November 24, 2010 / 6:34 PM / 7 years ago

Shares of Continental Gold at all-time high on mine result

Nov 24 (Reuters) - Continental Gold CNL.TO reported the most significant gold discovery so far in the year from its flagship project in Colombia, sending its shares to an all-time high.

The company, which started drilling at the Burtica project in June, said it found high-grade visible gold and a high-grade sub-zone of more than 10 metres of thickness in its hole Busy-131.

The company also said a single drill hole completed on the San Antonio vein at the Yaragua mine demonstrated good grades.

The company was formed after Continental Gold’s shareholders approved a reverse takeover offer of Cronus Resources Ltd. The new company was listed on April 19.

Shares of the company, which have gained more than four times their value since listing, were trading up 10.4 percent at C$9.58 on Wednesday on the Toronto Stock Exchange.

They touched a high of C$10.20 earlier. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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