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Founder and chairman of Continental Gold (CNL:TSX) Bob Allen will step back from the wheel of the company that he helped turned into Colombia's most valuable junior gold developer, the company announced Monday.

A pioneer in Colombian mining, Allen started Continental in 2007 as a privately held, Bermuda-based outfit, landing on the TSX in 2010 with a reverse takeover of Cronus Resources, seven 100%-owned gold exploration projects, and a $28.75 million financing.

With strong results at its Buritica project, the company picked up a wide range of experienced executives, smart financing deals, and that most elusive junior asset: results.

As of 2014, the company has drilled over 215,000 meters at Buritica, has purchased 99% of the acres needed for production infrastructure at the project, has $104 million cash in hand and no debt.

Not a bad time to take a step back and enjoy his 16.9 million shares in the company.

“Bob is an individual with the utmost integrity and tremendous vision who had the courage to invest in Colombia in the early years”, said Continental CEO Ari Sussman in a news release. “He was a trailblazer who helped set the foundation for Colombia’s precious metal industry, from which we all continue to benefit.”

“Since founding the Company, I have never been more optimistic about its future than I am today,” said Mr. Allen.

“Our current management team has the experience, commitment and vision to ensure continued growth and success for our shareholders and employees. I am extremely proud of what we have accomplished. Having founded Continental with a number of high-grade exploration properties, I step down today from a company with a market capitalization of approximately $500 million, a world-class resource and tremendous upside potential. I believe this is an appropriate time for me to pass my responsibilities on to Leon [Teicher], who also has a long history of operating in Colombia. I am excited about Continental’s future and remain committed to the Company.”

Thom Calandra, a journalist covering the mining industry and friend of Allen, commented, "I would know half as much about the nation's geology and properties and mineral districts were it not for Mr. Allen, who has a photographic memory for every rock, project and prospector he has come across."

Allen holds roughly 14% of the company, including 850,000 options.

Teicher joined the Continental board in 2013 and has a strong reputation as a business executive in Colombia, having served as President and CEO of Cerrejon Coal Ltd, one of the largest integrated mining companies in the world.

Lawyer Gustavo Koch, who helped Allen put together the Continental property portfolio between 2007 and 2010, joins the board of directors as Teicher takes over the chairmanship.

Read: Continental Gold Announces Retirement of its Founding Chairman

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