Columbus Gold Corporation

Published : September 28th, 2017

Columbus Gold

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Columbus Gold - News Release Join our Email List



Columbus Signs Agreement to Spin-Out United States Projects; Andy Wallace Named CEO of Allegiant Gold

Vancouver, BC, Canada, September 28, 2017. Columbus Gold Corp. (CGT: TSX, CBGDF: OTCQX) ("Columbus") is pleased to announce that further to its news releases of July 21, 2017 and August 31, 2017, Columbus is pleased to announce the signing of an arrangement agreement (the �Arrangement Agreement�) providing for the spin-out (the �Spin-Out�) of its subsidiary Allegiant Gold Ltd. (�Allegiant �), with the intent of listing ALLEGIANT on the TSX Venture Exchange.  ALLEGIANT indirectly holds Columbus� United States mineral property portfolio.

Under the terms of the Arrangement Agreement, shareholders of Columbus at the time of the completion of the Spin-Out, anticipated to be the latter part of November, will receive one-fifth of an ALLEGIANT Share for every share of Columbus held by them.  A Columbus Shareholders� meeting to approve the Arrangement Agreement is set for November 20, 2017 and proxy materials related to the meeting will be delivered to shareholders and made available on SEDAR in October 2017. A copy of the Arrangement Agreement will also be filed on SEDAR. The Arrangement Agreement is subject to the acceptance of the TSX.

ALLEGIANT owns 14 highly-prospective drill-ready projects in the United States, with 11 of the projects located in mining-friendly Nevada. ALLEGIANT has announced plans to drill an unprecedented 10 projects within 12 months of listing, including its flagship projects, Eastside and Bolo. At Eastside, the Original Zone hosts a
pit-constrained Inferred resource of 721,000 gold equivalent ounces (35,780,000 tonnes grading 0.63g/t gold equivalent per tonne) and remains open to depth, and to the south and west, and possibly to the north and east. A 14-hole reverse circulation drill program, totaling 2,806 metres, was recently completed at the Bolo gold project. All of the drill samples have been stored in sealed and wire strapped containers and will be shipped to the lab when the spin-out of ALLEGIANT has been completed. ALLEGIANT will file NI 43-101 technical reports for both Eastside and Bolo on SEDAR within 45 days.

In connection with the completion of the Spin-Out, Columbus is pleased to announce that Andy Wallace has agreed to serve as Chief Executive Officer of ALLEGIANT.


Andy Wallace is the principal of Cordex Exploration, considered by many in the mining industry to be one of the most successful gold exploration groups in the United States. Cordex was founded by the legendary John Livermore, who discovered the Carlin Mine in Nevada and a new type of gold mineralization that is now referred to as "Carlin-Type". The discovery of the Carlin Mine transformed the gold mining industry in the United States and perhaps the world. A flurry of exploration for Carlin-Type gold deposits ensued and as additional discoveries were made, the Carlin Trend of Nevada became the most prolific goldfield in the Western Hemisphere and the second largest gold depository in the world. Today the Carlin Trend reportedly hosts more than 120 million ounces of known proven and probable reserves and has produced more than 60 million ounces of gold in past production and Nevada is the largest gold producing area in the world per square kilometer.

At the height of the Nevada gold rush, in 1974, Andy Wallace joined Cordex, becoming a full-time geologist in 1978 and eventually Manager of Exploration in 1985. Cordex is credited with an unprecedented nine gold discoveries in Nevada, a number of which were under Mr. Wallace's management, including the 5-million-ounce Marigold Mine, the 12 million-ounce Stonehouse/Lone Tree Mine, and the Daisy Mine.  Mr. Wallace was also involved in the discovery of the Sterling Mine and of the Dee Mine.

Mr. Wallace's experience in the gold mining industry is vast and varied and includes every aspect of mine development. At his Marigold discovery and also at the Pinson and Dee mines in Nevada, Mr. Wallace directed or was involved in, resource expansion, development, feasibility, engineering, permitting, mine construction and production. Pinson and Dee were Cordex discoveries, and in the mid-1970s Pinson accounted for 7% of all U.S. domestic gold production.

Mr. Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists. He completed a B.S. in geology at Eastern New Mexico University, an M.S. in geology at the University of Texas at El Paso, and a PhD in geology at the Mackay School of Mines at the University of Nevada, Reno.

Qualified person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the technical content of this press release.  Mr. Wallace is a VP of Columbus Gold (US) Corporation, and the principal of Cordilleran Exploration Company (Cordex) which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.

ABOUT COLUMBUS GOLD
Columbus is a leading gold exploration and development company operating in French Guiana, France, and in Nevada. Columbus holds a major interest in the world-class Montagne d�Or gold project in French Guiana. A Feasibility Study for Montagne d�Or was filed in May 2017 and Columbus is presently evaluating a number of mine construction financing options. In Nevada, Columbus is advancing its Eastside gold project. Eastside has outstanding infrastructure for mining and processing, and preliminary metallurgical testing indicates that gold and silver are amenable to cyanide leaching. Columbus recently announced plans to spin-out its US property portfolio, which includes Eastside and 13 other properties, into a new company called Allegiant Gold Ltd
.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman & CEO

For more information contact:

Investor Relations
(604) 634-0973 or
1-888-818-1364
info@columbusgold.com

This release contains forwarding 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� plans to spin-out its subsidiary Allegiant Gold Ltd. which is intended to be listed on the TSX Venture Exchange.  Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by the forward-looking statements including that the spin-out may not be completed as planned or at all due to failure to obtain shareholder or regulatory approval ,the inability to raise sufficient capital to adequately fund Allegiant or a decision of the board of Columbus not to proceed, which decision can be made at any time prior to closing, or that Andy Wallace decides not to be CEO.   Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and a number of assumptions that may prove to be incorrect, including, without limitation, assumptions about general business and economic conditions, the timing and receipt of required approval and continued availability of capital and financing.  Readers are cautioned not to place undue reliance on the forward-looking statements contained herein.  The foregoing list is not exhaustive and Columbus undertakes no obligation to update any of the foregoing except as required by law.

1: See the NI 43-101 technical report for the Eastside project filed on SEDAR on December 7, 2016.

For more information on Columbus Gold go to: www.columbusgold.com Join our Email List




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Columbus Gold Corporation

DEVELOPMENT STAGE
CODE : CGT.V
ISIN : CA1991711096
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Columbus Gold is a gold development stage company based in Canada.

Columbus Gold develops gold and silver in USA, and holds various exploration projects in USA.

Its main asset in development is SILVER DOME in USA and its main exploration properties are DUTCH FLAT, WINNEMUCCA MOUNTAIN, SUMMIT PROJECT, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY, WHITE HORSE NORTH, AWAKENING, CHERT CLIFF, OVERLAND PASS, SCRAPER, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, CLARA MORO, FOUR METALS PROPERTY, WHITE CANYON MINE, HUGHES CANYON, GOLDEN MILE, WEEPAH, WHITE HORSE FLATS, DEL ORO, BOLO, EASTSIDE (NEVADA), MILL CANYON (NEVADA) and SPRING in USA and PAUL ISNARD in French Guyana.

Columbus Gold is listed in Canada and in United States of America. Its market capitalisation is CA$ 49.3 millions as of today (US$ 34.5 millions, € 31.9 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.89, and its lowest recent point on November 14, 2008 at CA$ 0.10.

Columbus Gold has 142 920 000 shares outstanding.

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In the News and Medias of Columbus Gold Corporation
3/3/2012French Guiana gold deposit reveals stronger legs for Columbu...
Annual reports of Columbus Gold Corporation
Annual Report 2007
Financings of Columbus Gold Corporation
2/2/2009Closes First Tranche of Private Placement
12/18/2008Announces Private Placement
12/12/2008Files Application to Reprice Warrants
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1/25/2011Appointment of Akbar Hassanally as Chief Financial Officer
7/7/2008APPOINTS NEW DIRECTOR
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7/27/2016Granted Permits Covering Potential Extensions of
1/18/2012Invite - Columbus Gold - Vancouver Resource Investment Confe...
6/30/2011(Paul Isnard)Closes Transaction to Acquire 1.9 Million Inferred Oz. Paul ...
6/1/2011(Hughes Canyon)Acquires Hughes Canyon Gold Project in the Stillwater Range,...
5/26/2011(Paul Isnard)Acquisition of 1.9 Million Oz. Paul Isnard Gold Project Appr...
5/17/2011(Eastside (nevada))New Gold Discovery: Columbus Gold Intersects 2.42 g/t Gold O...
5/9/2011(Stevens Bassin)Drilling Commences at Stevens Basin Gold Project, Nevada
4/28/2011(Paul Isnard)Plans Drilling at Paul Isnard 1.9 Million Oz. Gold Project
4/7/2011(Weepah)Encounters Additional Gold Intercepts in Drilling at Weepah ...
3/9/2011(Eastside (nevada))Columbus Gold Commences Drilling at Eastside Gold Project, N...
2/14/2011(Paul Isnard)Completes Due-Diligence Regarding the Acquisition of 1.9 M O...
1/31/2011(Weepah)Columbus Gold Encounters Gold in 4 of 5 Initial Drill Holes ...
2/4/2011(Summit Project)(angl) Newmont to Acquire Fronteer & Long Canyon Project Loc...
2/5/2009(Summit Project)Announces Drilling Results at Nevada Gold Projects
11/19/2008(Scraper)Drilling Commences at Columbus Gold's Scraper Project
8/13/2008(Awakening)Completes Drilling at Awakening and Commences Phase II Drill...
7/8/2008(Chert Cliff)DRILLING COMMENCES ON COLUMBUS GOLD'S CHERT CLIFF PROPERTY
6/25/2008(Awakening)COMMENCES DRILLING AT AWAKENING
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12/31/2015Columbus Gold to List on the Toronto Stock Exchange
12/30/2015Columbus Commences Study to Connect Montagne d'Or Gold Proje...
12/23/2015Columbus Gold Farms-Out Mogollon Project
8/4/2015Columbus Gold Files Final PEA Report on Montagne d'Or Gold D...
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6/30/2015Columbus Gold Starts Phase III Drill Program on Montagne d'O...
6/25/2015Second Rig Commences Drilling at Columbus Gold's Eastside Go...
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4/21/2015IIROC Trading Halt - CGT
3/30/2015Columbus Gold Outlines Two Additional Targets at Nevada East...
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3/10/2015Columbus Gold Drills 34.2 Meters of 2.16 g/t Gold at Western...
3/3/2015Additional Metallurgical Tests at Columbus Gold's Montagne d...
3/2/2015Columbus Gold to Obtain Mogollon Project
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1/22/2015IIROC Trading Resumption - CGT
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12/16/2014Columbus Gold Drills 1.59 g/t Gold Over 95.4 Meters at Monta...
11/26/2014Columbus Gold Completes 25,570 Meter Phase II Drill Program ...
11/20/2014Columbus Gold Receives Additional Newsletter Writer Coverage
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5/2/2008ACQUIRES NEVADA GOLD PROPERTY; DRILLING PERMITED
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11/1/2007 Commences Drilling At Its Bolo Gold Project In Nevada
10/5/2007Phase 2 Drill Program Commences at Dutch Flat
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TSX-V (CGT.V)OTHER OTC (CBGDF)
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