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Continental Gold Extends High-Grade Gold and Silver in the Yaragua Vein System and Confirms a New Discovery, San Agustin, at Buritica, Colombia

TORONTO, ONTARIO -- (Marketwire) -- 02/12/13 -- Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") is pleased to announce results for ten diamond drill-holes in the Yaragua vein system, including two holes which confirmed the discovery of a new vein system called San Agustin. These results are part of the Company's ongoing exploration program at the Buritica Project in Antioquia, Colombia. Seven drills are currently on site as part of the Company's Phase IV, minimum 95,000-metre diamond drill program for 2013.

Highlights

San Agustin Vein Target (Figures 1 and 2)


--  Exploration drilling into the San Agustin target, located up to 400
    metres north of the Yaragua vein system, has resulted in the discovery
    of several veins at depth. High-grade intercepts in the western side of
    San Agustin include: 
    
    --  0.4 metres @ 49.7 g/t gold and 163 g/t silver (BUSY329, elevation
        692 metres) 
    --  0.53 metres @ 0.8 g/t gold and 647 g/t silver (BUSY324, elevation of
        756 metres) 
    --  1.63 metres @ 6.3 g/t gold and 7 g/t silver (BUSY324, elevation of
        627 metres)

Some 500 metres further east, high-grade intercepts in the southern San Agustin vein families include:


--  3.0 metres @ 7.2 g/t gold, 43 g/t silver and 8% zinc (BUUY093, elevation
    of 1,109 metres) 
--  2.0 metres @ 1.0 g/t gold and 701 g/t silver (BUUY094, elevation of
    1,178 metres) 
    

--  The drilling results and the surface geochemistry testing the San
    Agustin vein system indicate potential of over 500 metres of lateral
    strike length and between 500-900 metres of vertical extents. The system
    remains open along strike to the east, west and at depth. 

Yaragua Vein System (Figures 1 and 2)


--  In western Yaragua, two drill-holes transected the Yaragua vein system,
    extending some of the northern vein families at depth. Intercepts
    outside of the October 2012 mineral resource model ("current mineral
    resource") include: 
    
    --  1.5 metres @ 16.6 g/t gold and 5 g/t silver and 3.4 metres @ 7.4 g/t
        gold and 7 g/t silver (BUSY324, Sofia vein package, elevations of
        1,196 and 1,194 metres, respectively) 
    --  3.1 metres @ 8.5 g/t gold and 242 g/t silver, including 0.56 metres
        @ 34.9 g/t gold, 1,060 g/t silver and 13.5% zinc (BUSY324, VND
        package, elevation of 1,066 metres) 
    --  0.7 metres @ 11.1 g/t gold and 838 g/t silver and 1.15 metres @ 6.8
        g/t gold and 252 g/t silver (BUSY324, VNA package, elevations of 997
        and 960 metres, respectively) 
    --  0.41 metres @ 14.9 g/t gold and 206 g/t silver (BUSY329, VNA
        package, elevation of 1,167 metres) 
        
        
--  BUSY324 and BUSY329 otherwise intersected veins of grades and
    thicknesses consistent with the current mineral resource model. Drill-
    hole intercepts exhibiting substantially greater apparent thicknesses
    and/or higher grades than the current resource model include: 
    
    --  1.79 metres @ 15.7 g/t gold and 31 g/t silver (BUSY324, VNC,
        elevation of 1,212 metres) 
    --  4.85 metres @ 14.8 g/t gold and 11 g/t silver (BUSY324, VNCZ,
        elevation of 1,206 metres) 
    --  5.1 metres @ 14.2 g/t gold and 39 g/t silver, including 1.15 metres
        @ 52.6 g/t gold and 111 g/t silver (BUSY329, MU1, elevation of 1,377
        metres) 
    --  3.8 metres @ 13.6 g/t gold and 15 g/t silver (BUSY329, Sofia vein
        package, elevation of 1,259 metres) 
    --  6.65 metres @ 4.3 g/t gold and 4 g/t silver, including 0.83 metres @
        17.4 g/t gold and 7 g/t silver (BUSY329, FWV, elevation of 1,227
        metres) 
        
        
--  Eight drill-holes transected the central and northern vein families in
    eastern Yaragua extending several of the northern vein sets to depth
    and/or along strike. Intercepts outside of the current mineral resource
    model include: 
    
    --  0.39 metres @ 0.7 g/t gold and 829 g/t silver and 
    --  5.1 metres @ 3.0 g/t gold, 81 g/t silver, including 1.6 metres @ 6.2
        g/t gold and 224 g/t silver (BUUY091, VND package, mean elevation
        1,075 metres) 
    --  4.5 metres @ 5.4 g/t gold and 9 g/t silver, including 0.85 metres @
        16.7 g/t gold and 8 g/t silver (BUUY093, VND package, elevation of
        1,312 metres) 
    --  1.4 metres @ 9.5 g/t gold and 2 g/t silver (BUUY095, VND package,
        elevation of 1,197 metres) 
    --  27 metres @ 9.5 g/t gold and 54 g/t silver, including 2.5 metres @
        86.5 g/t gold and 87 g/t silver (BUUY095, VNA package, elevation of
        1,166 metres) 
    --  4.5 metres @ 4.1 g/t gold and 83 g/t silver, including 1.1 metres @
        12.5 g/t gold and 257 g/t silver (BUUY096, VND package, elevation of
        1,138 metres) 
    --  41.2 metres @ 3.9 g/t gold and 31 g/t silver, including 1.2 metres @
        35.8 g/t gold and 267 g/t silver (BUUY096, VNA package, elevation of
        1,117 metres) 
    --  1.7 metres @ 25.3 g/t gold and 84 g/t silver (BUUY097, HWV package,
        elevation of 1,339 metres) 

These results represent substantial extensions mainly to the Vein A and Vein D packages, the most northerly in the Yaragua vein system. In conjunction with the results from BUSY324, BUSY329 and other drilling, these vein packages are interpreted as exhibiting strike lengths of more than 550 metres, depth extents of more than 700 metres and open in all directions.


--  The eight eastern Yaragua drill-holes otherwise intersected veins of
    grades and thicknesses consistent with the current mineral resource
    model. Drill-hole intercepts exhibiting substantially greater apparent
    thicknesses and/or higher grades than this model include: 
    
    --  5.17 metres @ 5.2 g/t gold and 3 g/t silver (BUUY091, San Antonio
        vein, elevation of 1,256 metres) 
    --  3 metres @ 11.6 g/t gold and 26 g/t silver, including 1.2 metres @
        25.5 g/t gold and 49 g/t silver (BUUY095, VNB package, elevation of
        1,323 metres) 
    --  4.4 metres @ 6.1 g/t gold and 9 g/t silver (BUUY095, San Antonio,
        elevation of 1,258 metres) 
    --  12 metres @ 8.2 g/t gold and 120 g/t silver, including 1.5 metres @
        43.96 g/t gold and 1,770 g/t silver (BUUY097, PRE-VNB packages,
        elevation of 1,370 metres) 
    --  6.55 metres @ 13.7 g/t gold and 18 g/t silver, including 1.65 metres
        @ 43 g/t gold and 23 g/t silver (BUUY097, VNC, elevation of 1,350
        metres) 
    --  5.4 metres @ 6.7 g/t gold and 13 g/t silver, including 1 metre @
        30.7 g/t gold and 52 g/t silver (BUUY097, San Antonio vein,
        elevation of 1,332 metres) 
    --  3.8 metres @ 5.3 g/t gold and 41 g/t silver, including 0.8 metres @
        18.6 g/t gold and 180 g/t silver (BUUY098, MU3 vein, elevation of
        1,380 metres) 
    --  5.8 metres @ 7.6 g/t gold and 52 g/t silver, including 1.4 metres @
        23.8 g/t gold (BUUY098, VNC, elevation of 1,366 metres) 

"We are quite excited about making a new discovery at San Agustin. We are very encouraged that our first two drill-holes in San Agustin produced multiple veins at significant depths which correlate well with artisanal workings up to elevations above 900 metres. A dedicated diamond-drill rig has already been secured for this target and will begin turning in April in order to test the system at shallower depths and we are hopeful the grades and thicknesses will improve. In addition, drilling in Yaragua continues to impress with long intervals at high-grades outside of the current mineral resource model," commented Ari Sussman, CEO.

Details

Continental's 100%-owned, 57,641-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 900 metres of strike and 1,300 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill intersected along 570 metres of strike and 1,180 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 the updated mineral resource estimates for the Buritica project prepared in accordance with National Instrument 43-101 ("NI 43-101"). This release documents the results of infill and extension drilling of the Yaragua vein systems and the first drilling results to the north of this system called the San Agustin area.

Significant new drill intercepts are listed below in Table I and are referenced in Figures 1 and 2.


Table I: Drilling Highlights, Yaragua and San Agustin                       
                                                                            
                     From      To  Interval    Gold  Silver   Zinc Elevation
Drill-hole            (m)     (m)       (m)   (g/t)   (g/t)    (%)       (m)
BUSY324            131.70  132.10      0.40    3.52   681.0    0.1      1609
                   416.82  417.42      0.60    3.43    10.7    0.4      1368
                   418.35  419.21      0.86    3.33     7.9    0.1      1365
                   432.20  434.00      1.80    1.30     4.4    0.2      1354
                   437.79  438.46      0.67    1.95     4.8    0.5      1349
                   441.50  442.10      0.60    3.94     5.1    0.4      1345
                   449.63  450.68      1.05    7.64    77.8    0.1      1339
                   474.69  475.30      0.61    2.29   131.2    0.4      1317
                   516.80  517.90      1.10   10.05     3.5    0.0      1280
                   590.33  593.40      3.07    2.96     8.0    0.0      1216
                   595.40  597.19      1.79   15.71    31.3    0.1      1212
                   602.00  606.85      4.85   14.78    11.3    0.1      1206
incl.              602.90  604.70      1.80   36.49    23.8    0.1      1205
                   607.80  610.10      2.30    6.33     6.7    0.1      1199
                   613.50  615.00      1.50   16.60     5.1    0.0      1196
                   616.40  619.80      3.40    7.39     6.7    0.1      1194
incl.              616.80  618.00      1.20   13.35     8.6    0.2      1192
                   624.40  625.30      0.90    7.31     9.7    0.1      1186
                   627.34  632.73      5.39    3.77     7.4    0.1      1184
                   634.27  638.70      4.43    9.61     4.5    0.0      1179
incl.              637.00  638.00      1.00   23.57     4.4    0.0      1176
                   647.20  647.75      0.55    6.89     1.2    0.0      1167
                   710.45  711.30      0.85    2.94     4.4    0.0      1112
                   735.50  736.30      0.80   10.44    50.4    0.8      1091
                   764.50  767.60      3.10    8.50   242.0    3.5      1066
incl.              766.64  767.20      0.56   34.90  1060.0   13.5      1067
                   772.27  772.66      0.39    1.90   274.0    3.4      1059
                   844.30  846.90      2.60    4.21   245.9    0.5       996
incl.              844.95  845.65      0.70   11.10   838.0    2.0       997
                   886.55  887.70      1.15    6.84   252.0    0.1       960
                   978.50  978.90      0.40    0.96    38.6    0.0       881
                  1033.35 1034.65      1.30    1.01    10.8    0.0       832
                  1056.23 1056.67      0.44    3.86    37.9    0.0       813
                  1076.40 1077.40      1.00    0.81    27.1    0.0       795
                  1110.70 1111.10      0.40    2.67     5.5    0.0       766
                  1122.57 1123.10      0.53    0.79   647.0    0.5       756
                  1128.53 1130.65      2.12    2.17    25.0    0.0       750
                  1134.00 1135.00      1.00    1.18    42.8    0.0       745
                  1257.00 1258.46      1.46    4.36    21.4    0.0       641
                  1271.22 1272.85      1.63    6.29     6.6    0.0       627
                  1285.50 1285.90      0.40    3.77    17.0    0.0       617
                                                                            
BUSY329              0.00    6.50      6.50    0.05    45.4    0.0      1718
                    21.50   24.50      3.00    0.07    85.9    0.0      1699
                   137.60  138.00      0.40    0.41   477.0    0.5      1609
                   382.00  382.70      0.70    1.67     2.8    0.2      1409
                   410.70  411.10      0.40    5.59    14.4    0.5      1386
                   418.40  423.50      5.10   14.16    38.9    0.1      1377
incl               419.55  420.70      1.15   52.57   110.5    0.4      1376
                   430.50  431.50      1.00    2.53     4.1    0.1      1369
                   447.00  447.80      0.80    3.66    10.4    0.1      1356
                   455.00  455.50      0.50    9.03    17.0    0.1      1350
                   568.00  571.80      3.80   13.62    14.7    0.0      1259
                   594.65  596.21      1.56    6.53    10.6    0.1      1238
                   599.70  600.70      1.00    3.62     9.2    0.0      1234
                   602.20  602.60      0.40   19.00     2.6    0.0      1232
                   603.90  604.30      0.40    6.28     6.4    0.1      1230
                   607.85  614.50      6.65    4.26     4.2    0.1      1227
incl.              607.85  608.68      0.83   17.39     6.7    0.0      1227
                   617.05  617.45      0.40    4.65    12.4    0.2      1224
                   622.50  623.00      0.50   11.90     7.0    0.1      1216
                   629.50  630.15      0.65    3.59    14.1    0.0      1211
                   640.60  641.40      0.80    4.32   129.4    0.5      1202
                   642.80  643.40      0.60    3.53    70.2    0.7      1203
                   653.75  654.15      0.40   12.70    47.2    0.6      1192
                   658.00  658.40      0.40    3.21    11.0    0.0      1187
                   686.19  686.60      0.41   14.85   206.0    0.6      1167
                   687.65  688.75      1.10    2.57     1.4    0.0      1165
                   693.55  694.00      0.45    7.29     3.2    0.1      1160
                   699.50  700.00      0.50    3.28     5.3    0.2      1156
                   707.60  708.50      0.90    2.88    89.7    1.8      1150
                   781.00  782.20      1.20    4.71   115.2    0.2      1093
                   808.40  808.80      0.40    3.16    34.8    0.1      1072
                   847.20  848.20      1.00    2.80     1.3    0.0      1042
                   927.00  930.25      3.25    2.24    15.5    0.0       981
                   938.00  938.52      0.52    3.56    13.0    0.2       974
                  1029.50 1030.40      0.90    2.09    12.8    0.1       908
                  1036.45  1036.9      0.45    5.17    23.2    0.2       903
                  1127.50 1128.00      0.50    3.11     2.2    0.0       841
                  1130.60 1135.00      4.40    1.61    13.8    0.2       835
                  1151.00 1152.60      1.60    2.34     2.4    0.0       825
                  1173.00 1176.00      3.00    1.37     6.6    0.1       807
                  1190.00 1193.00      3.00    1.89     2.6    0.1       798
                  1225.70 1226.95      1.25    2.32     1.1    0.0       778
                  1231.70 1234.70      3.00    3.34     5.3    0.1       772
                  1247.20 1247.60      0.40    4.03    21.7    3.7       763
                  1259.00 1259.50      0.50    3.88    20.8    2.2       755
                  1300.50 1301.00      0.50    3.88    34.2    0.2       731
                  1301.96 1302.40      0.44    2.68    15.9    0.5       728
                  1363.70 1364.10      0.40   49.70   163.0    0.9       692
                                                                            
BUUY091              9.69   11.19      1.50    0.32    40.3    0.0      1371
                    23.30   24.76      1.46    3.68     8.4    1.3      1359
                    28.68   33.00      4.32    3.15     5.9    0.4      1354
                    38.50   40.00      1.50    2.18     0.5    0.0      1344
                    51.10   52.21      1.11    3.53    19.6    1.5      1332
                    57.00   58.36      1.36    1.53     5.9    0.7      1326
                    64.90   72.00      7.10    1.98     1.6    0.1      1316
                    77.12   77.75      0.63    3.88    25.7    1.6      1309
                    79.95   82.42      2.47    1.27     6.0    0.8      1304
                    97.15   99.25      2.10    8.13    59.4    4.6      1289
                   111.00  112.50      1.50    2.34     8.3    0.2      1270
                   129.37  134.54      5.17    5.23     2.9    0.5      1256
                   307.15  307.95      0.80    3.20   109.9    1.1      1094
                   315.66  316.05      0.39    0.70   829.0    0.7      1086
                   340.50  345.60      5.10    3.03    80.8    0.4      1063
incl               342.70  344.30      1.60    6.16   223.7    0.6      1061
                   351.10  354.05      2.95    2.02    38.3    0.5      1050
                   357.00  360.00      3.00    2.83    21.2    0.8      1045
                   366.46  374.65      8.19    1.68     3.2    0.7      1036
                                                                            
BUUY092              6.57    7.70      1.13    1.91     6.4    0.0      1375
                    61.12   62.00      0.88    1.15     1.3    0.1      1332
                    99.88  101.00      1.12    1.32   218.5    4.5      1301
                   157.50  158.30      0.80    1.96    36.9    1.6      1255
                   252.00  252.50      0.50    0.07   102.0    0.1      1174
                   287.70  289.10      1.40    3.82     4.5    0.6      1151
                   290.00  293.65      3.65    2.82     2.2    0.2      1146
                   301.25  301.70      0.45    3.82     4.1    0.4      1140
                                                                            
BUUY093             22.50   24.00      1.50    1.65     0.7    0.0      1365
                    33.75   34.50      0.75    3.12    12.7    0.0      1359
                    47.00   48.00      1.00    1.58     2.3    0.0      1350
                    79.50   80.00      0.50    2.94    43.2    8.2      1330
                    97.25   97.80      0.55    1.61    82.7    0.8      1318
                   107.50  112.00      4.50    5.36     9.1    0.3      1312
incl.              108.55  109.40      0.85   16.65     8.1    0.5      1311
                   259.00  259.60      0.60    2.56     5.9    1.5      1213
                   299.50  300.50      1.00    0.05    17.4    4.5      1186
                   335.00  336.36      1.36    0.03     9.3    2.1      1162
                   426.00  429.00      3.00    7.20    42.8    8.0      1109
                                                                            
BUUY094              1.65    3.00      1.35    1.97     4.8    0.0      1381
                     5.00    5.50      0.50    4.61     1.2    0.1      1377
                    29.30   29.90      0.60    2.56     8.7    0.0      1369
                    56.00   57.00      1.00    1.41    32.8    0.1      1357
                    60.00   62.00      2.00    8.17    71.6    0.2      1354
                    66.00   67.50      1.50    7.69    23.3    0.1      1351
                   269.30  269.90      0.60    2.28    12.8    0.6      1254
                   292.50  294.00      1.50    0.09    66.0    0.2      1243
                   372.80  373.40      0.60    0.05    25.4    5.7      1183
                   439.00  441.00      2.00    1.01   701.0    0.7      1178
                                                                            
BUUY095             19.25   20.50      1.25    2.09     0.6    0.0      1363
                    56.35   57.35      1.00   12.53    57.3    6.7      1330
                    65.60   68.60      3.00   11.64    26.2    3.0      1323
incl.               67.40   68.60      1.20   25.49    48.9    4.1      1321
                    70.00   71.40      1.40    2.41     6.8    1.5      1318
                    76.20   79.00      2.80    9.92    12.1    0.3      1314
incl.               78.20   79.00      0.80   32.50    36.6    0.6      1312
                    88.50   90.50      2.00    1.09     9.4    0.6      1303
                   120.00  122.10      2.10    1.31     4.2    0.3      1274
                   140.60  145.00      4.40    6.11     8.7    1.1      1258
incl.              144.00  145.00      1.00   16.70    13.3    0.4      1255
                   188.00  189.00      1.00    1.25     2.5    0.0      1218
                   200.00  214.50     14.50    2.71     5.7    1.2      1207
incl.              211.40  212.80      1.40    9.47     2.4    0.0      1197
                   227.00  228.30      1.30    2.78     4.6    0.7      1184
                   239.00  239.80      0.80    2.12     9.6    4.4      1174
                   249.00  276.00     27.00    9.53    54.1    1.2      1166
incl               257.00  259.50      2.50   86.46    87.2    0.3      1157
                                                                            
BUUY096             62.25   63.10      0.85    6.78    24.4    1.1      1324
                    65.50   67.50      2.00    6.90     3.3    0.3      1319
                    74.70   75.50      0.80    1.66    32.4    2.6      1312
                   219.00  219.40      0.40    4.44     4.2    0.1      1182
                   227.90  231.00      3.10    1.82    35.0    0.8      1175
                   233.00  235.35      2.35    2.11    46.9    1.5      1168
                   269.70  274.20      4.50    4.10    83.4    2.1      1138
incl               272.50  273.60      1.10   12.50   256.8    4.9      1135
                   277.70  279.00      1.30    1.39    29.6    2.0      1129
                   288.00  329.20     41.20    3.88    31.3    1.9      1117
incl.              298.80  300.00      1.20   35.83   267.0   12.5      1112
and                304.00  306.00      2.00   11.90    85.7    2.7      1107
                   333.40  340.00      6.60    2.63    12.9    2.7      1075
                                                                            
BUUY097              4.50    6.00      1.50    3.75     0.6    0.0      1378
                    15.00   27.00     12.00    8.15   120.1    0.6      1370
incl                24.00   25.50      1.50   43.96  1770.0    1.2      1367
                    28.50   29.75      1.25    5.18   125.8    0.4      1364
                    39.35   40.50      1.15    7.56     4.7    0.2      1357
                    50.15   56.70      6.55   13.65    17.5    0.8      1350
incl                50.15   51.80      1.65   43.03    22.7    1.1      1350
                    62.00   63.15      1.15    8.51    24.4    0.3      1344
                    68.30   70.00      1.70   25.33    84.2    0.2      1339
                    71.40   72.00      0.60    8.47    41.4    3.3      1338
                    82.60   88.00      5.40    6.68    12.8    1.0      1332
incl.               83.00   84.00      1.00   30.74    51.5    1.7      1331
                   112.00  113.00      1.00    1.64     1.6    0.1      1313
                   122.10  123.00      0.90    1.04    19.3    1.4      1307
                   131.50  132.50      1.00    1.19    31.5    1.7      1302
                   158.10  160.30      2.20    4.10     1.5    0.0      1286
                                                                            
BUUY098              3.00    6.80      3.80    5.27    40.8    0.1      1380
incl                 6.00    6.80      0.80   18.60   180.2    0.1      1379
                    36.10   41.90      5.80    7.57    52.3    0.3      1366
incl                36.10   37.50      1.40   23.80     1.4    0.0      1366
                    50.40   51.50      1.10    1.99     7.2    0.0      1359
                    80.50   81.40      0.90    1.95     2.7    0.3      1346
                    88.50   89.70      1.20    8.77    50.7    0.6      1342
                   111.35  112.00      0.65   12.22     5.5    0.3      1332
----------------------------------------------------------------------------
(i)Intercepts calculated at 1 g/t gold + 30 g/t silver cut-off grades for   
 minimum intervals of 0.4 metres, with up to 30% internal dilution. True    
 widths not accurately known but generally are between 30% and actual true  
 width of the down-hole interval. Drill-holes designated "BUUY" were        
 collared from underground, whereas drill-holes designated as "BUSY" were   
 collared at surface.                                                       

Two long drill-holes, BUSY324 and BUSY329, collared in the Yaragua south area, transected the western Yaragua vein system and continued northwards into the San Agustin area. The more shallowly inclined of these, BUSY329, penetrated to 400 metres north of the Yaragua system (Figure 1).

In Yaragua south, both drill-holes intersected several high silver/gold veins; intercepts include BUSY324, from 131.7 metres down-hole, 0.4 metres @ 3.5 g/t gold and 681 g/t silver and BUSY329, from 137.6 metres, 0.4 metres @ 0.4 g/t gold and 477 g/t silver, at elevations above 1,600 metres.

Further north and at greater depths, both drill-holes transected the Yaragua mineral resource envelope, generally encountering vein grades and thicknesses similar to those of the current mineral resource model. Drill-hole intercepts exhibiting substantially greater apparent thicknesses and/or higher grades than the current mineral resource model include:


--  1.1 metres @ 10.1 g/t gold and 4 g/t silver (BUSY324, from 516.8 metres
    down-hole, MU2 vein, elevation of 1,280 metres) 
--  1.79 metres @ 15.7 g/t gold and 31 g/t silver (BUSY324, from 595.4
    metres, VNC, elevation of 1,212 metres) 
--  4.85 metres @ 14.8 g/t gold and 11 g/t silver, including 1.8 metres @
    36.5 g/t gold and 24 g/t silver (BUSY324, from 602.0 metres, VNCZ,
    elevation of 1,206 metres) 
--  4.43 metres @ 9.6 g/t gold and 5 g/t silver, including 1 metre @ 23.6
    g/t gold and 4 g/t silver (BUSY324, from 634.27 metres, HWV, elevation
    of 1,179 metres) 
--  5.1 metres @ 14.2 g/t gold and 39 g/t silver, including 1.15 metres @
    52.6 g/t gold and 111 g/t silver (BUSY329, from 418.40 metres, MU1,
    elevation of 1,377 metres) 
--  3.8 metres @ 13.6 g/t gold and 15 g/t silver (BUSY329, from 568.0
    metres, Sofia vein package, elevation of 1,259 metres) 
--  6.65 metres @ 4.3 g/t gold and 4 g/t silver, including 0.83 metres @
    17.4 g/t gold and 7 g/t silver (BUSY329, from 607.85 metres, FWV,
    elevation of 1,227 metres) 

Significant intercepts in the northern Yaragua vein families, below or to the north of the current mineral resource envelope include:


--  1.5 metres @ 16.6 g/t gold and 5 g/t silver and 
--  3.4 metres @ 7.4 g/t gold and 7 g/t silver, including 1.2 metres @ 13.4
    g/t gold and 9 g/t silver (BUSY324, respectively from 613.5 metres and
    616.4 metres down-hole, Sofia vein package, mean elevation of 1,194
    metres) 
--  3.1 metres @ 8.5 g/t gold, and 242 g/t silver, including 0.56 metres @
    34.9 g/t gold, 1,060 g/t silver and 13.5% zinc (BUSY324, from 764.5
    metres, VND package, elevation of 1,066 metres) 
--  0.7 metres @ 11.1 g/t gold and 838 g/t silver and 
--  1.15 metres @ 6.8 g/t gold and 252 g/t silver (BUSY324, respectively
    from 844.95 metres and 886.55 metres, VNA package, mean elevation of 978
    metres) 
--  0.41 metres @ 14.9 g/t gold and 206 g/t silver (BUSY329, from 686.19
    metres, VNA package, elevation of 1,167 metres) 

Further northwards, in the western San Agustin area, BUSY324 and BUSY329 both intersected multiple vein families through a broad range of elevations (Table I) and in the case of BUSY329, up to 400 metres north of the Yaragua vein system (Figure 1). High-grade intercepts in central and northern San Agustin vein families include:


--  0.53 metres @ 0.8 g/t gold and 647 g/t silver (BUSY324, from 1,122.57
    metres down-hole, elevation of 756 metres) 
--  1.63 metres @ 6.3 g/t gold and 7 g/t silver (BUSY324, from 1,271.22
    metres down-hole, elevation of 627 metres) 
--  0.4 metres @ 49.7 g/t gold and 163 g/t silver (BUSY329, from 1,363.7
    metres, elevation of 692 metres, the most northerly precious metal
    mineralization yet drilled in the Buritica project) 

Surface sampling by Continental (Figure 1) and widespread recent informal mining activity in the western San Agustin area are consistent with vertical extents for some the San Agustin vein families of up to 900 metres and the vein systems are open to depth, as well as to the west and east.

BUSY329, to the north of the end-hole of BUSY324 (Figure 1) intersected a broad zone of low grade gold and copper mineralization, from 1,126 metres down-hole, 113 metres @ 1.2 g/t gold and 0.1% copper. This mineralization is associated with fracture-controlled bioitite +/-Kfeldspar alteration and resembles mineralization encountered deep in BUSY291. The gold-copper mineralization is partly overprinted by veinlets with elevated gold and lead-zinc contents (responsible for the higher grade intervals listed in Table I) and related phyllic alteration.

Two fans, each of four drill-holes, transected the central and northern Yaragua vein families in eastern Yaragua, the more westerly drill fan continuing northwards into the eastern San Agustin area.

Within the Yaragua mineral resource envelope, drill-holes generally encountered vein grades and thicknesses similar to those of the current mineral resource model. Drill-hole intercepts exhibiting substantially greater apparent thicknesses and/or higher grades than the current mineral resource model include:


--  5.17 metres @ 5.2 g/t gold and 3 g/t silver (BUUY091, from 129.37 metres
    down-hole, San Antonio vein, elevation of 1,256 metres) 
--  3.0 metres @ 11.6 g/t gold and 26 g/t silver, including 1.2 metres @
    25.5 g/t gold and 49 g/t silver) (BUUY095, from 65.60 metres, VNB
    package, elevation 1,323 metres) 
--  4.4 metres @ 6.1 g/t gold and 9 g/t silver (BUUY095, from 140.6 metres,
    San Antonio, elevation of 1,258 metres) 
--  12 metres @ 8.2 g/t gold and 120 g/t silver, including 1.5 metres @ 44
    g/t gold and 1,770 g/t silver) (BUUY097, from 15.0 metres, PRE-VNB
    packages, elevation of 1,370 metres) 
--  6.55 metres @ 13.7 g/t gold and 18 g/t silver, including 1.65 metres @
    43 g/t gold and 23 g/t silver) (BUUY097, from 50.15 metres VNC,
    elevation of 1,350 metres) 
--  5.4 metres @ 6.7 g/t gold and 13 g/t silver, including 1 metre @ 30.7
    g/t gold and 52 g/t silver) (BUUY097, from 82.6 metres, San Antonio
    vein, elevation of 1,332 metres) 
--  3.8 metres @ 5.3 g/t gold and 41 g/t silver, including 0.8 metres @ 18.6
    g/t gold and 180 g/t silver (BUUY098, from 3 metres, MU3 vein, elevation
    of 1,380 metres) 
--  5.8 metres @ 7.6 g/t gold and 52 g/t silver, including 1.4 metres @ 23.8
    g/t gold (BUUY098, from 36.1 metres, VNC, elevation of 1,366 metres) 

Drill-holes in both fans in eastern Yaragua extended several of the northern vein sets to depth and/or along strike. Intercepts outside of the current mineral resource model include:


--  0.39 metres @ 0.7 g/t gold and 829 g/t silver and 5.1 metres @ 3.0 g/t
    gold and 81 g/t silver, including 1.6 metres @ 6.2 g/t gold and 224 g/t
    silver (BUUY091, respectively from 315.66 metres and 340.5 metres down-
    hole, VND package, mean elevation of 1,075 metres) 
--  4.5 metres @ 5.4 g/t gold and 9 g/t silver, including 0.85 metres @ 16.7
    g/t gold and 8 g/t silver (BUUY093, from 107.5 metres, VND package,
    elevation of 1,312 metres) 
--  1.4 metres @ 9.5 g/t gold and 2 g/t silver (BUUY095, from 211.4 metres,
    VND package, elevation of 1,197 metres) 
--  27 metres @ 9.5 g/t gold and 54 g/t silver, including 2.5 metres @ 86.5
    g/t gold and 87 g/t silver (BUUY095, from 249.0 metres, VNA package,
    elevation of 1,166 metres) 
--  4.5 metres @ 4.1 g/t gold and 83 g/t silver including 1.1 metres @ 12.5
    g/t gold and 257 g/t silver (BUUY096, from 269.70 metres, VND package,
    elevation of 1,138 metres) 
--  41.2 metres @ 3.9 g/t gold and 31 g/t silver, including 1.2 metres @
    35.8 g/t gold and 267 g/t silver (BUUY096, from 288.0 metres, VNA
    package, elevation of 1,112 metres) 
--  1.7 metres @ 25.3 g/t gold and 84 g/t silver (BUUY097, from 68.30
    metres, HWV package, elevation of 1,339 metres) 

These results represent substantial extensions mainly to the Vein A and Vein D packages, the most northerly in the Yaragua system. In conjunction with the results from BUSY324, BUSY329 and other drilling, these vein packages are interpreted as exhibiting strike lengths of more than 550 metres, depth extents of more than 700 metres and are open in all directions.

Further to the north, drill-holes in the more westerly fan intersected several vein families in the eastern San Agustin area (Figure 1); high-grade intercepts include:


--  3.0 metres @ 7.2 g/t gold, 43 g/t silver and 8% zinc (BUUY093, from
    426.0 metres down-hole, elevation of 1,109 metres) 
--  2.0 metres @ 1.0 g/t gold and 701 g/t silver (BUUY094, from 439 metres,
    elevation of 1,178 metres) 

High-grade surface samples (Figure 1) and informal mining activity in eastern San Agustin are consistent with vertical extents of these vein families of over 500 metres and the vein systems are open to depth as well as to the west and east. Geological mapping and numerous informal mine workings are interpreted to indicate that some parts of the San Agustin vein system may extend to the western San Agustin area (including intercepts in BUSY324 and BUSY329 and surface sampling in this area). Further drilling is required to evaluate the potential 600 metres strike length and large vertical extent of the San Agustin system.

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. Core is sawn in half with one-half shipped to a sample preparation lab in Medellin run by ALS Colombia Limited ("ALS") in Colombia. 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 assay results are publicly reported. A complete 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 "2012 Mineral Resource Estimate of the Buritica Gold Project, Colombia" dated November 15, 2012 with an effective date of October 22, 2012, 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 October 1, 2012, the Company announced an updated mineral resource estimate for the Buritica project prepared in accordance with NI 43-101 which covers two major vein systems, with combined Measured and Indicated mineral resource of 3,740,000 tonnes of mineralized material containing 1,640,000 ounces of gold grading 13.6 g/t gold, 4,600,000 ounces of silver grading 38 g/t silver, and 55,800,000 pounds of zinc grading 0.7% zinc. The combined Inferred mineral resource is 13,330,000 tonnes of mineralized material containing 3,760,000 ounces of gold grading 8.8 g/t gold, 14,200,000 ounces of silver grading 33 g/t silver and 156,500,000 pounds of zinc grading 0.5% 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 commenced the construction of the access tunnel, which will initially provide access for underground drilling and eventually used for commercial production. A Phase IV drill program is underway at the Buritica project to further delineate the mineral resource 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, exploration and mine development plans, and timing of the commencement of 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.

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 New Drilling Highlights, Showing the Surface Projection of Veins in the October 2012 Mineral Resource Model on Geology-Topography," please visit the following link: http://media3.marketwire.com/docs/CNLfigure1%20(2).pdf.

To view figure 2, "Long Section of Yaragua, Showing New Drilling Highlights Against the Outline of the October 2012 Mineral Resource Envelope," please visit the following link: http://media3.marketwire.com/docs/CNLfigure2%20(3).pdf.

Contacts:
Continental Gold Limited
Nisha Hasan
Director, Investor Relations
+1.416.583.5611
info@continentalgold.com
www.continentalgold.com

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