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Continental Gold: Colombian government to shutter illegal mines at Buriticá licenses

The Colombian government has notified that a majoroperation to permanently close all illegal mines and processing plantsoperating within the company's licenses covering the Buriticá gold project is underway, the minersaid April 25.

The operation is in line with the national government'sinitiative to eliminate illegal mining and further support legal, privatesector mining as well as the formalization of small-scale local traditionalminers.

According to Continental Gold, it is taking extraprecautions to ensure the safety of its employees and contractors during theoperation, though the activities are taking place at a safe distance from thecompany's current small-scale mine and future infrastructure site.

The company also expects that the operation will pave theway for the government's increased territorial control in the region, which —in conjunction with investments in the economic and social development of theregion and in key environmental conservation initiatives — will furtherstrengthen the process of permitting, constructing and operating a mine at theBuriticá project.

A feasibility study published in February a minimum posttax net presentvalue of US$860 million for the project and a maximum NPV of US$1.16 billion,both at a 5% discount rate.