Columbus Gold Makes Final Payment and Notified of French Government Non-Objection - For Acquisition of 100% Interest in 1.9 M oz. Paul Isnard Gold Project
Vancouver, British Columbia, Canada. April 13th, 2012, Columbus Gold Corp. (CGT: TSX-V) (“Columbus Gold”) is pleased to announce that the government of France has not objected to Columbus Gold’s acquisition of a 100% interest in 1.9M oz. Paul Isnard gold project in French Guiana. Pursuant to the terms of the agreement between Columbus Gold and Auplata S.A., Columbus Gold has made the final US$500,000 payment and now beneficially owns a 100% interest in the Paul Isnard project.
The Paul Isnard gold project includes the 43-101 compliant 1.9 million ounce Inferred gold resource in the Montagne d’Or gold deposit which consists of 36.7 million tonnes grading 1.6 gpt. Holes in the drilling program presently underway are being drilled up to 200 metres depth with the goal of increasing the mineral resources, and infill drilling is expected to convert Inferred resources to Measured and Indicated categories. Future drill programs will target the eastern and western extensions of the Montagne d’Or deposit where more than 2.5 km of strike provides expansion potential, and will test numerous underdeveloped gold prospects and undrilled geochemical anomalies which occur throughout the project area.
Columbus Gold’s independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content of this news release.
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & CEO
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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 drilling, and Columbus Gold’s general exploration and development plans. 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 without limitation the drill rig’s compliance with French Guiana law; 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); risks associating with results not warranting further work or development of the project; dependence on third parties for services; non-performance by contractual counterparties; title risks; 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 qualified workers will be available; that the design of the drill plan is appropriate for the site; general business and economic conditions; 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 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.