Apr 3 2014
CB Gold Inc. ("CB Gold" or the "Company") is pleased to announce that the boundaries of the Paramo of Santurbán ("the Paramo") as released today by the Ministry of Environment of Colombia do not appear to affect the Company's future ability to conduct exploration, development and exploitation activities on the Vetas Gold Project in any significant way.
The Company is currently seeking clarification from authorities regarding the exact coordinates of the Paramo in order to confirm actual impacts.
According to the map released by the Ministry of Environment, the Company's la Triada de Oro, San Bartolo, Los Delirios, San Alfonso, Arias, Santa Isabel and La Peter properties are not impacted in any way by the Paramo boundaries. The Real Minera and El Dorado properties appear to be impacted by the boundaries in a minor manner but the Company doesn't expect this to have any significant effect on its ability to develop the Vetas Gold Project. The Company will clarify with the appropriate Authorities the impact, if any.
San Antonio is the only property of the Vetas Gold Project which seems to be impacted by the Paramo boundaries to a more significant extent. To date, the Company has conducted only a limited exploration program on San Antonio and the property does not contain any of the resources reported by the Company today, April 2, 2014.
The La Vereda Property:
La Vereda is a 600 hectares property for which the Company holds a 20 year concession contract, located 5km south west of the Vetas Gold project. The Paramo boundaries appear to include the La Vereda concession. CB Gold is disappointed by the inclusion of the property within the Paramo boundaries and will be addressing its concerns with the Governmental and Mining authorities for the benefit of our shareholders.
Fabio Capponi, President and CEO of CB Gold, commented, "Overall we are very pleased that the delimitation of the Paramo boundaries does not appear to affect the Company's ability to move forward with the development of the Vetas Gold Project and as such CB Gold is proceeding with its 2014 operative plan. Notwithstanding that, the Company fully intends to engage the competent authorities on the exact impacts on all of its properties and seek redress as appropriate."
The map of the Paramo boundaries has been posted on CB Gold website: www.cbgoldinc.com.