October 1, 2012 / 2:55 PM / 5 years ago

Continental Gold raises Colombian project resource estimate

Oct 1 (Reuters) - Continental Gold Ltd said gold resource estimate more than doubled at its Buritica project in Colombia as it found higher mineralization in two areas, sending its shares up 10 percent.

Colombia-focused Continental said measured and indicated gold resources at the project increased to 1.64 million ounces from 630,000 ounces estimated last year.

Measured and indicated resources are an initial estimate of the size of a natural resource deposit and serve as a basis for feasibility studies.

Continental’s shares, which have risen 30 percent in 2012, were up 6.7 percent at C$9.38 on Monday morning on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Sriraj Kalluvila)

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