VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 5, 2015) - Columbus Gold Corporation (TSX VENTURE:CGT)(CBGDF) ("Columbus Gold") is pleased to announce that it has SEDAR filed a National Instrument 43-101 compliant technical report on its Montagne d'Or Gold Deposit, Paul Isnard Project, French Guiana, prepared by SRK Consulting (U.S.), Inc. of Lakewood, Colorado.
The technical report can be viewed on Columbus Gold's website at: www.columbusgold.com/i/nr/2015-06-05-techrep.pdf.
Following is the estimate for an in-pit resourceutilizing a cut-off grade of 0.4 g/t gold:
| Classification |
Tonnes
(M) |
Grade
(g/t) |
Contained Gold
(M oz) |
| Indicated |
83.24 |
1.455 |
3.893 |
| Inferred |
22.37 |
1.550 |
1.115 |
| Note: Mineral resources are not ore reserves and do not have demonstrated economic viability. All figures rounded to reflect the relative accuracy of the estimates. Metal assays were capped where appropriate. Mineral Resources are reported based on a CoG of 0.4 g/t Au, and are reported inside a conceptual pit shell based on appropriate mining and processing costs and metal recoveries for oxide and sulfide material. CoGs are based on a mining cost of US$1.50/t, milling cost of US$15/t, administration cost of US$1.00/t, a gold price of US$1,300/oz., 90% gold recovery, gold refining cost of US$8/oz, and 5% NSR royalty. |
The updated resource estimates will support the completion of a Preliminary Economic Assessment ("PEA") on the Montagne d'Or deposit on target to be completed in approximately one month. The work 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.
Preparation of this press release was supervised by Rock Lefrançois, P.Geo. (OGQ), Columbus Gold's COO and Qualified Person. Bart Stryhas PhD. CPG of SRK Consulting (U.S.), Inc. of Denver, CO who is an "Independent Qualified Person" as defined by NI 43-101 is the person responsible for completing the updated Montagne d'Or resource estimation. He has also reviewed this press 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.
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"). 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 ability to complete the PEA by the proposed target date or at all; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments and the ability to complete the BFS by the stated deadline or at all cost increases; availability of qualified workers and drill equipment; 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: that the conclusions provided by SRK and reported herein 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; that political risk will remain on current levels; and ongoing relations with employees, partners and joint venturers. Although Columbus Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Columbus Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.