Continental Gold, Inc. (OTCQX: CGOOF) is engaged in the acquisition, exploration, evaluation, and development of gold mining properties in Columbia. The gold company is seeing shares rally 17.24%, during afternoon trading on Thursday, December 1, 2016. Over the past three months, Continental Gold, Inc. has seen average daily volume of 19,196 shares. However, nearly 96,500 shares or dollar volume of $282,745, has already exchanged hands during trading Thursday.
Continental Gold, Inc. is seeing shares rise Thursday, after the company announced it has received an environmental permit for its Buritica gold project. The Colombian National Authority of Environmental Licenses issued the permit on November 30, 2016. The company can now move forward with slowly expanding its operations and ramping up gold mining operations on the project. Here is the full press release detailing of the environmental permit award:
Continental Gold, Inc. Press Release:
TORONTO, ON–(Marketwired – November 30, 2016) – Continental Gold, Inc. (CNL.TO) (CGOOF) (“Continental Gold” or the “Company”) is pleased to announce the receipt of the environmental permit for the Company’s Buriticá project.
Resolution No. 01443, dated November 30, 2016, was issued by ANLA, the Colombian National Authority of Environmental Licenses, approving the Company’s application for an amendment to the Environmental License for the Buriticá project located in Antioquia, Colombia. The resolution authorizes Continental Gold to expand its current small-scale operating mine to a fully integrated mining and milling operation, as outlined in the Company’s Feasibility Study dated March 29, 2016. Specifically, the resolution allows Continental Gold to operate and construct all mining and milling-related facilities, including a processing plant up to a maximum of 3,200 tonnes per day. In addition, the resolution allows the Company to mine alluvial material required for construction during the pre-production and production phases of operations and requires the Company to follow strict and environmentally-conscious best practice protocols for the operation and closure of the mine.
Ari Sussman, CEO of Continental Gold, commented: “The completion of permitting for the Buriticá project is a strong testament to Colombia’s willingness to embrace responsible mining and its desire to reinvigorate the gold industry for a country that holds the title as the most prolific gold producer in Latin American history. We would like to thank the local communities, the Government of Antioquia and the National Colombian Government for their confidence in Continental Gold’s ability to deliver a robust environmentally-responsible mine that will yield significant benefits for all stakeholders.”
“The modification of the Environmental License, granted by ANLA, reflects Continental Gold’s commitment to building a modern mine with strong operational, environmental and social standards, while generating well-being and development for the communities of Buriticá, the region of Western Antioquia and Colombia,” stated Mateo Restrepo, President of Continental Gold.
With project permitting now in place, the Company advises that a project debt facility arrangement is nearing completion. The Company also expects to receive the Mining Technical Work Plan (Programa de Trabajo y Obras or “PTO”) approval from the Secretary of Mines of Antioquia in the next few days. The PTO includes the detailed work plan that supports the Environmental permit application submitted to ANLA. The Company anticipates providing an update on the above matters in the near term.
About Continental Gold, Inc.
Continental Gold, Inc. is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Formed in April 2007, the Company — led by an international management team with a successful track record of discovering and developing large high-grade gold deposits in Latin America — is focused on advancing its high-grade Buriticá gold project to production.
For information on the Buriticá Project, please refer to the technical report, prepared in accordance with NI 43-101, entitled “Buriticá Project NI 43-101 Technical Report Feasibility Study, Antioquia, Colombia” and dated March 29, 2016 with an effective date of February 24, 2016, led by independent consultants JDS Energy & Mining Inc. The technical report is 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 Gold’s suite of gold exploration properties are also available at www.continentalgold.com.