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Zonte Metals will use the funds for "working capital purposes" and to finance exploration at the Cross Hills Iron Oxide Copper Gold Property in Newfoundland and Labrador.

The results are "helping to verify the upper boundary of the mineral reserve envelope for the Veta Sur system,” said Ari Sussman, CEO of Continental Gold.

The company’s "credit risk lies in 2020 and 2021, with an expected lower production profile and possibility for lower grades,” stated Fitch.

Multiple municipalities have cast ballots overwhelmingly in favor of vetoing the right of corporations to mine nearby recently in a referendum practice known as a "consulta popular."

The tragedy follows the killing of a mining engineer working for Continental Gold earlier this month, who was left dead after his vehicle was attacked in Buriticá.

The $5 million USD deal includes two mining titles as well as "technical information and ancillary assets," said the Canadian mining firm.

Two engineers were attacked on the morning of September 5 in the town of Buriticá where the Toronto-based company operates a large gold mine

"With underground development advancing at a productive rate and providing suitable drilling locations, the company will be more aggressive in drilling," stated Continental Gold.

"There are plenty of targets in Colombia that have never really seen modern exploration," says Lobo Tiggre. "That is clearly an advantage."

The Vancouver-based mining company's common shares and purchase warrants were previously trading on the TSX Venture Exchange.