Phase II Drilling Commences on Columbus Gold's 5.37M oz. Paul Isnard Gold Project, French Guiana
Vancouver, B.C., November 28, 2013 - Columbus Gold Corp. (CGT: TSX-V) (“Columbus Gold”) is pleased to announce that Phase II drilling has commenced at its Paul Isnard Gold Project in French Guiana.
The Phase II drill program is focused on the Montagne d’Or gold deposit which hosts a 43-101 compliant inferred gold resource of 5.37 million ounces within 117.1 million tonnes grading 1.43 gpt gold using a 0.3 gpt cut off. The planned program includes 27,600 meters of diamond core drilling and is designed to complete a 50-meter spacing array to a vertical depth of 200 meters along the full strike extent of the current resources, with select 25-metre in-fill. The denser 25-metre to 50 meter drill pattern is expected to internally increase the resources between widely spaced holes, convert much of the inferred resource to the indicated and measured categories, and provide confidence in the grade-width distribution.
Based upon performance of earlier programs at Montagne d’Or, production of about 2,000 meters per month, utilizing a single drill rig on a 24 hour basis, is anticipated, however a second drill is presently being sourced and is anticipated to arrive in early 2014.
The drill program is being entirely funded by Nord Gold N.V., which can earn a 50.01% interest in Montagne d’Or and other licenses at Paul Isnard by spending a minimum of $30 million and completing a bankable feasibility study over 3 years. Columbus Gold is also performing detailed metallurgy, and baseline environmental studies with the objective of completing a resource update and a preliminary economic assessment (PEA) by the end of 2014.
Rock Lefrançois, P.Geo. (OGQ), Columbus Gold’s Chief Operating Officer and Qualified Person under National Instrument 43-101, has reviewed and approved the technical content of this news release. For additional technical details on the Project, please see Columbus Gold’s news release dated February 5, 2013.
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.
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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 Columbus Gold’s: proposed drilling programs; plans to complete a PEA; and general exploration 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: 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; 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; 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.