more easily deploy workloads across hybrid cloud environments. Financial details were not disclosed. Enterprises are seeking ways to embrace all types of cloud to address a wide range of workloads. Today's announcement reinforces IBM's commitment to deliver flexible cloud computing models that make it easier for customers to move to data and applications across cloud...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
“We are strong believers in the DevOps movement and our staff has been doing DevOps for large enterprise environments for a number of years. The solution that we build is intended to allow DevOps teams to do security at the speed of DevOps," explained Justin Lundy, Founder & CTO of Evident.io, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
Containers Expo Blog covers the world of containers, as this lightweight alternative to virtual machines enables developers to work with identical dev environments and stacks. Containers Expo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Bookmark Containers Expo Blog ▸ Here Follow new article posts on Twitter at @ContainersExpo
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connecte...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue o...
paradigm shifts in networking, to cloud and licensure, and all the Internet of Things in between. In 2014 automation was the name of the game. In his session at DevOps Summit, Matthew Joyce, a Sales Engineer at Big Switch, will discuss why in 2015 it’s complexity reduction. Matthew Joyce, a sales engineer at Big Switch, is helping push networking into the 21st century. He is also a hacker at NYC Resistor. Previously he worked at NASA Ames Research Center with the Nebula Project (where OpenSta...
While there are hundreds of public and private cloud hosting providers to choose from, not all clouds are created equal. If you’re seeking to host enterprise-level mission-critical applications, where Cloud Security is a primary concern, WHOA.com is setting new standards for cloud hosting, and has established itself as a major contender in the marketplace. We are constantly seeking ways to innovate and leverage state-of-the-art technologies. In his session at 16th Cloud Expo, Mike Rivera, Seni...
"Verizon Digital Media Services is responsible for the broadcast, video and content delivery network that accelerates, scales and helps our customers reach end users with all kinds of video and web content," stated James Segil, CMO of Verizon Digital Media Services, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.