Mr. Paul Begin reports

CONTINENTAL GOLD ANNOUNCES HIGH-GRADE GOLD CHANNEL SAMPLING RESULTS FROM STOPE DEVELOPMENT DRIFTS AT BURITICA INCLUDING 16.95 G/T GOLD ALONG 78 METRES OF STRIKE

Continental Gold Inc. has released high-grade assay results from 12 stope development drifts as part of the underground construction at its 100-per-cent-owned Buritica project in Antioquia, Colombia. Development of the Buritica project remains on schedule with first gold pour anticipated in the first half of 2020. Supporting information for results discussed in this release can be found in images on the company's website and all sampling widths reported herein are at true horizontal metres.

"It is a very exciting time for Continental Gold as we are now drifting along high-grade mineralization in both the Yaragua and Veta Sur systems that we plan to mine by longitudinal long-hole stoping beginning in 2020," stated Ari Sussman, chief executive officer. "With underground development remaining well ahead of schedule, we are confident that extra time available for preproduction stope preparation will provide the company with a buffer of excess material to feed the plant on planned start-up of commercial production next year."

Assay results have been received for 10 stope development drifts in the Yaragua system totalling 350 metres of lateral strike. Stopes will be designed to measure between 25 and 45 metres in length using an 18-metre sublevel spacing. Stope areas 1 through 4 are located along the access of the same development drift located in the central part of the Yaragua system at an elevation of 1,444 metres. Stope areas 1 and 2 are located on the western portion of the development drift, with cumulative assay results for both stope areas as follows:

• 2.23 metres at 16.95 grams per tonne gold and 20.42 g/t silver along 78 metres (stope areas 1 and 2).

Stope areas 3 and 4 are located along the eastern half of the development drift, with cumulative assay results for both stope drifts as follows:

• 2.2 metres at 5.95 g/t gold and 8.77 g/t silver along 78 metres (stope areas 3 and 4).

Stope area 7, which is the most recently excavated stope drift, is located in the south-central part of the Yaragua system at the lower elevation of the Higabra tunnel at 1,177 metres. Continuous high-grade results have been demonstrated in sampling along the stope drift, with results as follows:

• 2.22 metres at 11.11 g/t gold and 46.17 g/t silver along 26 metres (stope area 7).

Stope areas 8 to 12 are located in the central west portion of the Yaragua system at an elevation of 1,482 metres, with drift development completed on three different gold domains. Channel sampling results on these drifts demonstrate excellent grade continuity, with high-grade results as follows:

• 3.91 metres at 8.06 g/t gold and 32.83 g/t silver along 33 metres (stope area 8);
• 2.22 metres at 24.75 g/t gold and 47.39 g/t silver along 34 metres (stope area 9);
• 4.17 metres at 16.17 g/t gold and 23.69 g/t silver along 46 metres (stope area 10);
• 2.23 metres at 15.81 g/t gold and 28.16 g/t silver along 55 metres (stope areas 11 and 12).

Stope areas 5 and 6 have been designed along the access of the same drift in the western portion of the Veta Sur system at an elevation of 1,593 metres. As with the other drifts, excellent grade continuity along significant strike length has been demonstrated, with cumulative results for both stope drifts as follows:

• 2.24 metres at 11.64 g/t gold and 70.24 g/t silver along 79 metres (stope areas 5 and 6).

Additional stope drifts at various elevations are currently being developed for both the Yaragua and Veta Sur systems; once channel sampling assay results are received and evaluated, they will be released in a timely manner.

For reference, the mineral reserve estimate for the Buritica project as announced on Feb. 24, 2016, is as shown in the associated table.

                     Reserve                         Grades                  Contained metal
Category              Tonnes          Gold           Silver               Gold        Silver  
                                     (g/t)            (g/t)               (oz)          (oz)

Proven               677,400          21.1             60.0            459,000     1,307,000
Probable          13,039,400           7.8             22.5          3,251,000     9,412,000
Total P&P         13,716,800           8.4             24.3          3,710,000    10,719,000

Notes
Based on cut-off grades of 3.8 g/t for Yaragua and 4.0 g/t for Veta Sur, $950 per ounce 
gold price, and U.S. dollar:Colombian peso exchange rate of 2,850. Rounding of some figures 
may lead to minor discrepancies in totals. 

Geological description of the Buritica project

Continental's 100-per-cent-owned, 75,023-hectare project, Buritica, contains several known areas of high-grade gold and silver mineralization of base metal carbonate style (stage 1) variably overprinted by texturally and chemically distinctive high-grade (stage 2) 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 1,350 metres of strike and 1,800 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill outlined along 1,000-plus metres of strike and 1,800 vertical metres and has been partially sampled in underground developments. 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.

Technical information

Donald Gray, chief operating officer and a qualified person for the purpose of Canadian National Instrument 43-101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this release.

Channel samples are taken continuously along the walls of the underground crosscut and across the face of the underground drift. Faces are nominally spaced every three metres along the drift, and face composites average six length-weighted channel samples. Widths are true horizontal metres at zero g/t gold cut-off grade and no capping has been applied to sample composites. Partial results for stope areas 8 to 12 were announced on Jan. 15, 2019. The company utilizes a rigorous, industry-standard quality assurance/quality control program.

Rock samples have been prepared and analyzed at Continental Gold's Yaragua mine laboratory at Buritica, Colombia. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. Although historic correlation between analytical results from the company's internal laboratory and certified independent laboratories for gold and silver analysis have been within acceptable limits, the company's internal laboratory is not independent or certified under Canadian National Instrument 43-101 guidelines and, as such, results in this release should only be taken by the reader as indicative of future potential.

For information on the Buritica project, please refer to the technical report, prepared in accordance with NI 43-101, entitled "Buritica Project NI 43-101 Technical Report Feasibility Study, Antioquia, Colombia," and dated March 29, 2016, with an effective date of Feb. 24, 2016, led by independent consultants JDS Energy & Mining Inc. Additional information on the company's updated mineral resource estimate for the Buritica project, with an effective date of Jan. 26, 2019, and prepared by the company under the guidance and supervision of Ivor W.O. Jones, MSc, FAusIMM, CPgeo, PGeo (an independent qualified person under NI 43-101 guidelines), is available in the company release dated Jan. 30, 2019. The technical report and company release are available on SEDAR, on the OTCQX's website and on the company website.

About Continental Gold Inc.

Continental Gold is the leading large-scale gold mining company in Colombia and is presently developing its 100-per-cent-owned Buritica project in Antioquia. Buritica is one of the largest and highest-grade gold projects in the world and is being advanced utilizing best practices for mine construction, environmental care and community inclusion. Led by an international management team with a successful record of discovering, financing and developing large high-grade gold deposits in Latin America, the Buritica project is on schedule with first gold pour anticipated during the first half of 2020.

We seek Safe Harbor.