Continental Gold's Buriticá project is Colombia's most valuable gold deposit currently advancing towards production.
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.
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