Welcome!

News Feed Item

Continental Gold Executes Formalization Agreements With Small-Scale Miners at Its Buritica Project, Colombia

TORONTO, ONTARIO -- (Marketwired) -- 05/12/14 -- Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") is pleased to announce the signing of formalization sub-contracts with five of seven small-scale mining associations, paving the way for the implementation of legal and responsible small-scale mining operations at the Company's Buritica project. The remaining two sub-contracts will be signed following review by the Secretary of Mines of Antioquia. A ceremony in honour of the event was held on May 10, 2014 in the town of Buritica, Antioquia, attended by the Ministry of Mines and Energy of Colombia, the National Mining Agency, the government of Antioquia, CORANTIOQUIA, the Mayor's Office at Buritica, representatives of the seven associations of informal miners and senior executives of Continental. These sub-contracts are the first to be executed under Law 1658 of July 15, 2013 and will be regulated by Decree 480 of March 6, 2014, which importantly places all legal responsibilities on the individual small-scale mining associations and devolves the Company in this regard.

Once these small-scale mines begin operations in the coming months, 583 families will benefit directly from the formalization which in turn indirectly benefits the local economies, communities and the government's tax base. Additionally, the formalization sub-contracts will provide the blueprint for other regions of Colombia in governing how mining companies, small-scale miners and government can operate symbiotically, while simultaneously deterring non-sanctioned mining activities within a specific area.

Importantly for Continental, none of the seven areas jointly selected between the Company and the small-scale mining associations will impede Continental's current and future operations. As well, a 50-metre depth restriction from surface will be implemented, rendering these operations above the limit of a crown pillar at the top of the deposit built into the Company's future mine plans.

Mark Moseley-Williams, President and COO of Continental stated: "We are delighted for the miners involved in this process, and are proud that they have decided to incorporate the law into their mining operations. We look forward to working jointly towards the implementation of these new small-scale mines. The signing of these sub-contracts would not have been possible without the orchestrated effort of all the authorities involved in this matter. I would especially like to thank the Ministry of Mines and Energy, the National Mining Agency, the Secretary of Mines, CORANTIOQUIA and the office of the Mayor of Buritica for moving these sub-contracts forward so rapidly.

"I would like to personally welcome Gold Mountain S.A.S., Sociedad Minero Ambiental Occidente S.A.S., Sociedad Minera San Roman S.A.S., Sociedad Minera Gualanday S.A.S., Asociacion de Mineros Montana Dorada (ASMIMODO), Sociedad Minera el Progreso No. 5 S.A.S. and San Antonio 2 S.A.S to our family," remarked Eduardo Otoya, Vice-President, Corporate Development of Continental. "I have spent a considerable amount of time over the past three years working towards this goal and am honoured to be associated with these companies."

"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."

"This is an extremely important opportunity for us, and it will contribute towards different social projects that will positively impact the region, while improving the quality of life of our families," said Miguel Angel Usuga, representative of Sociedad Minera San Roman S.A.S.

"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.

About Continental:

Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Spearheaded by a team with over 40 years of exploration and mining experience in Colombia, the Company is focused on advancing its high-grade Buritica gold project to production.

For technical information on the Buritica project, please refer to the technical report entitled "2012 Mineral Resource Estimate of the Buritica Gold Project, Colombia" dated November 15, 2012, effective as at October 22, 2012, available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com. Additional details on the rest of Continental's suite of gold exploration properties are also available at www.continentalgold.com.

Forward-Looking Statements

This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding successfully completing the formalization process with small-scale mining groups, exploration and mine development plans, and timing of the commencement of construction and operations, and is based on current expectations that involve a number of business risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...