Cyanide Authorized for Use in French Guiana Where Columbus Gold is Advancing 5.37 M oz. Gold Deposit
01 March 2014 - 1:00AM
Marketwired
Cyanide Authorized for Use in French Guiana Where Columbus Gold is
Advancing 5.37 M oz. Gold Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 28, 2014) -
Columbus Gold Corporation (TSX-VENTURE:CGT) ("Columbus Gold") is
pleased to announce two very positive recent developments in French
Guiana where it is currently advancing its 5.37 million ounce
Montagne d'Or gold deposit, which forms part of its Paul Isnard
Project.
French gold producer Auplata SA announced on February 25, 2014,
that it has received the required authorizations to construct and
operate a centralized cyanide plant to treat gold gravity
concentrates from its various mines and mining sites in French
Guiana. Auplata reports that it ultimately intends to implement
cyanide plants directly at its mine sites in due-course.
On February 24, 2014, the French government announced that it
plans to invest up to EUR400 million (US$548 million) in a new
state owned mining company to explore for gold in French Guiana and
for rare earths and specialty metals in France and around the
globe. The objective is for the new company to be built around the
same model as Japan's JOGMEC, which was established to offer
financial support for private sector Japanese resource ventures
worldwide.
Robert Giustra, CEO of Columbus Gold, commented: "These recent
developments are a clear message from the French Government that it
is committed to developing the vast mineral wealth potential of
French Guiana, particularly gold mining. It's an essential and very
positive development for Columbus Gold in particular, as it greatly
increases the level of confidence with respect to the development
of our Montagne d'Or gold deposit."
The Montagne d'Or deposit contains a NI 43-101 compliant
inferred gold resource using a cut-off grade of 0.3 grams per tonne
gold of 5.37 million ounces within 117.1 million tonnes at an
average grade of 1.43 grams per tonne gold. Using a cut-off of 1
gram per tonne gold a resource of 4.15 million ounces within 58.1
million tonnes at an average grade of 2.22 grams per tonne gold.
The resources are defined within a gold mineralized area of 2,250
meters by 400 meters and to an average depth of 250 meters from
surface. The mineralized zones remain open in part along strike and
at depth. Please refer to Columbus Gold's news release of February
26, 2014 for further details.
Drilling is currently underway at Montagne d'Or and is being
funded by Nord Gold N.V. as part of a 3 year minimum US$30 million
exploration and development program pursuant to which Nord Gold can
earn a 50.01% interest in Montagne d'Or and certain Paul Isnard
mineral claims, by completing a bankable feasibility study.
Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for
Columbus Gold and Qualified Person under National Instrument 43-101
has reviewed the technical information in this news release and is
responsible for the technical information reported herein.
ON BEHALF OF THE BOARD,
Robert F. Giustra, Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This release contains forward-looking information and
statements, as defined by law including without limitation Canadian
securities laws and the "safe harbor" provisions of the US Private
Securities Litigation Reform Act of 1995 ("forward-looking
statements"), respecting: (i) Columbus Gold's proposed drilling
programs; projected funding of drilling programs by Nord Gold N.V.
pursuant to the terms of the option agreement and the related
completion of a bankable feasibility study and general exploration
plans; (ii) the intention of Auplata to implement cyanide plants;
and (iii) the plans of the French government to invest in a state
owned mining company and its intended modelling of such company.
Forward-looking statements involve risks, uncertainties and other
factors that may cause actual results to be materially different
from those expressed or implied by the forward-looking statements,
including: the ability to acquire necessary permits and other
authorizations; environmental compliance; cost increases;
availability of qualified workers and drill equipment; competition
for mining properties; risks associated with exploration projects,
mineral reserve and resource estimates (including the risk of
assumption and methodology errors); dependence on third parties for
services; non-performance by contractual counterparties; title
risks; risks associated with Nord Gold N.V. electing not to
exercise its option and make the related option payments; changes
in relevant government policy and budgets; changes in the
intentions of parties other than Columbus Gold with respect to
mining practices and programs; and general business and economic
conditions. Forward-looking statements are based on a number of
assumptions that may prove to be incorrect, including without
limitation assumptions about: that the design of the drill plan is
appropriate for the site; general business and economic conditions;
current government policy and budget plans; the timing and receipt
of required approvals; availability of financing; power prices;
ability to procure equipment and supplies including without
limitation drill rigs; and ongoing relations with employees,
partners, optionees and joint venturers. The foregoing list is not
exhaustive and Columbus Gold undertakes no obligation to update any
of the foregoing except as required by law.
Columbus Gold CorporationInvestor Relations604-634-0970 or
1-888-818-1364604-634-0971info@columbusgroup.comwww.columbusgroup.com
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