The Gold Report

Continental Gold Ltd. TICKER: CNL:TSX Visit Company Website Continental Gold Ltd. is a Colombian-focused mining company with aggressive exploration and pre-development activities underway at its high-grade flagship gold project, Buriticá. Extensive exploration is also being carried out at the company's highly prospective Berlin and Dominical gold properties. Continental Gold carries eight additional gold properties in its portfolio, bringing its quality land position to over 197,000 hectares. Results from Buriticá include 14m at 446 g/t Au and 166 g/t Ag.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Jamie Spratt, Clarus Securities (2/2/12) "Continental Gold Ltd. released results for nine diamond drill holes from the company's ongoing 60,000m program at its 100%-owned Buritica project in Colombia; step-out and infill drilling results at the Yaragua and Veta Sur systems continue to return robust average gold grades averaging above 10 g/t while expanding the mineralized footprint of the project. . .we are encouraged by the continued growth in the mineralized footprint at Buritica. High-grade intercepts from this set of holes have expanded the dimensions of both systems, along strike and to depth, suggesting resource growth beyond the current 3.1 Moz profile."

Ron Stewart, Dundee Securities (2/2/12) "Continental Gold Ltd.'s drill results continue to signal resource growth potential. . .the company reported the results of nine additional drill holes at the company's Buritica project in Colombia. Drilling continues to focus on expanding the mineralized footprint with step-out drilling to the east, west and at depth at Yaragua; at Veta Sur, Continental conducted deep drilling and step-outs to the north; in short, today's drill results continue to exhibit the high-grade results consistent with our expectations and signal further resource growth potential, leading us to reiterate our Buy rating and $13 price target."

Craig Stanley, Stifel Nicolaus (1/23/12) "In addition to exploration leverage, Continental Gold Ltd. continues to move Buritica toward development. . .in Q212, contractors will commence construction of a 1km adit that will eventually lead to a 4.5km ramp. The adit should allow the underground drilling of targets later this year. . .the company plans to spend US$58M at Buritica in 2012 and is well financed with US$81M cash at the end of January as well as $46M in in-the-money warrants."

Ron Stewart, Dundee Securities (12/19/11) "Continental Gold Ltd. released the results of an additional 20 drill holes and 272m of underground channel sampling at the company's 100%-owned Buritica project in central Colombia; the results offer further support to our argument that the high-grade vein system at Buritica offers excellent potential to support an underground mining operation. . .we have modeled the development of a 1,500 mtpd mine commencing production in mid 2015. . .we expect the company will be able to increase the production rate to 2,500 mtpd by the sixth year of the operation. Our production estimate has Buritica producing between 200–250 Koz/year over a 13-year mine life at average total cash costs of around $450/oz. . .we consider the current entry price to be highly attractive. . .we rate Continental a Buy."

Craig Stanley, Stifel Nicolaus (11/24/11) "Continental Gold Ltd.'s hole BUSY-221 intersected a number of high-grade intercepts at Buritica, including 10.2m of 83.84 g/t gold and 285 g/t silver (including 4.25m of 187.06 g/t gold and 627 g/t silver). . .we have left our forecast gold recoveries at 95% while increasing our forecast silver recoveries from 50% to 80%. . .this results in forecast production of 153 Koz/year gold and 450 Koz/year silver at total cash costs of $545/oz."

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