Continental Gold Extends High-Grade Gold and Silver in the Yaragua Vein System and Confirms a New Discovery, San Agustin, at

Continental Gold Extends High-Grade Gold and Silver in the Yaragua Vein System 
and Confirms a New Discovery, San Agustin, at Buritica,
Colombia 
TORONTO, ONTARIO -- (Marketwire) -- 02/12/13 -- Continental Gold
Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") is
pleased to announce results for ten diamond drill-holes in the
Yaragua vein system, including two holes which confirmed the
discovery of a new vein system called San Agustin. These results are
part of the Company's ongoing exploration program at the Buritica
Project in Antioquia, Colombia. Seven drills are currently on site as
part of the Company's Phase IV, minimum 95,000-metre diamond drill
program for 2013. 
Highlights 
San Agustin Vein Target (Figures 1 and 2)  


 
--  Exploration drilling into the San Agustin target, located up to 400
    metres north of the Yaragua vein system, has resulted in the discovery
    of several veins at depth. High-grade intercepts in the western side of
    San Agustin include: 
    
    --  0.4 metres @ 49.7 g/t gold and 163 g/t silver (BUSY329, elevation
        692 metres) 
    --  0.53 metres @ 0.8 g/t gold and 647 g/t silver (BUSY324, elevation of
        756 metres) 
    --  1.63 metres @ 6.3 g/t gold and 7 g/t silver (BUSY324, elevation of
        627 metres)

 
Some 500 metres further east, high-grade intercepts in the southern
San Agustin vein families include:  


 
--  3.0 metres @ 7.2 g/t gold, 43 g/t silver and 8% zinc (BUUY093, elevation
    of 1,109 metres) 
--  2.0 metres @ 1.0 g/t gold and 701 g/t silver (BUUY094, elevation of
    1,178 metres) 
    
 
--  The drilling results and the surface geochemistry testing the San
    Agustin vein system indicate potential of over 500 metres of lateral
    strike length and between 500-900 metres of vertical extents. The system
    remains open along strike to the east, west and at depth. 

 
Yaragua Vein System (Figures 1 and 2) 


 
--  In western Yaragua, two drill-holes transected the Yaragua vein system,
    extending some of the northern vein families at depth. Intercepts
    outside of the October 2012 mineral resource model ("current mineral
    resource") include: 
    
    --  1.5 metres @ 16.6 g/t gold and 5 g/t silver and 3.4 metres @ 7.4 g/t
        
gold and 7 g/t silver (BUSY324, Sofia vein package, elevations of
        1,196 and 1,194 metres, respectively) 
    --  3.1 metres @ 8.5 g/t gold and 242 g/t silver, including 0.56 metres
        @ 34.9 g/t gold, 1,060 g/t silver and 13.5% zinc (BUSY324, VND
        package, elevation of 1,066 metres) 
    --  0.7 metres @ 11.1 g/t gold and 838 g/t silver and 1.15 metres @ 6.8
        g/t gold and 252 g/t silver (BUSY324, VNA package, elevations of 997
        and 960 metres, respectively) 
    --  0.41 metres @ 14.9 g/t gold and 206 g/t silver (BUSY329, VNA
        package, elevation of 1,167 metres) 
        
        
--  BUSY324 and BUSY329 otherwise intersected veins of grades and
    thicknesses consistent with the current mineral resource model. Drill-
    hole intercepts exhibiting substantially greater apparent thicknesses
    and/or higher grades than the current resource model include: 
    
    --  1.79 metres @ 15.7 g/t gold and 31 g/t silver (BUSY324, VNC,
        elevation of 1,212 metres) 
    --  4.85 metres @ 14.8 g/t gold and 11 g/t silver (BUSY324, VNCZ,
        elevation of 1,206 metres) 
    --  5.1 metres @ 14.2 g/t gold and 39 g/t silver, including 1.15 metres
        @ 52.6 g/t gold and 111 g/t silver (BUSY329, MU1, elevation of 1,377
        metres) 
    --  3.8 metres @ 13.6 g/t gold and 15 g/t silver (BUSY329, Sofia vein
        package, elevation of 1,259 metres) 
    --  6.65 metres @ 4.3 g/t gold and 4 g/t silver, including 0.83 metres @
        17.4 g/t gold and 7 g/t silver (BUSY329, FWV, elevation of 1,227
        metres) 
        
        
--  Eight drill-holes transected the central and northern vein families in
    eastern Yaragua extending several of the northern vein sets to depth
    and/or along strike. Intercepts outside of the current mineral resource
    model include: 
    
    --  0.39 metres @ 0.7 g/t gold and 829 g/t silver and 
    --  5.1 metres @ 3.0 g/t gold, 81 g/t silver, including 1.6 metres @ 6.2
        g/t gold and 224 g/t silver (BUUY091, VND package, mean elevation
        1,075 metres) 
    --  4.5 metres @ 5.4 g/t gold and 9 g/t silver, including 0.85 metres @
        16.7 g/t gold and 8 g/t silver (BUUY093, VND package, elevation of
        1,312 metres) 
    --  1.4 metres @ 9.5 g/t gold and 2 g/t silver (BUUY095, VND package,
        elevation of 1,197 metres) 
    --  27 metres @ 9.5 g/t gold and 54 g/t silver, including 2.5 metres @
        86.5 g/t gold and 87 g/t silver (BUUY095, VNA package, elevation of
        1,166 metres) 
    --  4.5 metres @ 4.1 g/t gold and 83 g/t silver, including 1.1 metres @
        12.5 g/t gold and 257 g/t silver (BUUY096, VND package, elevation of
        1,138 metres) 
    --  41.2 metres @ 3.9 g/t gold and 31 g/t silver, including 1.2 metres @
        35.8 g/t gold and 267 g/t silver (BUUY096, VNA package, elevation of
        1,117 metres) 
    --  1.7 metres @ 25.3 g/t gold and 84 g/t silver (BUUY097, HWV package,
        elevation of 1,339 metres) 

 
These results represent substantial extensions mainly to the Vein A
and Vein D packages, the most northerly in the Yaragua vein system.
In conjunction with the results from BUSY324, BUSY329 and other
drilling, these vein packages are interpreted as exhibiting strike
lengths of more than 550 metres, depth extents of more than 700
metres and open in all directions.  


 
--  The eight eastern Yaragua drill-holes otherwise intersected veins of
    grades and thicknesses consistent with the current mineral resource
    model. Drill-hole intercepts exhibiting substantially greater apparent
    thicknesses and/or higher grades than this model include: 
    
    --  5.17 metres @ 5.2 g/t gold and 3 g/t silver (BUUY091, San Antonio
        vein, elevation of 1,256 metres) 
    --  3 metres @ 11.6 g/t gold and 26 g/t silver, including 1.2 metres @
        25.5 g/t gold and 49 g/t silver (BUUY095, VNB package, elevation of
        1,323 metres) 
    --  4.4 metres @ 6.1 g/t gold and 9 g/t silver (BUUY095, San Antonio,
        elevation of 1,258 metres) 
    --  12 metres @ 8.2 g/t gold and 120 g/t silver, including 1.5 metres @
        43.96 g/t gold and 1,770 g/t silver (BUUY097, PRE-VNB packages,
        elevation of 1,370 metres) 
    --  6.55 metres @ 13.7 g/t gold and 18 g/t silver, including 1.65 metres
        @ 43 g/t gold and 23 g/t silver (BUUY097, VNC, elevation of 1,350
        metres) 
    --  5.4 metres @ 6.7 g/t gold and 13 g/t silver, including 1 metre @
        30.7 g/t gold and 52 g/t silver (BUUY097, San Antonio vein,
        elevation of 1,332 metres) 
    --  3.8 metres @ 5.3 g/t gold and 41 g/t silver, including 0.8 metres @
        18.6 g/t gold and 180 g/t silver (BUUY098, MU3 vein, elevation of
        1,380 metres) 
    --  5.8 metres @ 7.6 g/t gold and 52 g/t silver, including 1.4 metres @
        23.8 g/t gold (BUUY098, VNC, elevation of 1,366 metres) 

 
"We are quite excited about making a new discovery at San Agustin. We
are very encouraged that our first two drill-holes in San Agustin
produced multiple veins at significant depths which correlate well
with artisanal workings up to elevations above 900 metres. A
dedicated diamond-drill rig has already been secured for this target
and will begin turning in April in order to test the system at
shallower depths and we are hopeful the grades and thicknesses will
improve. In addition, drilling in Yaragua continues to impress with
long intervals at high-grades outside of the current mineral resource
model," commented Ari Sussman, CEO.  
Details  
Continental's 100%-owned, 57,641-hectare project, Buritica, contains
several known areas of high-grade gold and silver mineralization, of
base metal carbonate-style ("Stage I") variably overprinted by
texturally and chemically distinctive high-grade ("Stage II")
mineralization. The two most extensively explored of these areas (the
Yaragua and Veta Sur systems) are central to this land package. The
Yaragua system has been drill-outlined along 900 metres of strike and
1,300 vertical metres and partially sampled in underground
developments. The Veta Sur system has been drill intersected along
570 metres of strike and 1,180 vertical metres. Both systems are
characterized by multiple, steeply-dipping veins and broader, more
disseminated mineralization and both remain open at depth and along
strike, at high grades. See "About Continental Gold" (below) for a
precis of the updated mineral resource estimates for the Buritica
project prepared in accordance with National Instrument 43-101 ("NI
43-101"). This release documents the results of infill and extension
drilling of the Yaragua vein systems and the first drilling results
to the north of this system called the San Agustin area. 
Significant new drill intercepts are listed below in Table I and are
referenced in Figures 1 and 2.  


 
Table I: Drilling Highlights, Yaragua and San Agustin                       
                                                                            
                     From      To  Interval    Gold  Silver   Zinc Elevation
Drill-hole            (m)     (m)       (m)   (g/t)   (g/t)    (%)       (m)
BUSY324            131.70  132.10      0.40    3.52   681.0    0.1      1609
                   416.82  417.42      0.60    3.43    10.7    0.4      1368
                   418.35  419.21      0.86    3.33     7.9    0.1      1365
                   432.20  434.00      1.80    1.30     4.4    0.2      1354
                   437.79  438.46      0.67    1.95     4.8    0.5      1349
                   441.50  442.10      0.60    3.94     5.1    0.4      1345
                   449.63  450.68      1.05    7.64    77.8    0.1      1339
                   474.69  475.30      0.61    2.29   131.2    0.4      1317
                   516.80  517.90      1.10   10.05     3.5    0.0      1280
                   590.33  593.40      3.07    2.96     8.0    0.0      1216
                   595.40  597.19      1.79   15.71    31.3    0.1      1212
                   602.00  606.85      4.85   14.78    11.3    0.1      1206
incl.              602.90  604.70      1.80   36.49    23.8    0.1      1205
                   607.80  610.10      2.30    6.33     6.7    0.1      1199
                   613.50  615.00      1.50   16.60     5.1    0.0      1196
                   616.40  619.80      3.40    7.39     6.7    0.1      1194
incl.              616.80  618.00      1.20   13.35     8.6    0.2      1192
                   624.40  625.30      0.90    7.31     9.7    0.1      1186
                   627.34  632.73      5.39    3.77     7.4    0.1      1184
                   634.27  638.70      4.43    9.61     4.5    0.0      1179
incl.              637.00  638.00      1.00   23.57     4.4    0.0      1176
                   647.20  647.75      0.55    6.89     1.2    0.0      1167
                   710.45  711.30      0.85    2.94     4.4    0.0      1112
                   735.50  736.30      0.80   10.44    50.4    0.8      1091
                   764.50  767.60      3.10    8.50   242.0    3.5      1066
incl.              766.64  767.20      0.56   34.90  1060.0   13.5      1067
                   772.27  772.66      0.39    1.90   274.0    3.4      1059
                   844.30  846.90      2.60    4.21   245.9    0.5       996
incl.              844.95  845.65      0.70   11.10   838.0    2.0       997
                   886.55  887.70      1.15    6.84   252.0    0.1       960
                   978.50  978.90      0.40    0.96    38.6    0.0       881
                  1033.35 1034.65      1.30    1.01    10.8    0.0       832
                  1056.23 1056.67      0.44    3.86    37.9    0.0       813
                  1076.40 1077.40      1.00    0.81    27.1    0.0       795
                  1110.70 1111.10      0.40    2.67     5.5    0.0       766
                  1122.57 1123.10      0.53    0.79   647.0    0.5       756
                  1128.53 1130.65      2.12    2.17    25.0    0.0       750
                  1134.00 1135.00      1.00    1.18    42.8    0.0       745
                  1257.00 1258.46      1.46    4.36    21.4    0.0       641
                  1271.22 1272.85      1.63    6.29     6.6    0.0       627
                  1285.50 1285.90      0.40    3.77    17.0    0.0       617
                                                                            
BUSY329              0.00    6.50      6.50    0.05    45.4    0.0      1718
                    21.50   24.50      3.00    0.07    85.9    0.0      1699
                   137.60  138.00      0.40    0.41   477.0    0.5      1609
                   382.00  382.70      0.70    1.67     2.8    0.2      1409
                   410.70  411.10      0.40    5.59    14.4    0.5      1386
                   418.40  423.50      5.10   14.16    38.9    0.1      1377
incl               419.55  420.70      1.15   52.57   110.5    0.4      1376
                   430.50  431.50      1.00    2.53     4.1    0.1      1369
                   447.00  447.80      0.80    3.66    10.4    0.1      1356
                   455.00  455.50      0.50    9.03    17.0    0.1      1350
                   568.00  571.80      3.80   13.62    14.7    0.0      1259
                   594.65  596.21      1.56    6.53    10.6    0.1      1238
                   599.70  600.70      1.00    3.62     9.2    0.0      1234
                   602.20  602.60      0.40   19.00     2.6    0.0      1232
                   603.90  604.30      0.40    6.28     6.4    0.1      1230
                   607.85  614.50      6.65    4.26     4.2    0.1      1227
incl.              607.85  608.68      0.83   17.39     6.7    0.0      1227
                   617.05  617.45      0.40    4.65    12.4    0.2      1224
                   622.50  623.00      0.50   11.90     7.0    0.1      1216
                   629.50  630.15      0.65    3.59    14.1    0.0      1211
                   640.60  641.40      0.80    4.32   129.4    0.5      1202
                   642.80  643.40      0.60    3.53    70.2    0.7      1203
                   653.75  654.15      0.40   12.70    47.2    0.6      1192
                   658.00  658.40      0.40    3.21    11.0    0.0      1187
                   686.19  686.60      0.41   14.85   206.0    0.6      1167
                   687.65  688.75      1.10    2.57     1.4    0.0      1165
                   693.55  694.00      0.45    7.29     3.2    0.1      1160
                   699.50  700.00      0.50    3.28     5.3    0.2      1156
                   707.60  708.50      0.90    2.88    89.7    1.8      1150
                   781.00  782.20      1.20    4.71   115.2    0.2      1093
                   808.40  808.80      0.40    3.16    34.8    0.1      1072
                   847.20  848.20      1.00    2.80     1.3    0.0      1042
                   927.00  930.25      3.25    2.24    15.5    0.0       981
                   938.00  938.52      0.52    3.56    13.0    0.2       974
                  1029.50 1030.40      0.90    2.09    12.8    0.1       908
                  1036.45  1036.9      0.45    5.17    23.2    0.2       903
                  1127.50 1128.00      0.50    3.11     2.2    0.0       841
                  1130.60 1135.00      4.40    1.61    13.8    0.2       835
                  1151.00 1152.60      1.60    2.34     2.4    0.0       825
                  1173.00 1176.00      3.00    1.37     6.6    0.1       807
                  1190.00 1193.00      3.00    1.89     2.6    0.1       798
                  1225.70 1226.95      1.25    2.32     1.1    0.0       778
                  1231.70 1234.70      3.00    3.34     5.3    0.1       772
                  1247.20 1247.60      0.40    4.03    21.7    3.7       763
                  1259.00 1259.50      0.50    3.88    20.8    2.2       755
                  1300.50 1301.00      0.50    3.88    34.2    0.2       731
                  1301.96 1302.40      0.44    2.68    15.9    0.5       728
                  1363.70 1364.10      0.40   49.70   163.0    0.9       692
                                                                            
BUUY091              9.69   11.19      1.50    0.32    40.3    0.0      1371
                    23.30   24.76      1.46    3.68     8.4    1.3      1359
                    28.68   33.00      4.32    3.15     5.9    0.4      1354
                    38.50   40.00      1.50    2.18     0.5    0.0      1344
                    51.10   52.21      1.11    3.53    19.6    1.5      1332
                    57.00   58.36      1.36    1.53     5.9    0.7      1326
                    64.90   72.00      7.10    1.98     1.6    0.1      1316
                    77.12   77.75      0.63    3.88    25.7    1.6      1309
                    79.95   82.42      2.47    1.27     6.0    0.8      1304
                    97.15   99.25      2.10    8.13    59.4    4.6      1289
                   111.00  112.50      1.50    2.34     8.3    0.2      1270
                   129.37  134.54      5.17    5.23     2.9    0.5      1256
                   307.15  307.95      0.80    3.20   109.9    1.1      1094
                   315.66  316.05      0.39    0.70   829.0    0.7      1086
                   340.50  345.60      5.10    3.03    80.8    0.4      1063
incl               342.70  344.30      1.60    6.16   223.7    0.6      1061
                   351.10  354.05      2.95    2.02    38.3    0.5      1050
                   357.00  360.00      3.00    2.83    21.2    0.8      1045
                   366.46  374.65      8.19    1.68     3.2    0.7      1036
                                                                            
BUUY092              6.57    7.70      1.13    1.91     6.4    0.0      1375
                    61.12   62.00      0.88    1.15     1.3    0.1      1332
                    99.88  101.00      1.12    1.32   218.5    4.5      1301
                   157.50  158.30      0.80    1.96    36.9    1.6      1255
                   252.00  252.50      0.50    0.07   102.0    0.1      1174
                   287.70  289.10      1.40    3.82     4.5    0.6      1151
                   290.00  293.65      3.65    2.82     2.2    0.2      1146
                   301.25  301.70      0.45    3.82     4.1    0.4      1140
                                                                            
BUUY093             22.50   24.00      1.50    1.65     0.7    0.0      1365
                    33.75   34.50      0.75    3.12    12.7    0.0      1359
                    47.00   48.00      1.00    1.58     2.3    0.0      1350
                    79.50   80.00      0.50    2.94    43.2    8.2      1330
                    97.25   97.80      0.55    1.61    82.7    0.8      1318
                   107.50  112.00      4.50    5.36     9.1    0.3      1312
incl.              108.55  109.40      0.85   16.65     8.1    0.5      1311
                   259.00  259.60      0.60    2.56     5.9    1.5      1213
                   299.50  300.50      1.00    0.05    17.4    4.5      1186
                   335.00  336.36      1.36    0.03     9.3    2.1      1162
                   426.00  429.00      3.00    7.20    42.8    8.0      1109
                                                                            
BUUY094              1.65    3.00      1.35    1.97     4.8    0.0      1381
                     5.00    5.50      0.50    4.61     1.2    0.1      1377
                    29.30   29.90      0.60    2.56     8.7    0.0      1369
                    56.00   57.00      1.00    1.41    32.8    0.1      1357
                    60.00   62.00      2.00    8.17    71.6    0.2      1354
                    66.00   67.50      1.50    7.69    23.3    0.1      1351
                   269.30  269.90      0.60    2.28    12.8    0.6      1254
                   292.50  294.00      1.50    0.09    66.0    0.2      1243
                   372.80  373.40      0.60    0.05    25.4    5.7      1183
                   439.00  441.00      2.00    1.01   701.0    0.7      1178
                                                                            
BUUY095             19.25   20.50      1.25    2.09     0.6    0.0      1363
                    56.35   57.35      1.00   12.53    57.3    6.7      1330
                    65.60   68.60      3.00   11.64    26.2    3.0      1323
incl.               67.40   68.60      1.20   25.49    48.9    4.1      1321
                    70.00   71.40      1.40    2.41     6.8    1.5      1318
                    76.20   79.00      2.80    9.92    12.1    0.3      1314
incl.               78.20   79.00      0.80   32.50    36.6    0.6      1312
                    88.50   90.50      2.00    1.09     9.4    0.6      1303
                   120.00  122.10      2.10    1.31     4.2    0.3      1274
                   140.60  145.00      4.40    6.11     8.7    1.1      1258
incl.              144.00  145.00      1.00   16.70    13.3    0.4      1255
                   188.00  189.00      1.00    1.25     2.5    0.0      1218
                   200.00  214.50     14.50    2.71     5.7    1.2      1207
incl.              211.40  212.80      1.40    9.47     2.4    0.0      1197
                   227.00  228.30      1.30    2.78     4.6    0.7      1184
                   239.00  239.80      0.80    2.12     9.6    4.4      1174
                   249.00  276.00     27.00    9.53    54.1    1.2      1166
incl               257.00  259.50      2.50   86.46    87.2    0.3      1157
                                                                            
BUUY096             62.25   63.10      0.85    6.78    24.4    1.1      1324
                    65.50   67.50      2.00    6.90     3.3    0.3      1319
                    74.70   75.50      0.80    1.66    32.4    2.6      1312
                   219.00  219.40      0.40    4.44     4.2    0.1      1182
                   227.90  231.00      3.10    1.82    35.0    0.8      1175
                   233.00  235.35      2.35    2.11    46.9    1.5      1168
                   269.70  274.20      4.50    4.10    83.4    2.1      1138
incl               272.50  273.60      1.10   12.50   256.8    4.9      1135
                   277.70  279.00      1.30    1.39    29.6    2.0      1129
                   288.00  329.20     41.20    3.88    31.3    1.9      1117
incl.              298.80  300.00      1.20   35.83   267.0   12.5      1112
and                304.00  306.00      2.00   11.90    85.7    2.7      1107
                   333.40  340.00      6.60    2.63    12.9    2.7      1075
                                                                            
BUUY097              4.50    6.00      1.50    3.75     0.6    0.0      1378
                    15.00   27.00     12.00    8.15   120.1    0.6      1370
incl                24.00   25.50      1.50   43.96  1770.0    1.2      1367
                    28.50   29.75      1.25    5.18   125.8    0.4      1364
                    39.35   40.50      1.15    7.56     4.7    0.2      1357
                    50.15   56.70      6.55   13.65    17.5    0.8      1350
incl                50.15   51.80      1.65   43.03    22.7    1.1      1350
                    62.00   63.15      1.15    8.51    24.4    0.3      1344
                    68.30   70.00      1.70   25.33    84.2    0.2      1339
                    71.40   72.00      0.60    8.47    41.4    3.3      1338
                    82.60   88.00      5.40    6.68    12.8    1.0      1332
incl.               83.00   84.00      1.00   30.74    51.5    1.7      1331
                   112.00  113.00      1.00    1.64     1.6    0.1      1313
                   122.10  123.00      0.90    1.04    19.3    1.4      1307
                   131.50  132.50      1.00    1.19    31.5    1.7      1302
                   158.10  160.30      2.20    4.10     1.5    0.0      1286
                                                                            
BUUY098              3.00    6.80      3.80    5.27    40.8    0.1      1380
incl                 6.00    6.80      0.80   18.60   180.2    0.1      1379
                    36.10   41.90      5.80    7.57    52.3    0.3      1366
incl                36.10   37.50      1.40   23.80     1.4    0.0      1366
                    50.40   51.50      1.10    1.99     7.2    0.0      1359
                    80.50   81.40      0.90    1.95     2.7    0.3      1346
                    88.50   89.70      1.20    8.77    50.7    0.6      1342
                   111.35  112.00      0.65   12.22     5.5    0.3      1332
----------------------------------------------------------------------------
(i)Intercepts calculated at 1 g/t gold + 30 g/t silver cut-off grades for   
 minimum intervals of 0.4 metres, with up to 30% internal dilution. True    
 widths not accurately known but generally are between 30% and actual true  
 width of the down-hole interval. Drill-holes designated "BUUY" were        
 collared from underground, whereas drill-holes designated as "BUSY" were   
 collared at surface.                                                       

 
Two long drill-holes, BUSY324 and BUSY329, collared in the Yaragua
south area, transected the western Yaragua vein system and continued
northwards into the San Agustin area. The more shallowly inclined of
these, BUSY329, penetrated to 400 metres north of the Yaragua system
(Figure 1). 
In Yaragua south, both drill-holes intersected several high
silver/gold veins; intercepts include BUSY324, from 131.7 metres
down-hole, 0.4 metres @ 3.5 g/t gold and 681 g/t silver and BUSY329,
from 137.6 metres, 0.4 metres @ 0.4 g/t gold and 477 g/t silver, at
elevations above 1,600 metres.  
Further north and at greater depths, both drill-holes transected the
Yaragua mineral resource envelope, generally encountering vein grades
and thicknesses similar to those of the current mineral resource
model. Drill-hole intercepts exhibiting substantially greater
apparent thicknesses and/or higher grades than the current mineral
resource model include: 


 
--  1.1 metres @ 10.1 g/t gold and 4 g/t silver (BUSY324, from 516.8 metres
    down-hole, MU2 vein, elevation of 1,280 metres) 
--  1.79 metres @ 15.7 g/t gold and 31 g/t silver (BUSY324, from 595.4
    metres, VNC, elevation of 1,212 metres) 
--  4.85 metres @ 14.8 g/t gold and 11 g/t silver, including 1.8 metres @
    36.5 g/t gold and 24 g/t silver (BUSY324, from 602.0 metres, VNCZ,
    elevation of 1,206 metres) 
--  4.43 metres @ 9.6 g/t gold and 5 g/t silver, including 1 metre @ 23.6
    g/t gold and 4 g/t silver (BUSY324, from 634.27 metres, HWV, elevation
    of 1,179 metres) 
--  5.1 metres @ 14.2 g/t gold and 39 g/t silver, including 1.15 metres @
    52.6 g/t gold and 111 g/t silver (BUSY329, from 418.40 metres, MU1,
    elevation of 1,377 metres) 
--  3.8 metres @ 13.6 g/t gold and 15 g/t silver (BUSY329, from 568.0
    metres, Sofia vein package, elevation of 1,259 metres) 
--  6.65 metres @ 4.3 g/t gold and 4 g/t silver, including 0.83 metres @
    17.4 g/t gold and 7 g/t silver (BUSY329, from 607.85 metres, FWV,
    elevation of 1,227 metres) 

 
Significant intercepts in the northern Yaragua vein families, below
or to the north of the current mineral resource envelope include: 


 
--  1.5 metres @ 16.6 g/t gold and 5 g/t silver and 
--  3.4 metres @ 7.4 g/t gold and 7 g/t silver, including 1.2 metres @ 13.4
    g/t gold and 9 g/t silver (BUSY324, respectively from 613.5 metres and
    616.4 metres down-hole, Sofia vein package, mean elevation of 1,194
    metres) 
--  3.1 metres @ 8.5 g/t gold, and 242 g/t silver, including 0.56 metres @
    34.9 g/t gold, 1,060 g/t silver and 13.5% zinc (BUSY324, from 764.5
    metres, VND package, elevation of 1,066 metres) 
--  0.7 metres @ 11.1 g/t gold and 838 g/t silver and 
--  1.15 metres @ 6.8 g/t gold and 252 g/t silver (BUSY324, respectively
    from 844.95 metres and 886.55 metres, VNA package, mean elevation of 978
    metres) 
--  0.41 metres @ 14.9 g/t gold and 206 g/t silver (BUSY329, from 686.19
    metres, VNA package, elevation of 1,167 metres) 

 
Further northwards, in the western San Agustin area, BUSY324 and
BUSY329 both intersected multiple vein families through a broad range
of elevations (Table I) and in the case of BUSY329, up to 400 metres
north of the Yaragua vein system (Figure 1). High-grade intercepts in
central and northern San Agustin vein families include: 


 
--  0.53 metres @ 0.8 g/t gold and 647 g/t silver (BUSY324, from 1,122.57
    metres down-hole, elevation of 756 metres) 
--  1.63 metres @ 6.3 g/t gold and 7 g/t silver (BUSY324, from 1,271.22
    metres down-hole, elevation of 627 metres) 
--  0.4 metres @ 49.7 g/t gold and 163 g/t silver (BUSY329, from 1,363.7
    metres, elevation of 692 metres, the most northerly precious metal
    mineralization yet drilled in the Buritica project) 

 
Surface sampling by Continental (Figure 1) and widespread recent
informal mining activity in the western San Agustin area are
consistent with vertical extents for some the San Agustin vein
families of up to 900 metres and the vein systems are open to depth,
as well as to the west and east. 
BUSY329, to the north of the end-hole of BUSY324 (Figure 1)
intersected a broad zone of low grade gold and copper mineralization,
from 1,126 metres down-hole, 113 metres @ 1.2 g/t gold and 0.1%
copper. This mineralization is associated with fracture-controlled
bioitite +/-Kfeldspar alteration and resembles mineralization
encountered deep in BUSY291. The gold-copper mineralization is partly
overprinted by veinlets with elevated gold and lead-zinc contents
(responsible for the higher grade intervals listed in Table I) and
related phyllic alteration.  
Two fans, each of four drill-holes, transected the central and
northern Yaragua vein families in eastern Yaragua, the more westerly
drill fan continuing northwards into the eastern San Agustin area.  
Within the Yaragua mineral resource envelope, drill-holes generally
encountered vein grades and thicknesses similar to those of the
current mineral resource model. Drill-hole intercepts exhibiting
substantially greater apparent thicknesses and/or higher grades than
the current mineral resource model include: 


 
--  5.17 metres @ 5.2 g/t gold and 3 g/t silver (BUUY091, from 129.37 metres
    down-hole, San Antonio vein, elevation of 1,256 metres) 
--  3.0 metres @ 11.6 g/t gold and 26 g/t silver, including 1.2 metres @
    25.5 g/t gold and 49 g/t silver) (BUUY095, from 65.60 metres, VNB
    package, elevation 1,323 metres) 
--  4.4 metres @ 6.1 g/t gold and 9 g/t silver (BUUY095, from 140.6 metres,
    San Antonio, elevation of 1,258 metres) 
--  12 metres @ 8.2 g/t gold and 120 g/t silver, including 1.5 metres @ 44
    g/t gold and 1,770 g/t silver) (BUUY097, from 15.0 metres, PRE-VNB
    packages, elevation of 1,370 metres) 
--  6.55 metres @ 13.7 g/t gold and 18 g/t silver, including 1.65 metres @
    43 g/t gold and 23 g/t silver) (BUUY097, from 50.15 metres VNC,
    elevation of 1,350 metres) 
--  5.4 metres @ 6.7 g/t gold and 13 g/t silver, including 1 metre @ 30.7
    g/t gold and 52 g/t silver) (BUUY097, from 82.6 metres, San Antonio
    vein, elevation of 1,332 metres) 
--  3.8 metres @ 5.3 g/t gold and 41 g/t silver, including 0.8 metres @ 18.6
    g/t gold and 180 g/t silver (BUUY098, from 3 metres, MU3 vein, elevation
    of 1,380 metres) 
--  5.8 metres @ 7.6 g/t gold and 52 g/t silver, including 1.4 metres @ 23.8
    g/t gold (BUUY098, from 36.1 metres, VNC, elevation of 1,366 metres) 

 
Drill-holes in both fans in eastern Yaragua extended several of the
northern vein sets to depth and/or along strike. Intercepts outside
of the current mineral resource model include:  


 
--  0.39 metres @ 0.7 g/t gold and 829 g/t silver and 5.1 metres @ 3.0 g/t
    gold and 81 g/t silver, including 1.6 metres @ 6.2 g/t gold and 224 g/t
    silver (BUUY091, respectively from 315.66 metres and 340.5 metres down-
    hole, VND package, mean elevation of 1,075 metres) 
--  4.5 metres @ 5.4 g/t gold and 9 g/t silver, including 0.85 metres @ 16.7
    g/t gold and 8 g/t silver (BUUY093, from 107.5 metres, VND package,
    elevation of 1,312 metres) 
--  1.4 metres @ 9.5 g/t gold and 2 g/t silver (BUUY095, from 211.4 metres,
    VND package, elevation of 1,197 metres) 
--  27 metres @ 9.5 g/t gold and 54 g/t silver, including 2.5 metres @ 86.5
    g/t gold and 87 g/t silver (BUUY095, from 249.0 metres, VNA package,
    elevation of 1,166 metres) 
--  4.5 metres @ 4.1 g/t gold and 83 g/t silver including 1.1 metres @ 12.5
    g/t gold and 257 g/t silver (BUUY096, from 269.70 metres, VND package,
    elevation of 1,138 metres) 
--  41.2 metres @ 3.9 g/t gold and 31 g/t silver, including 1.2 metres @
    35.8 g/t gold and 267 g/t silver (BUUY096, from 288.0 metres, VNA
    package, elevation of 1,112 metres) 
--  1.7 metres @ 25.3 g/t gold and 84 g/t silver (BUUY097, from 68.30
    metres, HWV package, elevation of 1,339 metres) 

 
These results represent substantial extensions mainly to the Vein A
and Vein D packages, the most northerly in the Yaragua system. In
conjunction with the results from BUSY324, BUSY329 and other
drilling, these vein packages are interpreted as exhibiting strike
lengths of more than 550 metres, depth extents of more than 700
metres and are open in all directions.  
Further to the north, drill-holes in the more westerly fan
intersected several vein families in the eastern San Agustin area
(Figure 1); high-grade intercepts include: 


 
--  3.0 metres @ 7.2 g/t gold, 43 g/t silver and 8% zinc (BUUY093, from
    426.0 metres down-hole, elevation of 1,109 metres) 
--  2.0 metres @ 1.0 g/t gold and 701 g/t silver (BUUY094, from 439 metres,
    elevation of 1,178 metres) 

 
High-grade surface samples (Figure 1) and informal mining activity in
eastern San Agustin are consistent with vertical extents of these
vein families of over 500 metres and the vein systems are open to
depth as well as to the west and east. Geological mapping and
numerous informal mine workings are interpreted to indicate that some
parts of the San Agustin vein system may extend to the western San
Agustin area (including intercepts in BUSY324 and BUSY329 and surface
sampling in this area). Further drilling is required to evaluate the
potential 600 metres strike length and large vertical extent of the
San Agustin system. 
Technical Information  
Vic Wall, PhD, special advisor to the Company and a qualified person
for the purpose of NI 43-101, has prepared or supervised the
preparation of, or approved, as applicable, the technical information
contained in this press release. Dr. Wall is a geologist with 35
years' experience in the minerals mining, consulting, exploration and
research industries. Following a career in Australian and North
American academes, he held senior positions in a number of
multinational major and junior minerals companies. A Fellow of the
Australian Institute of Geoscientists, Dr. Wall is Principal of Vic
Wall & Associates, a Brisbane-based consultancy that provides
geoscientific services to mineral companies and government agencies,
worldwide.  
The Company utilizes a rigorous, industry-standard QA/QC program.
Core is sawn in half with one-half shipped to a sample preparation
lab in Medellin run by ALS Colombia Limited ("ALS") in Colombia.
Samples are then shipped for analysis to an ALS-certified assay
laboratory in Lima, Peru. The remainder of the core is stored in a
secured storage facility for future assay verification. Blanks,
duplicates and certified reference standards are inserted into the
sample stream to monitor laboratory performance and a portion of the
samples are periodically check assayed at ACME Analytical
Laboratories in Vancouver, British Columbia and/or Inspectorate
America Corp. in Reno, Nevada. 
The Company does not receive assay results for drill-holes in
sequential order; however, all assay results are publicly reported. A
complete listing of assay results to date for the Buritica project is
available on the Company's website at www.continentalgold.com. 
For additional technical information on the Buritica project, please
refer to the Company's technical report (the "Technical Report")
entitled "2012 Mineral Resource Estimate of the Buritica Gold
Project, Colombia" dated November 15, 2012 with an effective date of
October 22, 2012, prepared by Andrew J Vigar, BAppSc Geo, FAusIMM,
MSEG, and Martin Recklies, BAppSC Geo, MAIG, each of Mining
Associates Pty Limited, available on SEDAR at www.sedar.com, on the
OTCQX at www.otcmarkets.com and on the Company website at
www.continentalgold.com. 
About Continental Gold  
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. On
October 1, 2012, the Company announced an updated mineral resource
estimate for the Buritica project prepared in accordance with NI
43-101 which covers two major vein systems, with combined Measured
and Indicated mineral resource of 3,740,000 tonnes of mineralized
material containing 1,640,000 ounces of gold grading 13.6 g/t gold,
4,600,000 ounces of silver grading 38 g/t silver, and 55,800,000
pounds of zinc grading 0.7% zinc. The combined Inferred mineral
resource is 13,330,000 tonnes of mineralized material containing
3,760,000 ounces of gold grading 8.8 g/t gold, 14,200,000 ounces of
silver grading 33 g/t silver and 156,500,000 pounds of zinc grading
0.5% zinc.  
In August 2012, Continental achieved an important milestone,
receiving formal approval for the modification of its existing
Environmental Impact Assessment. The amendment allows the Company to
build a six-kilometre switchback road and begin underground
development by constructing a one-kilometre access tunnel. With a
goal of being the newest hard rock gold producer in Colombia,
Continental has commenced the construction of the access tunnel,
which will initially provide access for underground drilling and
eventually used for commercial production. A Phase IV drill program
is underway at the Buritica project to further delineate the mineral
resource and drill new target zones identified within its
concessions. 
Additional details on the Buritica project and the rest of
Continental's suite of gold exploration properties are available at
www.continentalgold.com.  
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, exploration and mine development plans, and timing of
the commencement of operations, 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. 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. 
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. 
To view figure 1, "Plan View of New Drilling Highlights, Showing the
Surface Projection of Veins in the October 2012 Mineral Resource
Model on Geology-Topography," please visit the following link:
http://media3.marketwire.com/docs/CNLfigure1%20(2).pdf.  
To view figure 2, "Long Section of Yaragua, Showing New Drilling
Highlights Against the Outline of the October 2012 Mineral Resource
Envelope," please visit the following link:
http://media3.marketwire.com/docs/CNLfigure2%20(3).pdf. 
Contacts:
Continental Gold Limited
Nisha Hasan
Director, Investor Relations
+1.416.583.5611
info@continentalgold.com
www.continentalgold.com
 
 
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