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Additional Drill Results from Buritica

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RobbyGG   Wednesday, 10/29/14 02:10:27 PM
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Additional Drill Results from Buritica

Analyst Daniel Earle has released research on Continental initial channel sampling results from both the main cross-cut and drift accessing the Veta Sur Vein System for its Buriticá (100%) gold project in Colombia.

To-date 800m of total underground development accessing Veta Sur has been completed (expected completion by the end of November 2014) and this program has provided Continental with its first ever underground access into the Veta Sur deposit.

Management indicated that its first underground sampling in the Veta Sur system has demonstrated the continuity of high-grade mineralization over widths greater than anticipated from the current mineral resource model (May 2014) and in provisional mine planning.

It is important to remember, the previously announced Preliminary Economic Assessment continues to be on track for completion in Q4/14E and the company's 60 km Phase V drill program is expected to be complete by year-end.

Daniel Earle also expects that the upcoming PEA will be based on resources.
In its most recent resource estimate dated May 2014, Buriticá was defined by a total of 7.0 Moz of gold at 8.7 g/t in all categories (M&I resources of 2.8 Moz at 10.4 g/t) at a 3.0 g/t cut-off. As of that date, the company's database included 578 surface and underground drill holes (203 km of drilling) and 3.7 km of channel sampling. Daniel Earle expects this resource to form the basis of the PEA in Q4/14, with the results of the Phase V drill program and important underground sampling to possibly be included in a subsequent economic study.

Daniel Earle reminded that Major Accesses are expected to be completed by the end of the year. The underground cross-cut through the Veta Sur deposit is progressing ahead of schedule, with approximately 255m of the planned 350m completed to date.

As a reminder, the 1.2km long Higabra Valley Tunnel was reportedly completed in late August and development of the Yaraguá Ramp is on track for completion by year-end, with the company having completed 91m out of 380m planned (as of October 6).

More news to come soon.
Good luck to all.

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