TORONTO, ONTARIO--(Marketwire - Feb. 6, 2013) - Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") announces today that it has voluntarily initiated the process of relinquishing to the National Mining Agency 1,001 hectares of its mineral exploration rights located in the Santander region within the newly-declared 11,700 hectare-area Parque Natural Regional Páramo de Santurbán (the "Páramo Park"). The Company intends to retain its remaining 3,471 hectares of mineral exploration rights in the Santander region not impacted by the Páramo Park boundaries as it considers the ground prospective for precious metals.
The Páramo Park is located in the Department of Santander, Colombia, approximately 579 kilometres north-east of the Company's flagship Buriticá project located in the Department of Antioquia, Colombia. The Buriticá project remains unaffected by this declaration.
The declaration was approved last month by the Corporación Autónoma Regional para la Defensa de la Meseta de Bucaramanga ("CDMB") (Regional Autonomous Corporation for the Bucaramanga Plateau) to protect the environmentally-sensitive region essential for water, climate regulation and carbon sequestration.
"Our mineral rights in the Santander region are not a core focus of Continental Gold," commented Mark Moseley-Williams, President and COO. "Now that the Páramo Park boundaries have been established, our decision to relinquish these mineral rights is the right thing to do. We understand what the Colombian government is attempting to accomplish and we respect their decision."