Sep 16 2015
Continental Gold Inc. ("Continental" or the "Company") announces that the Company has requested that the National Government of Colombia assume the responsibility of reviewing the Environmental Impact Assessment ("EIA") for the Buriticá project as a Project of National Strategic Interest (Proyectos de Interés Nacional y Estratégicos ("PINE")).
Consequently, the Company has withdrawn its application for the modification of the EIA from Corantioquia, the autonomous regional environmental authority of the department of Antioquia.
On November 12, 2013, the National Government of Colombia declared the Buriticá project a PINE Project, as contemplated under Colombian law. The withdrawal of the EIA modification application from Corantioquia and the corresponding PINE process imply that the environmental aspects of permitting will now fall under the scope of responsibility of Autoridad Nacional Licensias Ambientales (ANLA), the Colombian national environmental licensing agency. The EIA modification application is expected to be managed under a fast track timeline and under the high-level government supervision provided by PINE regulations. The Company had already been working closely with the national government on different aspects of the EIA, and intends to refile the application inclusive of new amendments, in order to better align the EIA with the parameters being used in the feasibility study currently in progress (anticipated completion of the feasibility study in Q2 2016).
Ari Sussman, President and CEO, commented: "While we are disappointed that we missed completion guidance for the EIA permitting, we are very confident that the application process will be handled on an expedited basis, and we will complete it well ahead of there being any impact to our critical path timeline. We look forward to working with the national government in bringing the Buriticá project to a commercial reality."
"The establishment of the PINE initiative was the result of the national government's desire to advance large-scale projects in a timely fashion for the benefit of all Colombians, and it was designed to comprehensively address the challenges involved in moving large-scale projects forward", stated Leon Teicher, Executive Chairman. "I am confident that the approval process for our refiled application will be thorough and handled in a professional and efficient manner. We plan on building Buriticá to world-class standards and welcome the opportunity to demonstrate that the Company is committed to achieving the highest standards in environmental and health and safety."