Mr. Ari Sussman reports

CONTINENTAL GOLD ANNOUNCES A HIGH-GRADE AND ROBUST MINERAL RESOURCE ESTIMATE FOR BMZ1 AT THE BURITICA PROJECT, COLOMBIA

Continental Gold Inc. has released a positive mineral resource estimate for broad mineralized zone 1 (BMZ1) located in the central-west portion of the Yaragua system at its 100-per-cent-owned Buritica project in Antioquia, Colombia. All information incorporated for estimating the mineral resources for BMZ1 was derived from a recompilation of the block models used to calculate the global mineral resource estimate for the Buritica project announced on Jan. 30, 2019.

Highlights:

• Combined measured and indicated mineral resource estimate of 828,870 tonnes at 14.15 grams per tonne gold and 22.9 g/t silver for 377,000 ounces of gold and 611,000 ounces of silver;
• Inferred mineral resource estimate of 141,150 tonnes at 5.37 g/t gold and 12.1 g/t silver for 24,400 ounces of gold and 55,000 ounces of silver;
• BMZ1 a high-grade, steeply plunging, pipe-like ore shoot related to the intersection of two vein systems and includes discrete veins as well as disseminated and vein stockwork materials;
• BMZ1 having a vertical extent of 400 metres and ranges between 25 to 40 metres in width by 80 to 120 metres of lateral extent;
• BMZ1 remaining open at depth for expansion; up to 10,000 metres of drilling specifically targeting BMZ1 planned in 2019;
• High-grade drill holes completed in BMZ1 for which assay results were received after the cut-off date for the mineral resource estimate including:
  • 40.60 metres at 16.65 g/t gold and seven g/t silver (BUUY425);
  • 17.40 metres at 11.99 g/t gold and 21.6 g/t silver (BUUY427);
  • 15.65 metres at 15.36 g/t gold and 10.4 g/t silver (BUUY430);
  • 23.00 metres at 10.20 g/t gold and 8.3 g/t silver (BUUY430);
  • BUUY425, 427 and 430 previously reported; for further details, please see the company's press release dated Feb. 2, 2019.

"BMZ1 continues to expand and this initial mineral resource estimate highlights the potential of this zone to provide greater flexibility for mine planning and more ounces per vertical metre during production," stated Ari Sussman, chief executive officer. "Our 2019 drilling focus is to define the broad mineralized zones identified to date ahead of planned commercial production in 2020."

BMZ1 mineral resource estimate details

A total of 141 drill holes totalling 6,410 metres and 1,084 metres of underground channel sampling along development drifts were used in the estimate. All data were composited to the nominal sample length of 1.5 metres prior to analysis and estimation. Grade estimation was completed using ordinary kriging (OK) into 10-by-10-by-10-metre parent cells.

Previous mineral resource estimation work for the Buritica project separately reported vein and broad mineralized zone material located between the gold-bearing vein domains. This mineral resource estimate for BMZ1 is simply a restatement of the block models, in a combined form, as derived from the mineral resource estimate for Buritica announced on Jan. 30, 2019. In the case of BMZ1 there is sufficient density of drilling and development sampling to combine a portion of the global BMZ mineral resource estimate and the vein mineral resource estimates and is presented as such in the associated table.

                                BMZ1 MINERAL RESOURCE ESTIMATE 
   
         BMZ1 mineral resource statement at a three g/t cut-off, effective Jan. 30, 2019
Resource                                            Grades                         Metal
category              Tonnes     Gold (g/t)   Silver (g/t)      Gold (oz)    Silver (oz)

Measured             206,980          24.29           37.3        161,600        248,300
Indicated            621,880          10.77           18.2        215,300        363,000
M&I                  828,870          14.15           22.9        377,000        611,000
Inferred             141,150           5.37           12.1         24,400         55,000
 
(1) Mineral resources which are not mineral reserves do not have demonstrated economic 
viability. The estimate of mineral resources may be materially affected by 
environmental, permitting, legal, marketing or other relevant issues. The mineral 
resources in this press release were estimated using the Canadian Institute of Mining, 
Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, 
Definitions and Guidelines prepared by the CIM standing committee on reserve definitions 
and adopted by CIM council.
(2) The quantity and grade of reported inferred mineral resources in this estimation 
are uncertain in nature and there has been insufficient exploration to define these 
inferred mineral resources as an indicated or measured mineral resource and it is 
uncertain if further exploration will result in upgrading the inferred mineral 
resource to an indicated or measured mineral resource category. 
(3) Contained metal and tonnes figures in totals may differ due to rounding.
(4) Mineral resources have been prepared to a minimum one-metre mining width.

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.

BMZ details

The BMZ consists of a group of modelled precious metal-bearing veins in the current mineral resource estimate block model with mineralization occurring between these veins, generally in the form of veinlets at oblique angles to strike. The majority of the mineralization between modelled veins is not in the current mineral resource estimate, providing potential upside both in terms of identifying significantly broader and more productive zones for mining and increased mineral resources. To date, the company has identified up to seven BMZ targets for testing and will systematically drill each target zone as underground mine development advances.

Technical information

David J. Reading, MSc, FIMMM, the special adviser to Continental and a qualified person as defined under Canadian National Instrument 43-101, oversaw and supported the combined mineral resource modelling and the geology reinterpretation work as outlined in this announcement. The BMZ1 resource blocks combined for this work were derived from the block models used in the mineral resource estimate for Buritica dated Jan. 30, 2019. Mr. Reading has reviewed and approved the technical information contained in this press release. Mr. Reading has over 35 years experience in the mining industry covering all stages of mine development, including exploration, feasibility, financing, construction and operations. He has an MSc in economic geology and is a fellow of the Institute of Materials, Minerals and Mining.

Reported intervals include minimum weighted averages of three g/t gold equivalent (1:75 Au/Ag) over core lengths of at least 1.0 metre. Assays are uncut except where indicated.

Besides rigorous chain-of-custody procedures, the company utilized a comprehensive quality control/quality assurance program for the channel samples. All quality control anomalies were addressed and/or corrected as necessary to assure reliable assay results; no material quality control issues were encountered in the course of the program. 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 neither independent nor certified under NI 43-101 guidelines and, as such, channel sampling results in this release should only be taken by the reader as indicative of future potential.

For exploration and infill core drilling, the company applied its standard protocols for sampling and assay. HQ and NQ core is sawn or split with one-half shipped to a sample preparation laboratory in Medellin run by ALS Colombia Ltd., whereas BQ core samples are full core. Samples are then shipped for analysis to an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples is periodically check assayed at SGS Colombia SA, a certified assay laboratory in Medellin, Colombia.

The company does not necessarily receive assay results for drill holes in sequential order; however, all significant assay results are publicly reported.

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.

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