Mar 3 2014
Columbus Gold Corporation ("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