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Continental Gold Drills High-Grade Gold at Yaragua and Further Extends the Laurel System at Buritica, Colombia

TORONTO, ONTARIO -- (Marketwired) -- 07/28/14 -- Continental Gold Limited (TSX: CNL)(OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce results for 12 diamond drill-holes through the Yaragua and Laurel vein systems at the Company's 100%-owned Buritica project in Antioquia, Colombia. Drilling continues throughout 2014 with the goal of upgrading Inferred resources into the Measured and Indicated categories under National Instrument 43-101 ("NI 43-101") guidelines, and delivering overall robust mineral resource growth.

Highlights (referenced in Figures 1, 2 and 3)

Yaragua Vein System


--  Drilling from underground was successful in infilling eastern areas of
    the May 2014 Yaragua mineral resource envelope across 200 metres of
    lateral strike by 400 metres of vertical strike. Importantly, the infill
    drill-holes are all within 200 vertical-metre ranges above and below the
    elevation of the Higabra Valley Tunnel (approximately 1,190 metres above
    sea level), where drilling is focused on converting existing Inferred
    resources into the Measured and Indicated categories.
--  Drilling through most of the central and southern Yaragua vein envelope
    commonly encountered vein grades X thicknesses that are significantly
    above those expected from the May 2014 mineral resource block model.
    Related intercepts and veins include:

    --  1.35 metres @ 190.5 g/t gold and 95 g/t silver (BUUY222, MUS1,
        elevation of 1,211 metres);
    --  0.9 metres @ 64 g/t gold and 6 g/t silver (BUUY225, VNC2, elevation
        of 1,354 metres);
    --  2.5 metres @ 20.4 g/t gold and 44 g/t silver (BUUY225, MU1,
        elevation of 1,172 metres);
    --  3.95 metres @ 50.2 g/t gold and 26 g/t silver (BUUY253, PRE,
        elevation of 1,299 metres);
    --  0.5 metres @ 70 g/t gold and 19 g/t silver (BUUY253, MU2, elevation
        of 1,248 metres);
    --  0.58 metres @ 752 g/t gold and 124 g/t silver (BUUY258, MU,
        elevation of 1,231 metres);
    --  4.2 metres @ 25 g/t gold and 18 g/t silver (BUUY264, PRE, elevation
        of 1,284 metres);
    --  2.4 metres @ 28 g/t gold and 9 g/t silver (BUUY264, MU, elevation of
        1,201 metres);
    --  1.0 metres @ 219.4 g/t gold and 72 g/t silver (BUUY269, VNB,
        elevation of 1,301 metres);
    --  4.1 metres @ 17.4 g/t gold and 170 g/t silver (BUUY272, MU3,
        elevation of 1,288 metres);
    --  3.8 metres @ 62.4 g/t gold and 249 g/t silver (BUUY274, VNC,
        elevation of 1,352 metres);
    --  0.55 metres @ 66.2 g/t gold and 15 g/t silver (BUUY274, MU,
        elevation of 1,277 metres);
    --  0.6 metres @ 22.3 g/t gold and 5 g/t silver (BUUY275, MU2, elevation
        of 1,273 metres); and
    --  3.2 metres @ 12.7 g/t gold and 93 g/t silver (BUUY276, PRE,
        elevation of 1,277 metres).

--  Step-out drilling in nine holes intersected multiple veins below the
    south-eastern Yaragua mineral resource envelope. High-grade intercepts
    include:

    --  0.5 metres @ 17.4 g/t gold and 9 g/t silver (BUUY264, elevation of
        1,085 metres);
    --  0.5 metres @ 10.4 g/t gold and 13 g/t silver (BUUY269, elevation of
        1,032 metres); and
    --  2.0 metres @ 7.4 g/t gold and 3 g/t silver (BUUY269, elevation of
        1,022 metres).

Laurel Vein System


--  Further to the south, step-out drilling up to 300 metres along strike in
    three holes encountered multiple veins interpreted as relatively deep,
    eastern extensions of the Laurel vein system. These holes extended the
    strike length of Laurel to approximately 1,100 metres, with the system
    remaining open to the southwest, northeast and at depth. High-grade
    intercepts include:

    --  1.45 metres @ 84 g/t gold and 7 g/t silver (BUUY258, elevation of
        976 metres); and
    --  0.6 metres @ 9.2 g/t gold and 20 g/t silver (BUUY269, elevation of
        990 metres).

"It's pleasing to see the underground infill drilling successfully demonstrate consistent and even higher-grade intercepts at elevations around the Higabra Valley Tunnel, as this is pivotal for our goal of upgrading current Inferred resources at these elevations into the Measured and Indicated categories", commented Ari Sussman, CEO of Continental. "Additionally, the size of the Laurel vein system target continues to grow impressively and we are hopeful that over time, it will prove economic and represent another mineable front at Buritica."

Details

Continental's 100%-owned, 59,095-hectare project, Buritica, contains several known areas of high-grade gold and silver mineralization, of base metal carbonate-style ("Stage I") variably overprinted by texturally and chemically distinctive high-grade ("Stage II") mineralization. The two most extensively explored of these areas (the Yaragua and Veta Sur systems) are central to this land package. The Yaragua system has been drill-outlined along 1,120 metres of strike and 1,300 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill-outlined along 1,040 metres of strike and 1,400 vertical metres. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated mineralization and both remain open at depth and along strike, at high grades. See "About Continental Gold" below for a precis of updated mineral resource estimates for the Buritica project prepared in accordance with NI 43-101. The Laurel vein system, to the south of Yaragua and Veta Sur, is at an earlier stage of drilling definition.

This release documents the results of infill and extension drilling (completed after the December 31, 2013 closure of the database for the Buritica 2014 mineral resource estimate) through eastern Yaragua and to the south of the Yaragua vein system. Significant new drill intercepts are listed below in Table I and are referenced in Figures 1, 2 and 3.

Table I: Drilling Highlights


----------------------------------------------------------------------------
HoleID    m       m       Intercept   Au     Ag    Zn    Intercept  Vein(ii)
          From    To      Interval(i) (g/t)  (g/t) (%)   RL (m)
----------------------------------------------------------------------------
BUUY219   54.05   54.90   0.85        1.34   3.1   0.16  1358       MU1
          76.00   77.20   1.20        1.71   2.0   0.01  1348       MUS
          100.80  102.00  1.20        3.38   11.7  1.12  1337       MUS11
          103.90  104.60  0.70        3.13   15.1  0.29  1336       MUS1
          135.20  135.70  0.50        5.52   4.0   0.34  1322       MUS2
          137.60  138.10  0.50        4.98   45.2  3.16  1321       MUS2
BUUY222   25.25   26.50   1.25        2.00   1.3   0.01  1360       MU2
          56.90   58.10   1.20        1.11   2.2   0.31  1334       MU10
          79.00   79.50   0.50        4.96   161.0 3.49  1317       MU11
          90.00   91.00   1.00        1.39   6.3   0.81  1308       CNT
          132.20  133.83  1.63        4.73   13.5  0.07  1274       MIC
          145.95  147.10  1.15        11.43  46.4  1.66  1264       MUS
          162.83  163.35  0.52        3.92   5.9   6.23  1251       MUS11
          171.86  172.50  0.64        2.28   11.3  0.26  1244       Below
          184.43  185.01  0.58        4.20   46.6  0.94  1234       Below
          214.00  215.35  1.35        190.50 94.8  4.54  1211       MUS1
          220.20  221.20  1.00        4.61   11.9  0.39  1206       MUS21
          236.50  237.08  0.58        2.08   1.1   0.06  1194       MUS2
          264.20  264.90  0.70        1.48   10.5  1.00  1173       MUS31
          297.30  297.90  0.60        3.71   2.5   0.22  1148       Below
          345.00  345.80  0.80        2.28   17.3  0.24  1112       Below
          366.80  367.30  0.50        1.96   4.0   0.30  1096       ?Laurel
BUUY225   26.70   27.70   1.00        3.96   1.4   0.01  1357       SOF
          30.30   31.20   0.90        64.00  6.1   0.03  1354       VNC2
          38.35   39.50   1.15        2.85   1.3   0.07  1347       VNC1
          46.30   47.35   1.05        1.83   0.8   0.01  1340       VNC
          58.50   59.00   0.50        3.23   34.3  0.33  1330       CBE
          75.30   76.50   1.20        3.59   13.1  0.01  1315       VNB
          87.70   92.00   4.30        3.57   29.0  3.95  1301       PRE
          113.60  114.15  0.55        2.73   10.6  1.86  1282       MU4
          118.20  119.40  1.20        2.87   8.7   2.90  1277
          121.90  122.40  0.50        6.44   5.9   3.43  1275       MU3
          131.00  132.00  1.00        2.16   78.9  4.15  1266       MU2
          146.20  146.70  0.50        10.65  7.8   0.01  1254       MU
          170.30  178.50  8.20        2.31   4.2   0.37  1227       MU10
          215.50  216.50  1.00        3.35   2.6   0.11  1194       MU11
          225.80  227.60  1.80        2.95   16.8  0.56  1185       CNT
          240.90  243.40  2.50        20.43  44.3  1.23  1172       MU1
incl      241.70  243.20  1.50        32.44  69.9  1.74
          252.30  254.10  1.80        2.67   4.4   0.14  1163       MIC
          288.80  289.40  0.60        4.49   10.7  0.12  1134       Below
          291.80  294.20  2.40        2.22   3.4   0.11  1130       Below
          311.80  312.30  0.50        3.76   6.6   1.07  1115       Below
          367.50  370.20  2.70        1.00   7.1   0.61  1069       Below
          382.80  384.60  1.80        2.07   25.7  0.82  1056       Below
          412.20  418.20  6.00        2.15   17.4  1.27  1030       Below
BUUY242   33.60   34.20   0.60        2.39   32.7  1.89  1350       VNC2
          39.90   40.40   0.50        1.62   1.4   0.17  1345       VNC1
          54.95   57.00   2.05        2.20   42.7  0.06  1330       CBE
          67.20   68.60   1.40        7.25   2.1   0.01  1320       VNC
          91.00   92.00   1.00        5.79   8.0   0.47  1299
          96.75   99.00   2.25        7.88   8.7   0.66  1292
incl      96.75   98.00   1.25        12.76  2.0   0.01             VNB
          102.70  103.30  0.60        39.10  47.3  3.75  1288       PRE
          115.00  115.50  0.50        3.26   3.8   2.38  1278       VNE
          123.00  124.00  1.00        1.99   23.5  0.07  1270       MU4
          153.60  154.10  0.50        2.02   3.1   0.27  1244
          173.00  173.75  0.75        10.70  1.7   0.02  1227       MU2
          180.00  182.45  2.45        9.13   7.9   0.02  1219
incl      181.00  182.45  1.45        13.49  12.1  0.02             CNT
          188.30  190.75  2.45        7.82   29.9  1.67  1212
incl      189.00  190.15  1.15        13.40  25.9  2.35             MU
          197.40  198.40  1.00        4.11   44.3  1.29  1205
          202.10  203.50  1.40        2.63   12.8  0.54  1201       MU10
          235.00  239.40  4.40        4.82   15.0  0.28  1170       MU11
          253.50  255.60  2.10        2.55   4.8   0.30  1157       MU1
          283.00  284.65  1.65        2.33   3.3   0.20  1133       MUS1
          287.00  289.50  2.50        1.97   2.3   0.35  1129       Below
          312.00  313.60  1.60        1.84   3.6   0.10  1109       Below
          353.50  354.50  1.00        3.72   32.3  0.26  1075       Below
          376.60  377.30  0.70        2.93   9.2   2.75  1056       Below
          389.70  391.70  2.00        2.01   29.8  0.36  1044       Below
          434.28  434.90  0.62        3.16   3.8   0.42  1009       Below
          460.20  460.78  0.58        1.16   2.0   0.02  988        Below
BUUY253   24.00   25.65   1.65        1.81   1.6   0.08  1360       SOF
          30.70   33.20   2.50        2.44   1.4   0.02  1353       VNC2
          34.60   36.20   1.60        2.34   2.3   0.11  1350       VNC1
          61.00   63.10   2.10        5.74   11.0  0.01  1327       VNC
          65.50   66.75   1.25        25.20  1.0   0.01  1324       CBE
          70.80   72.00   1.20        6.10   6.2   0.01  1319       VNB
          87.60   89.10   1.50        4.08   1.5   0.01  1305
          91.55   95.50   3.95        50.22  26.4  1.04  1299       PRE
incl      91.55   94.00   2.45        74.25  34.6  0.99
          99.10   102.00  2.90        14.01  22.2  2.76  1294       MU3
          103.80  107.60  3.80        3.95   6.8   1.35  1288
          110.25  111.20  0.95        9.76   34.6  0.34  1285       VNE
          153.75  154.25  0.50        70.00  18.9  0.82  1248       MU2
          161.00  161.70  0.70        26.30  39.9  1.02  1242       CNT
          168.00  168.60  0.60        7.37   100.0 0.47  1236
          181.70  182.30  0.60        5.04   206.0 1.92  1224       MU
          185.65  188.05  2.40        2.28   20.2  2.57  1219
          221.75  222.50  0.75        4.49   34.3  0.04  1190       MU11
          237.55  238.70  1.15        2.12   2.0   0.18  1176       MIC
          263.15  264.40  1.25        1.17   0.6   0.03  1154       MAR
          287.15  288.85  1.70        5.15   5.6   0.41  1134       MUS
          314.20  315.68  1.48        2.19   2.9   0.22  1112       Below
          317.70  318.25  0.55        3.94   5.6   0.05  1109       Below
          351.90  352.60  0.70        1.46   12.1  0.21  1081       Below
          412.25  412.75  0.50        1.07   2.5   0.07  1031       Below
          499.10  500.58  1.48        1.97   0.8   0.09  959        Below
          505.40  506.20  0.80        7.93   2.9   0.17  954        Below
BUUY258   25.40   25.90   0.50        3.03   18.8  2.00  1359       SOF
          70.10   72.77   2.67        5.81   43.3  0.08  1318       BC
          78.30   82.32   4.02        5.65   40.4  1.75  1310       VNB
incl      78.30   79.50   1.20        13.19  102.5 2.64  1312
          90.30   91.35   1.05        1.11   880.0 0.81  1302       PRE
          124.30  124.90  0.60        1.67   18.0  2.37  1272       MU4
          135.65  136.70  1.05        2.66   8.0   0.88  1262
          147.90  148.40  0.50        1.60   3.0   0.01  1252       MU2
          171.07  171.65  0.58        752.00 124.0 3.00  1231       MU
          178.40  179.10  0.70        8.47   7.7   0.32  1225       CNT
          188.60  189.20  0.60        4.41   16.6  3.00  1216       MU10
          190.90  193.13  2.23        1.52   10.6  0.84  1213
          208.00  209.60  1.60        2.63   3.7   0.36  1198       MU11
          220.45  221.45  1.00        1.95   16.0  2.58  1188
          240.00  241.50  1.50        6.96   39.3  4.67  1171       MU1
          247.70  257.35  9.65        3.30   10.4  1.12  1157       MUS
          278.50  279.00  0.50        3.97   123.0 4.59  1137       MUS1
          306.00  306.50  0.50        5.01   11.5  0.25  1114       Below
          350.45  352.00  1.55        1.33   14.7  0.47  1075       Below
          414.00  415.30  1.30        4.80   0.5   0.01  1020       Below
          437.20  439.00  1.80        1.32   7.5   0.05  1000       Below
          465.85  467.30  1.45        84.03  6.7   0.01  976        ?Laurel
          473.80  477.40  3.60        0.90   2.9   0.11  968        ?Laurel
BUUY264   26.30   29.50   3.20        2.62   11.5  0.35  1355       SOF
          51.00   51.60   0.60        2.09   34.1  0.85  1334       VNC1
          103.40  107.60  4.20        25.04  18.0  1.52  1284       PRE
incl      106.00  107.60  1.60        61.44  24.1  2.30
          121.20  121.70  0.50        5.77   45.6  3.15  1271       MU3
          127.20  127.80  0.60        41.10  61.2  0.49  1265       VNE
          151.50  152.10  0.60        2.04   16.2  1.26  1243       MU4
          169.50  171.05  1.55        2.48   8.4   0.03  1227
          178.60  179.10  0.50        4.80   71.8  4.47  1219       MU2
          198.20  200.60  2.40        27.96  9.4   0.60  1201       MU
          214.65  215.30  0.65        2.25   1.9   0.05  1187
          241.20  241.70  0.50        3.82   10.2  0.78  1164       MU10
          249.50  251.70  2.20        2.62   20.2  0.03  1155
          254.50  255.60  1.10        11.51  125.9 0.20  1152       MU11
          257.30  258.30  1.00        21.95  27.0  0.36  1150       CNT
          283.80  284.40  0.60        2.44   32.4  0.05  1127       Below
          332.00  332.50  0.50        17.40  9.3   1.46  1085       Below
          346.00  346.50  0.50        2.14   12.7  0.21  1073       Below
          382.80  383.35  0.55        1.87   28.7  0.92  1041       Below
          400.00  401.15  1.15        1.38   34.3  0.08  1027       Below
          435.00  436.20  1.20        2.09   1.7   0.07  997        Below
          466.50  467.10  0.60        3.05   7.5   0.40  971        Below
BUUY269   10.00   10.50   0.50        0.50   94.5  0.09  1372       HWV
          31.80   32.80   1.00        3.76   0.6   0.01  1352       SOF
          36.00   36.70   0.70        3.42   2.9   0.01  1348       VNC2
          66.30   66.95   0.65        11.90  259.0 1.09  1321       CBE
          89.00   90.00   1.00        219.35 71.7  0.31  1301       VNB
          105.30  106.00  0.70        36.40  121.0 2.83  1286       MU3
          135.90  136.40  0.50        15.90  21.2  5.17  1259       MU4
          154.00  156.20  2.20        1.63   16.3  0.83  1242
          157.80  158.30  0.50        4.97   7.1   0.24  1240       MU2
          179.10  179.80  0.70        1.29   13.6  1.77  1221
          185.00  185.50  0.50        2.49   2.1   0.18  1216       MU
          200.00  200.50  0.50        1.78   153.0 0.99  1203
          218.70  219.85  1.15        1.10   17.0  4.47  1186
          221.00  223.30  2.30        2.73   12.4  2.25  1183       MU11
          229.95  231.40  1.45        2.06   5.7   0.47  1177       MU10
          256.50  257.00  0.50        1.20   11.8  2.20  1154
          265.87  266.37  0.50        22.40  51.2  1.01  1146       MU1
          282.40  282.90  0.50        2.77   30.5  4.77  1132       MUS1
          331.80  333.20  1.40        1.40   7.5   0.79  1090       Below
          337.75  338.25  0.50        0.08   116.0 0.06  1086       Below
          342.00  342.50  0.50        1.47   7.6   0.36  1082       Below
          371.50  374.00  2.50        1.79   3.1   0.40  1056       Below
          395.50  396.00  0.50        7.88   19.5  0.33  1037       Below
          401.30  401.80  0.50        10.40  13.3  0.37  1032       Below
          412.00  414.00  2.00        7.44   2.7   0.21  1022       Below
          445.50  446.50  1.00        3.66   1.5   0.12  995        ?Laurel
          452.20  452.80  0.60        9.19   19.8  0.03  990        ?Laurel
          459.00  460.00  1.00        6.71   5.2   0.33  984        ?Laurel
          464.70  465.30  0.60        3.88   8.1   0.03  979        ?Laurel
          510.90  511.40  0.50        1.03   0.5   0.01  941        ?Laurel
BUUY272   18.00   18.65   0.65        16.05  26.3  3.48  1365       SOF
          29.05   29.55   0.50        1.29   4.2   0.87  1355
          35.00   36.00   1.00        1.54   4.2   0.35  1349       VNC2
          53.00   53.55   0.55        5.91   94.3  0.94  1333       VNC
          69.00   70.50   1.50        1.33   0.8   0.01  1318       CBE
          98.20   98.70   0.50        5.99   39.6  1.69  1293       PRE
          100.90  105.00  4.10        17.38  169.8 7.19  1288       MU3
incl      101.40  102.60  1.20        42.03  487.3 10.55
          106.00  109.10  3.10        2.93   8.2   1.61  1284       VNE
          124.75  125.35  0.60        1.22   175.0 0.92  1269       MU4
          152.00  152.55  0.55        1.94   6.2   0.06  1246
          160.35  160.95  0.60        3.17   10.5  0.58  1238       MU2
          171.65  172.90  1.25        1.05   14.4  1.00  1228
          177.10  178.00  0.90        2.94   4.2   0.09  1224
          181.10  188.70  7.60        8.86   16.3  0.44  1215       MU
incl      181.10  184.50  3.40        17.31  13.6  0.32
          190.70  192.20  1.50        9.57   143.0 0.94  1212       MU10
          229.50  232.00  2.50        9.61   80.3  0.18  1178       MU11
incl      230.10  232.00  1.90        11.93  101.9 0.22

BUUY274   21.70   23.05   1.35        4.64   41.6  1.10  1364       VNC2
          35.40   39.20   3.80        62.41  249.3 0.12  1352       VNC
incl      36.00   37.00   1.00        171.78 496.0 0.21
          45.25   45.75   0.50        2.02   48.6  0.38  1346       CBE
          66.30   69.05   2.75        0.94   3.4   1.00  1329       PRE
          76.80   78.40   1.60        17.60  10.7  0.89  1322       MU3
          82.00   84.75   2.75        3.48   4.9   0.40  1317       VNE
          130.50  131.00  0.50        21.50  35.5  6.14  1282       MU2
          137.15  137.70  0.55        66.20  15.1  1.38  1277       MU
          149.60  150.10  0.50        2.34   13.6  0.96  1268       MU10
          159.85  160.50  0.65        2.40   31.2  1.47  1260       MU11
          172.10  175.55  3.45        3.96   11.4  4.76  1249       MU1
          195.00  195.50  0.50        1.19   8.3   0.49  1234       MIC
          214.55  216.35  1.80        1.18   3.1   0.26  1220       MUS11
          244.50  245.00  0.50        1.28   3.7   0.17  1199       MUS1
          260.10  261.13  1.03        6.73   13.6  0.62  1188       MUS21
          275.10  275.60  0.50        2.16   17.8  1.38  1178       MUS2
          282.90  284.15  1.25        1.17   4.5   3.09  1172       MUS31
BUUY275   8.70    9.20    0.50        0.83   167.0 0.23  1374       HWV
          25.00   26.00   1.00        2.98   3.7   0.50  1360       VNC2
          41.50   44.20   2.70        2.16   77.4  4.76  1345       VNC
          50.75   51.50   0.75        2.13   34.5  1.60  1339
          53.08   54.68   1.60        10.02  111.5 7.38  1337       CBE
          58.00   61.50   3.50        5.10   25.4  1.37  1331
incl      60.15   61.50   1.35        9.88   10.5  1.85             VNBC
          64.10   67.30   3.20        4.32   13.7  2.09  1326
          70.30   73.00   2.70        8.83   76.0  4.64  1322       VNB
          74.50   77.50   3.00        2.92   5.0   0.28  1318       PRE
          79.50   81.00   1.50        1.15   4.0   0.21  1315       MU3
          95.00   95.50   0.50        3.10   33.4  0.05  1303       VNE
          114.40  115.50  1.10        1.07   1.5   0.16  1286       MU4
          130.70  131.30  0.60        22.30  5.4   0.41  1273       MU2
          143.20  143.70  0.50        2.11   32.6  12.60 1263
          160.00  160.60  0.60        1.30   8.9   0.71  1249       MU
          187.80  188.43  0.63        2.22   4.6   0.22  1226       MU10
          192.00  192.80  0.80        3.18   0.7   0.02  1223       MU11
          218.40  219.20  0.80        2.00   1.9   0.02  1201       MU1
          238.75  241.85  3.10        2.51   20.2  1.09  1183       MUS
          245.80  246.30  0.50        20.90  15.8  0.11  1179       MUS11
          250.50  251.40  0.90        4.64   1.3   0.01  1175       MUS1
          253.00  254.00  1.00        2.68   25.6  0.14  1173
          302.00  305.00  3.00        2.21   1.6   0.14  1132       Below
          330.10  331.00  0.90        1.91   10.5  1.02  1110       Below
BUUY276   14.50   15.90   1.40        2.90   0.9   0.01  1367       HWV
          29.50   30.00   0.50        1.70   29.7  2.04  1354       SOF
          68.75   69.60   0.85        2.21   16.2  0.16  1319       VNC
          79.00   79.55   0.55        2.01   30.7  0.48  1309       CB
          83.00   84.20   1.20        4.70   2.1   0.06  1306       VNBC
          112.80  116.00  3.20        12.74  92.9  0.61  1277       PRE
          117.80  124.15  6.35        8.87   33.7  0.14  1269
incl      117.80  119.95  2.15        16.14  29.5  0.07             MU3
          132.65  133.25  0.60        4.92   20.1  2.26  1261       VNE
          159.60  162.70  3.10        5.40   5.4   1.13  1235
incl      159.60  161.00  1.40        9.25   6.5   1.35  1236       MU4
          165.25  165.75  0.50        4.45   15.9  0.20  1232
          170.10  172.10  2.00        1.23   10.0  0.51  1227
          188.20  188.70  0.50        6.84   13.6  0.63  1211       MU2
          196.90  198.40  1.50        1.19   7.3   0.75  1203
          213.85  216.15  2.30        1.61   8.8   0.26  1187
          218.70  219.20  0.50        4.50   17.9  0.01  1184       MU
          243.20  243.70  0.50        6.51   48.9  0.80  1162       MU11
          260.70  261.30  0.60        1.78   5.7   0.31  1147
          274.00  274.60  0.60        5.02   32.9  10.45 1135       MU1
          280.50  281.00  0.50        5.06   32.1  2.11  1129       MUS
          302.05  304.40  2.35        4.01   23.1  3.89  1109       Below
          315.90  316.50  0.60        2.91   10.5  0.02  1098       Below
          322.90  323.40  0.50        1.76   27.2  1.04  1092       Below
          369.50  370.00  0.50        0.95   8.3   0.59  1051       Below
          389.70  390.50  0.80        1.43   9.6   1.79  1033       Below
          404.20  405.00  0.80        1.53   18.3  0.08  1020       Below
----------------------------------------------------------------------------
(i) Intercepts calculated at 1 g/t gold + 50 g/t silver cut-off grades for
minimum intervals of 0.5 metres, with up to 30% internal dilution. True
widths not accurately known but generally are between 30% of the down-hole
interval and near true width. Drill-holes designated "BUUY" were collared
from underground, and drill-holes designated "BUSY" were collared at
surface.
(ii) Intercepts in Yaragua vein domains are respectively nominated by vein
code (e.g. VNC) or as "below" the mineral resource envelope. Intercepts
interpreted as Laurel vein extensions are labelled accordingly.

Two fans of holes were drilled to the south of Yaragua, from underground platforms in the Yaragua mine (Figure 1). Drilling was primarily focused on infilling the Yaragua mineral resource envelope, but some holes also targeted depth extensions of the Yaragua vein system and, further south, possible extensions to the Laurel vein system (Figures 2 and 3).

Within the Yaragua mineral resource envelope, drilling through most of the central and southern Yaragua vein system commonly encountered vein grades X thicknesses that are significantly above those expected from the May 2014 mineral resource block model. Related intercepts and veins include:


--  1.35 metres @ 190.5 g/t gold and 95 g/t silver (BUUY222, MUS1, elevation
    of 1,211 metres);
--  0.9 metres @ 64 g/t gold and 6 g/t silver (BUUY225, VNC2, elevation of
    1,354 metres);
--  2.5 metres @ 20.4 g/t gold and 44 g/t silver, including 1.5 metres @
    32.4 g/t gold and 70 g/t silver (BUUY225, MU1, elevation of 1,172
    metres);
--  2.25 metres @ 7.9 g/t gold and 9 g/t silver, including 1.25 metres @
    12.8 g/t gold and 2 g/t silver (BUUY242, VNB, elevation of 1,292
    metres);
--  0.6 metres @ 39.1 g/t gold and 47 g/t silver (BUUY242, PRE, elevation of
    1,288 metres);
--  2.45 metres @ 9.1 g/t gold and 8 g/t silver, including 1.45 metres @
    13.5 g/t gold and 12 g/t silver (BUUY242, CNT, elevation of 1,219
    metres);
--  1.25 metres @ 25.2 g/t gold and 1 g/t silver (BUUY253, CBE, elevation of
    1,324 metres);
--  3.95 metres @ 50.2 g/t gold and 26 g/t silver, including 2.45 metres @
    74.3 g/t gold and 35 g/t silver (BUUY253, PRE, elevation of 1,299
    metres);
--  2.9 metres @ 14 g/t gold and 22 g/t silver (BUUY253, MU3, elevation of
    1,294 metres);
--  0.5 metres @ 70 g/t gold and 19 g/t silver (BUUY253, MU2, elevation of
    1,248 metres);
--  0.7 metres @ 26.3 g/t gold and 40 g/t silver (BUUY253, CNT, elevation of
    1,242 metres);
--  1.05 metres @ 1.11 g/t gold and 880 g/t silver (BUUY258, PRE, elevation
    of 1,302 metres);
--  0.58 metres @ 752 g/t gold and 124 g/t silver (BUUY258, MU, elevation of
    1,231 metres);
--  4.2 metres @ 25 g/t gold and 18 g/t silver, including 1.6 metres @ 61.4
    g/t gold and 24 g/t silver (BUUY264, PRE, elevation of 1,284 metres);
--  0.6 metres @ 41.1 g/t gold and 61 g/t silver (BUUY264, VNE, elevation of
    1,265 metres);
--  2.4 metres @ 28 g/t gold and 9 g/t silver (BUUY264, MU, elevation of
    1,201 metres);
--  1.0 metres @ 219.4 g/t gold and 72 g/t silver (BUUY269, VNB, elevation
    of 1,301 metres);
--  0.7 metres @ 36.4 g/t gold and 121 g/t silver (BUUY269, MU3, elevation
    of 1,286 metres);
--  4.1 metres @ 17.4 g/t gold and 170 g/t silver, including 1.2 metres @ 42
    g/t gold and 487 g/t silver (BUUY272, MU3, elevation of 1,288 metres);
--  7.6 metres @ 8.9 g/t gold and 16 g/t silver, including 3.4 metres @ 17.3
    g/t gold and 14 g/t silver (BUUY272, MU, elevation of 1,215 metres);
--  3.8 metres @ 62.4 g/t gold and 249 g/t silver, including 1.0 metres @
    171.8 g/t gold and 496 g/t silver (BUUY274, VNC, elevation of 1,352
    metres);
--  0.55 metres @ 66.2 g/t gold and 15 g/t silver (BUUY274, MU, elevation of
    1,277 metres);
--  0.6 metres @ 22.3 g/t gold and 5 g/t silver (BUUY275, MU2, elevation of
    1,273 metres);
--  3.2 metres @ 12.7 g/t gold and 93 g/t silver (BUUY276, PRE, elevation of
    1,277 metres); and
--  6.35 metres @ 8.9 g/t gold and 34 g/t silver, including 2.15 metres @
    16.1 g/t gold and 30 g/t silver (BUUY276, MU3, elevation of 1,269
    metres).

Elsewhere, within the mineral resource envelope, intercepts were generally of grade X thicknesses consistent with the May 2014 Yaragua mineral resource block model. Intercepts between modelled vein domains are presented in Table 1 without vein domain names.

Nine drill-holes intersected multiple veins below the south-eastern Yaragua mineral resource envelope, representing extensions at depth of the southern Yaragua vein system. Higher-grade intercepts included:


--  0.8 metres @ 7.9 g/t gold and 3 g/t silver (BUUY253, elevation of 954
    metres);
--  0.5 metres @ 17.4 g/t gold and 9 g/t silver (BUUY264, elevation of 1,085
    metres);
--  0.5 metres @ 10.4 g/t gold and 13 g/t silver (BUUY269, elevation of
    1,032 metres); and
--  2.0 metres @ 7.4 g/t gold and 3 g/t silver (BUUY269, elevation of 1,022
    metres).

The southern Yaragua vein system remains open at depth and to the west and east of these intersections.

Further to the south, three drill-holes encountered multiple veins interpreted as relatively deep, eastern extensions of the Laurel vein system, up to 300 metres to the northeast of previous drill intercepts. High-grade intersections included:


--  1.45 metres @ 84 g/t gold and 7 g/t silver (BUUY258, elevation of 976
    metres); and
--  0.6 metres @ 9.2 g/t gold and 20 g/t silver (BUUY269, elevation of 990
    metres).

All of the infill drill intercepts and also extensions to the vein systems are within 200 vertical-metre ranges above and below the 1,190-metre elevation of proposed development infrastructure from the Higabra Valley Tunnel (Figures 2 and 3).

Technical Information

Vic Wall, PhD, special advisor to the Company and a qualified person for the purpose of NI 43-101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release. Dr. Wall is a geologist with 35 years' experience in the minerals mining, consulting, exploration and research industries. Following a career in Australian and North American academes, he held senior positions in a number of multinational major and junior minerals companies. A Fellow of the Australian Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a Brisbane-based consultancy that provides geoscientific services to mineral companies and government agencies, worldwide.

The Company utilizes a rigorous, industry-standard QA/QC program. HQ core is sawn or split with one-half shipped to a sample preparation lab in Medellin run by ALS Colombia Limited ("ALS") in Colombia, whereas BQ core samples are full core. Samples are then shipped for analysis to an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Analytical Laboratories in Vancouver, British Columbia and/or Inspectorate America Corp. in Reno, Nevada.

The Company does not receive assay results for drill-holes in sequential order; however, all significant assay results are publicly reported. A listing of assay results to date for the Buritica project is available on the Company's website at www.continentalgold.com.

For additional technical information on the Buritica project, please refer to the Company's technical report (the "Technical Report") entitled "Independent Technical Report and Resource Estimate on the Buritica Gold Project 2013" with an effective date of December 31, 2013, prepared by Andrew J Vigar, BappSc Geo, FAusIMM, MSEG, and Martin Recklies, BappSC Geo, MAIG, each of Mining Associates Pty Limited, available on SEDAR at www.sedar.com on the OTCQX® at www.otcmarkets.com and on the Company website at www.continentalgold.com.

About Continental Gold

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. On May 13, 2014, the Company announced an updated mineral resource estimate for the Buritica project prepared in accordance with NI 43-101. This estimate covers the Yaragua and Veta Sur vein systems, with a combined Measured mineral resource of 0.99 million tonnes of mineralized material containing 0.65 million ounces of gold grading 20.4 g/t gold, 1.54 million ounces of silver grading 48 g/t silver, and 15.0 million pounds of zinc grading 0.7% zinc, and a combined Indicated mineral resource of 7.41 million tonnes of mineralized material containing 2.15 million ounces of gold grading 9.0 g/t gold, 6.89 million ounces of silver grading 29 g/t silver, and 75.1 million pounds of zinc grading 0.5% zinc. The combined Inferred mineral resource is 16.7 million tonnes of mineralized material containing 4.2 million ounces grading 7.8 g/t gold, 13.1 million ounces of silver grading 24 g/t silver and 111 million pounds of zinc grading 0.3% zinc.

In August 2012, Continental achieved an important milestone, receiving formal approval for the modification of its existing Environmental Impact Assessment. The amendment allows the Company to build a six-kilometre switchback road and begin underground development by constructing a one-kilometre access tunnel. With a goal of being the newest hard rock gold producer in Colombia, Continental has achieved major advances with the access tunnel, which is providing access for underground drilling and will eventually be used for commercial production. A Phase V drill program is underway at the Buritica project to further delineate the mineral resources and drill new target zones identified within its concessions.

Additional details on the Buritica project and the rest of Continental's suite of gold exploration properties are 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 the estimation of mineral resources, exploration results, potential mineralization, and exploration and mine development plans, 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. 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.

Differences in Reporting of Resource Estimates

This press release was prepared in accordance with Canadian standards, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.

To view Figure 1 - Plan View of highlights of new drilling, please click the following link: http://www.marketwire.com/library/20140725-July282014_Figure1.jpg

To view Figure 2 - Long Section, (line A-B on Figure 1), please click the following link: http://www.marketwire.com/library/20140725-July282014_Figure2.jpg

To view Figure 3 - Cross Section (line C-D on Figure 1), please click the following link: http://www.marketwire.com/library/20140725-July282014_Figure3.jpg

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