Columbus Gold Provides Update on Montagne d’Or Gold Project in French Guiana
18 December 2017 - 9:00PM
Columbus Gold Corp. (TSX:CGT) (OTCQX:CBGDF) is
pleased to announce that at a meeting of the Montagne d’Or
joint-venture (Columbus Gold 44.99%/Nordgold 55.01%) held on
December 15th, 2017 the joint-venture board unanimously decided to
proceed with construction of the Montagne d’Or gold mine in French
Guiana. Commencement of construction is subject to a number
of additional requirements, including a public consultation and
receipt of required permits and authorizations. The submittal
of the mine permit applications is presently scheduled for the
third quarter of 2018 and could take more than 12 months to
process.
Permitting and stakeholder engagement is
currently underway at Montagne d’Or following the completion of a
feasible study in March 2017 (refer to news release dated March 20,
2017). The project’s Environmental and Social Impact Study
will be delivered in Q1 2018, following the completion of a
supplementary in-fill geotechnical drilling program currently
underway.
The preliminary steps of the permitting process
take into account a public consultation under the mandate of the
French National Public Debate Commission. The Commission is
involved in the planning of all major structural projects on French
Territory that are deemed to be socio-economically important.
The Commission’s mandate is to ensure that the public is able
to participate in the planning of these projects with the objective
to socialize and endorse decision-making. Its role is to:
- Inform the public about the project submitted for public
debate;
- Allow the public to express itself; and
- Brief the project management team.
On October 4, 2017 the Commission appointed a
five-member Special Commission that will manage the public
consultations for Montagne d’Or, three of them are representatives
selected from French Guiana. The public consultation process
will extend over a four-month period commencing in approximately
March 2018 followed by the delivery of the Commission’s assessment
report, which will give Columbus and Nordgold the opportunity to
make appropriate project adjustments prior to the submittal of
mining, environmental and construction permit applications to the
French Administration.
ON BEHALF OF THE BOARD,
Robert F. Giustra Chairman & CEO
For more information contact:Investor
Relations(604) 634-0970 or1-888-818-1364info@columbusgold.com
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 Columbus’ plans to
commence mine construction at Montagne d’Or, to submit an
Environmental and Social Impact Study in Q1 2018, to complete a
supplementary in-fill geotechnical drilling program, or to complete
a public consultation. Forward-looking statements involve
risks, uncertainties and other factors that may cause actual
results to materially differ from those expressed or implied by the
forward-looking statements, including: the ability to raise
capital, to acquire any necessary permits and third party
authorizations; environmental compliance; cost increases;
availability of qualified workers; risks associated with
development projects including, without limitation, the accuracy of
interpretations; mineral reserve and resource estimates (including
the risk of assumption and methodology errors and inability to
complete the intended drilling program); dependence on third
parties for services; non-performance by contractual
counterparties; title risks; and general economic conditions.
Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made and a
number of assumptions that may prove to be incorrect, including,
without limitation, assumptions about: market prices, exploitation
and exploration success; the timing and content of upcoming work
programs; general business and economic conditions; the timing and
receipt of required approvals; continued availability of capital
and financing; power prices; the ability to procure equipment and
supplies including, without limitation, drill rigs; and ongoing
relations with employees, partners, optionees, stakeholders and
joint venturers. Readers are cautioned not to place undue
reliance on the forward-looking statements contained herein. The
foregoing list is not exhaustive and Columbus undertakes no
obligation to update any of the foregoing except as required by
law.