Third Drill Rig Commences Drilling at Columbus Gold's Paul Isnard Project
Vancouver, BC, Canada, September 18, 2014. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX) is pleased to report that a third drill rig, operating on a 24 hour basis, has commenced drilling at Columbus Gold’s Montagne d’Or gold deposit, Paul Isnard Project, French Guiana.
There are approximately 10,500 metres in 46 holes remaining in the current Phase II program, which is scheduled to be completed in about 7 weeks.
Utilizing a cut-off grade of 0.4 g/t gold, the Montagne d’Or gold deposit hosts a resource of 140.1 million tonnes grading 1 g/t gold for a total of 4.31 million contained Inferred ounces of gold. The best mineralized and most consistent zones on the Montagne d’Or deposit, based on current interpretation, are located in the principal Upper Felsic Zone (“UFZ”) (for further details, please refer to Columbus Gold’s news release of June 30, 2014). Drilling of the UFZ on a 50 metre spacing array began on June 23, 2014.
The drilling is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d’Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017.
Rock Lefrançois, P.Geo. (OGQ), Columbus Gold’s COO and Qualified Person has reviewed and approved the technical content of this news release.
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.
For more information contact:
Peter A. Ball
Senior Vice President
VP Communications & Technology
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 including, without limitation, the projected work schedules and completion dates; the mobilization of the third drill rig; and the location of the best mineralized and most consistent zones on the Montagne D’Or Deposit; and projected funding of drilling programs by Nord Gold N.V. pursuant to the terms of the option agreement and the related completion of a bankable feasibility study. 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; ability to maintain projected work schedules and achieve projected completion dates; environmental compliance; cost increases; availability of qualified workers and drill equipment; competition for mining properties; risks associated with exploration projects including, without limitation, the accuracy of current interpretations regarding the location of the best mineralized and most consistent zones, 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; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments and funding expenditures; 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; the projected locations of the best mineralized and most consistent zones are accurate; 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; ability to maintain projected work schedules and achieve projected completion dates; and ongoing relations with employees, partners, optionees 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.