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Press release from Marketwire

Continental Gold Begins 2010 Drill Program at Buritica Gold Project, Colombia

Wednesday, June 02, 2010

Continental Gold Begins 2010 Drill Program at Buritica Gold Project, Colombia07:00 EDT Wednesday, June 02, 2010TORONTO, ONTARIO--(Marketwire - June 2, 2010) - Continental Gold Limited (TSX:CNL) ("Continental" or "The Company") is pleased to announce that it has begun an aggressive drill program at its flagship Buritica gold property near Medellin in northwestern Colombia. A total of four drills will be in operation - one underground and three surface drills, which are scheduled to complete a minimum 23,000 metre program by the end of 2010. Continental's previous 17,600 meters of drilling and 1200 meters of underground development have defined several high grade veins and a mineralized breccia body. The current drill campaign will complete step-out and infill drilling on the San Antonio, Sur, B, and Centena veins and a portion of the breccia. Additionally, several geochemical soil anomalies will be drill tested. This work, along with ongoing underground development, will form the basis of a resource calculation scheduled for early 2011.Since exploration began on the 18,000 hectare (44,475 acre) Buritica property in 2008, Continental has outlined a 2 x 2 kilometer carbonate base metal-type gold vein/breccia system related to a center of porphyry-style alteration. To date several of the larger veins have been tested over a 200-450 meter vertical range and all are open at depth. World-wide, the larger mineralized systems of this type have economic potential in the veins over significant vertical ranges. This down-dip vertical extension of the veins is one of several additional highly prospective exploration targets which will be tested with the remaining drill meters. Other 2010 drill priorities include follow up drilling of the Yaragua diatreme breccia, a portion of which has average grades of 3 grams per tonne gold, the La Mano and San Augustine prospects which have potential for bulk tonnage in zones of replacement mineralization, and several high priority soil geochemical anomalies."Because we are in the extremely fortunate position of having multiple high-priority drill targets, we intend to remain flexible with respect to increasing the number of drills we may require as well as increasing the overall drilling campaign to properly cover the target areas," commented Stuart Moller, Vice President, Exploration . "Our mandate is resource definition drilling program on the known mineralized veins and any other mineralization we encounter, so it's very important that we be able to add drills at short notice as we advance this project. For that reason, as well as others, we chose to work with Major Drilling Group International Inc., which has the capacity we need for this flexibility."New Addition to Management TeamContinental Gold also announces that Naomi Nemeth has been appointed Vice President, Investor Relations. Ms. Nemeth has worked in the mining and mineral exploration industry for the past six years with a focus on investor relations and corporate management. She has held senior Investor Relations positions with Homeland Energy Group (coal, South Africa), African Copper PLC (copper, Botswana), Wolfden Resources (gold and base metal exploration, Canada), Sanatana Diamonds (Canada) and Desert Sun Mining (gold producer, Brazil). Prior to returning to the mining field in 2004, Ms Nemeth held senior investor relations and communications roles in the pharmaceutical (GSK, Biovail, MDS) and financial services (Manulife Financial, Clarica-Sunlife Financial) sectors. Ms Nemeth began her career as a field exploration geologist in the Yukon and northern Ontario following completion of an Honours BSc in Geology and Biology at Brock University. Subsequent to that, Ms Nemeth earned a Masters degree in Journalism from the University of Western Ontario.Qualified PersonStuart Moller, PGeo, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.Additional details on the Buritica project and the rest of Continental Gold's suite of gold exploration properties is available at Continental Gold LimitedContinental Gold Limited is an advanced-stage exploration company with eight gold projects covering 190,000 hectares in Colombia. Spearheaded by a management team with over 40 years of exploration and mining experience in South America, the Company plans to conduct an aggressive exploration program to its extensive portfolio with a focus on its flagship high-grade gold project, Buritica and its drill-ready program, Berlin.Forward-Looking Statements"This press release contains or refers to forward-looking information, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions, and is based on current expectations that involve a number of business risks and uncertainties. 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."FOR FURTHER INFORMATION PLEASE CONTACT: Continental Gold Limited Naomi Nemeth Vice President, Investor Relations 416.643.7638