The company is aiming to have over 10 million ounces of gold by 2015 and be in production by 2017, according to their latest corporate presentation.
The Buriticá project covers a large area home to many illegal small scale miners, four of whom were tragically killed in an underground accident last month unrelated to the company.
Continental has been working with government as well as the artisanal miners to make their operations both legal and more responsible.
Today the company announced that 5 of 7 small scale mining groups have signed formalization agreements, with the remaining 2 expected after a governmental review.
Importantly this devolves Continental of legal responsibility for their work, and none of the newly designated mining areas will affect Continental’s future planned mining operations.
“The execution of these sub-contracts is a landmark triumph for Colombia and represents an important milestone in the maturation of the Colombian gold mining industry,” commented Ari Sussman, CEO of Continental. “The harmonization between the Colombia government, the Company and small-scale miners resulted in this positive outcome and all parties should be proud of their respective efforts.”
“We are filled with a great joy in seeing this step fulfilled, while leaving behind the risks of informal mining and moving down the path of legality. We extend our sincere appreciation to the Government of Antioquia, the Ministry of Mines and Energy and Continental for joining us for this important milestone,” remarked Fernando Restrepo, representative of the Sociedad Minera Gualanday S.A.S.
Forward-Looking Statements: This article includes certain “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the potential of the Company’s properties are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this article. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Disclaimer: This article is not intended to meet your specific individual investment needs and it is not tailored to your personal financial situation. Nothing contained herein constitutes, is intended, or deemed to be — either implied or otherwise — investment advice. Continental Gold Ltd. is a client of Pacific Website Company Inc., owner of the CEO.CA blog, and therefore our coverage of the company should not be considered fully independent or unbiased. We also have a financial interest in Continental Gold which may change at any time without further notice. While the information herein is believed to be accurate and reliable it is not guaranteed or implied to be so. The information herein may not be complete or correct; it is provided in good faith but without any legal responsibility or obligation to provide future updates. Neither Tommy Humphreys, nor anyone else, accepts any responsibility, or assumes any liability, whatsoever, for any direct, indirect or consequential loss arising from the use of the information in this article.