Encouraging comments from Colombian Minister of Mines and Energy Tomas Gonzalez this morning at PDAC sent Continental Gold (CNL.TO) shares soaring 10% before pulling back late in the trading session. Gonzalez stated that Buriticá’s environmental permit could come in May, a couple of months ahead of CNL’s timeline guidance. While government officials tend to be over optimistic regarding timelines, the comments from the Minister are nonetheless encouraging.
Investors clearly have confidence in Continental to deliver on its promises, CNL shares are ~15% higher since we highlighted the company in an interview with CEO Ari Sussman a couple of weeks ago. Moreover, CNL shares have vastly outperformed the junior gold space during the same time frame:
Another upcoming milestone will be an updated resource estimate around June-July which is expected to upgrade a good portion of the inferred resource to the measured & indicated category. Given the complexity of the mineralization at Buriticá additional drill results should serve to increase investor confidence. E&G will continue to update readers on the Continental story as it evolves.