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Monday, 09/17/2012 5:51:42 PM

Monday, September 17, 2012 5:51:42 PM

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TORONTO, ONTARIO--(Marketwire - Sept. 17, 2012) - Continental Gold Limited (CNL.TO)(CGOOF) ("Continental" or the "Company") is pleased to announce that it has received gross proceeds of C$46.1 million through the exercise of the Company's TSX-listed warrants (CNL.WT) (the "Warrants") prior to their expiry on September 16, 2012.

A total of 6,145,764 Warrants were exercised for a total of 6,145,764 common shares of the Company, at an exercise price of C$7.50 per Warrant, representing 99.4% of the outstanding Warrants. All unexercised Warrants have expired and were delisted from the TSX on September 14, 2012.

"We are gratified by the level of support received from our shareholders as demonstrated by the successful exercise of our Warrants," commented Ari Sussman, CEO. We achieved a number of important milestones recently, including the amendment to our existing environmental permit and drilling new discoveries at the La Mano and La Estera systems. Our next key milestone is the updated mineral resource estimate, which remains on track for completion prior to month's end."

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