Continental Gold Limited Expands Senior Management Team and Appoints Executive Vice President

- Keith McKay Joins Continental Gold as Chief Financial Officer

- Gustavo Koch is Appointed to Executive Vice President from Previous Operations Role


TORONTO, Aug. 20, 2010 - Continental Gold Limited (TSX: CNL) ("Continental" or "The Company") announces several senior management appointments to augment both its Toronto corporate team and Colombia operations team as the Company continues its aggressive advanced exploration program at the Buritica and Berlin properties in Colombia.

"Continental Gold welcomes Keith McKay as CFO to our new and growing team of professionals that will drive this company along an aggressive growth timeline with the development of its Buritica gold mine in Colombia," commented CEO Ari Sussman. "Keith's considerable mining experience will be invaluable to our team in moving us toward the strategic goals we have established."

Previously, Mr. McKay has served as Vice President and CFO for Aurelian Resources Inc. and Senior Vice President Financial Operations for an international engineering and project management services firm and as Controller at Rio Algom Ltd., a Canadian based mining company that produced copper, gold, uranium, molybdenum, and coal in North and South America. Mr. McKay has also served as Vice President, Finance for Potash Company of Canada and has worked with the Bank of Montreal. Mr. McKay obtained his Chartered Accountants designation with Coopers & Lybrand. In addition to his role as CFO of Continental gold, Mr. McKay also serves as the CFO of Dalradian Resources Limited and is the CFO for Andina Minerals Inc. until September 30, 2010.

Continental Gold is also pleased to announce the appointment of Mr. Gustavo Koch to the newly-created position of Executive Vice President from his previous role with Continental as General Counsel.

"Gustavo has been a key member of Continental's management team since 2007 and his experience, counsel and personal drive have contributed significantly to the forward movement Continental Gold has experienced to date," commented CEO Ari Sussman. "In the newly-created role of executive vice president, Gustavo will give oversight to general administration for the Medellin office, provide management of operational activities in Colombia and continue to act as liaison between the Colombian and Canadian offices. We are fortunate to benefit from Gustavo's expansive knowledge of Colombian law and specific knowledge of Colombia mining law."

Mr. Koch has been a director and General Counsel of Continental Gold (the private company prior to amalgamation with Cronus Resources to become the public entity which is now called Continental Gold) since September 2007. From 1994 to 2007 Mr. Koch held various positions with Grupo de Bullet as Manager, Colombian Division Officer and Operating Manager. From 1993 to 1994 Mr. Koch was an Associate with the International Law Institute in Washington. Between 1992 and 1993 he was an Associate at the Latin American Mining Institute where he was responsible for editing The South American Investment and Mining Guide and The Mexican and Central American Investment and Mining Guide. Mr. Koch has a L.L.M in International Trade and Banking from the Washington College of Law and also attended the University Nacional Del Litoral, School of Law (J.D. Equivalent) in Argentina. He has been admitted to practice law in Argentina.


About Continental Gold Limited

Continental Gold Limited is an advanced-stage exploration company with eight gold projects covering 200,000 hectares in Colombia. Spearheaded by a management team with over 40 years of exploration and mining experience in South America, the Company has begun an aggressive exploration program on its extensive portfolio of properties with a focus on its flagship high-grade gold project, Buriticá and Berlin, a second project with an aggressive exploration mapping and drilling program underway. Additional details on the Buriticá project and the rest of Continental Gold's suite of gold exploration properties are available at www.ContinentalGold.com.


Forward-Looking Statements

"This press release contains or refers to forward-looking information, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law."



For more information, please contact

Continental Gold Limited
Naomi Nemeth, Vice President, Investor Relations
+1 416.643.7638
info@continentalgold.com
www.ContinentalGold.com