CONTINENTAL GOLD (TSX: CNL; OTCQX: CGOOF) is the most advanced large-scale gold mining company in Colombia and is presently developing its 100%-owned Buriticá project in Antioquia for scheduled production in 2020. Buriticá is one of the largest and highest-grade gold projects in the world, with mineral reserves of 3.7 million ounces of gold at 8.4 g/t gold (13.7 million tonnes) and a recently updated mineral resource estimate boasting 5.32 million ounces of gold at 10.32 g/t gold (16 million tonnes) in Measured and Indicated, plus Inferred resources of 6.02 million ounces of gold at 8.56 g/t gold (21.9 million tonnes). The construction of the mine is on schedule and is being advanced in a transparent manner with strict adherence to best practices for construction, environmental care, sustainability and external relations. Continental Gold is well supported by its key shareholders, with Newmont Mining having invested $159 million as part of a $585 million funding package for the project.
The Company´s 100%-owned, fully-permitted flagship high-grade Buriticá project is a rare combination of size, grade, straightforward metallurgy, excellent infrastructure and growth potential. On March 18, 2019, the Company released an updated independent technical report that indicates the Buriticá project will be a lowest quartile cost producer and an economically robust mine. Once in production, Buriticá has the potential to approximately double the formal production of gold in Colombia and become the largest single gold mine in the country.
In association with various government entities in Colombia, the Company was the first in the country to formalize small-scale mining associations, paving the way for the implementation of legal and responsible small-scale mining operations at the Buriticá project. In addition, the Company has operated a 30 tpd small-scale mine at Buriticá since 2007 and is one of the largest employers in northwestern Antioquia. The Company focuses on providing a safe working environment and partnering with local communities on key social projects.