TORONTO, Nov. 14, 2019 /CNW/ – Continental Gold Inc. (TSX:CNL; OTCQX:CGOOF) (“Continental” or the “Firm”) is happy to report the next highlights for the three months ended September 30, 2019. All quantities are in U.S. dollars until in any other case indicated.
Development and Improvement
Improvement actions on the Buriticá Mission stay on price range and on schedule for mechanical completion in Q1 2020. Main actions throughout the third quarter of 2019 included:
- Total building progress was 83% full.
- Whole lateral growth metres so far was roughly 18,200 metres; advance continued to extend and exceeded 1,300 metres monthly in August and September.
- The Firm accomplished the air flow elevate within the Veta Sur system and commenced elevate excavation for ore and waste passes within the Yaraguá system.
- Development for the 110-kV powerline was accomplished and connection to the principle energy grid was pending remaining testing from the electrical utility and Colombian governmental approval, which was achieved in This autumn 2019.
- Highlights for mill space and infrastructure building embrace:
- Major crusher: Main structural metal was accomplished with ongoing set up of handrail and tools guarding. All main tools has been put in and energy and management cable set up continued to advance.
- Reclaim tunnel: Main tools installations have been accomplished and energy and management cable set up continued to advance.
- Grinding and gravity circuits: All main tools has been set, and small- and large-bore piping in addition to electrical and instrumentation cabling are advancing.
- Leach tanks: All leach tanks have been accomplished with agitator and metal bridge installations. Main structural metal for the central pipe rack, platforms and stairway platforms continued to advance. Small- and large-bore piping in addition to energy and management cable pulling to tools proceed to advance.
- CCD space: Tank installations have been accomplished for the CCD thickeners and the clarifier and tailing thickeners together with set up of bridge buildings. The central pipe rack, platforms and stairways proceed to advance. Small- and large-bore piping will proceed to advance into This autumn 2019.
- Merrill Crowe: All main tools has been set and structural roof metal in preparation for roof cladding. Small- and large-bore piping, together with to the barren and pregnant leach tank space, have been able to begin.
- Tailing filtration: All main tools has been put in, and small- and large-bore piping continued advancing. Energy and management cable pulling commenced.
- Tailing storage facility: Main excavation for Cell 1 was accomplished, and the contractor superior the first liner set up.
The Firm continued to advance the Buriticá Mission exploration program throughout the third quarter of 2019. Bulletins included:
- Drilling outcomes over broad widths in two broad mineralized zones: BMZ2 and BMZ4.
- Channel sampling outcomes from stope growth drifts.
- Excessive-grade drilling outcomes from grasp veins.
- The initiation of a 1,600-metre gap designed to check for gold and copper mineralization inside a recognized porphyry intrusive physique.
Liquidity and Capital Sources
As at September 30, 2019, the Firm had $78.9 million in money and money equivalents (together with $6.eight million in restricted money). To deal with the Firm’s liquidity threat, the Firm is actively pursuing financing alternatives, together with from current lenders and important shareholders. The Firm has additionally negotiated a binding possibility on a financing supply (the “Financing Possibility Supply”) from an arm’s size third social gathering to buy $50 million of the Firm’s widespread shares. If the Firm workouts the Financing Possibility Supply, widespread shares could be issued on a personal placement foundation, at a worth of C$four.20 per widespread share, topic to regulatory approval. Closing is anticipated to happen throughout the first half of December 2019, topic to the satisfaction of sure circumstances, together with that no materials antagonistic impact shall have occurred.
About Continental Gold
Continental Gold Inc. is an advanced-stage exploration and growth firm with an in depth portfolio of 100%-owned gold tasks in Colombia. Fashioned in April 2007, the Firm – led by a global administration group with a profitable monitor report of discovering and growing massive high-grade gold deposits in Latin America – is targeted on advancing its fully-permitted high-grade Buriticá gold venture to manufacturing with mechanical completion anticipated throughout the first quarter of 2020.
For data on the Buriticá venture, please confer with the technical report, ready in accordance with NI 43‑101, entitled “NI 43‐101 Buriticá Mineral Useful resource 2019‐01, Antioquia, Colombia” and dated March 18, 2019 with an efficient date of January 30, 2019, led by impartial consultants Ivor Jones Pty Ltd. The technical report is offered on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Firm web site at www.continentalgold.com.
The scientific and technical data contained on this press launch has been reviewed and permitted by Donald Grey, Chief Working Officer of the Firm, who’s a certified individual inside the which means of NI 43‑101.
This press launch incorporates or refers to forward-looking data below Canadian securities laws, together with statements relating to the event, building and dealing capital necessities of the Buriticá venture, timing for mechanical completion and first gold pour, future plans and targets of the Firm, and statements relating to the Firm’s steps to deal with its liquidity threat, together with in respect of the Financing Possibility Supply, and relies on present expectations that contain quite a lot of important enterprise dangers and uncertainties. Ahead–wanting statements are topic to different elements that might trigger precise outcomes to vary materially from anticipated outcomes. Readers shouldn’t place undue reliance on ahead–wanting statements. Components that might trigger precise outcomes to vary materially from any ahead–wanting assertion embrace, however are usually not restricted to, an incapacity to advance the Buriticá venture to the following stage, failure to transform estimated mineral sources to reserves, capital and working prices various considerably from estimates, the preliminary nature of metallurgical check outcomes, delays in acquiring or failures to acquire required governmental, environmental or different venture approvals, political dangers, uncertainties regarding the supply and prices of financing wanted sooner or later, modifications in fairness markets, inflation, modifications in change charges, fluctuations in commodity costs, delays within the growth of tasks and the opposite dangers concerned within the mineral exploration and growth business. Particular reference is made to the newest Annual Data Kind on file with Canadian provincial securities regulatory authorities for a dialogue of a few of the elements underlying ahead–wanting statements. The entire ahead–wanting statements made on this information launch are certified by these cautionary statements, and are made as of the date hereof. The Firm assumes no duty to replace them or revise them to mirror new occasions or circumstances aside from as required by legislation.