Continental Gold Ltd. plans to sell shares on the Bogota stock exchange as soon as next year as the Toronto-listed miner seeks to expand its investor base to Colombia where it has operations.
“We are seriously working on it,” Continental’s President and Chief Operating Officer Mark Moseley-Williams said in a Medellin interview yesterday. “It would open the company up to a series of investors that perhaps don’t have access to the stock.”
Continental would become the first junior miner to list in Bogota and the second miner on the exchange after Colombia’s top gold producer Mineros SA. The listing would also give Continental greater exposure to investors in Peru and Chile through the Latin American Integrated Market network known as MILA. A junior miner typically takes mining projects from initial discovery stage up to pre-production.
The company is developing its Buritica project in northwestern Antioquia province that includes the Yaragua and Veta Sur vein systems. Continental has completed 112 meters (367 feet) of a planned 400 meter cross-cut at Veta Sur as it seeks more information on the deposit, Moseley-Williams said.
“We’ve encountered very good quality rock which helps reduce costs,” he said. Detailed results from acid testing on samples are expected in August, Chief Executive Officer Ari Sussman said July 7.
Buritica has a combined measured and indicated gold resource of 2.8 million ounces, according to a June estimate prepared for Continental by Mining Associates Pty. Continental plans to start production in 2017.