Vancouver, British Columbia, Canada. January 17,
2011 Columbus Gold
Corporation (CGT:
TSX-V) (the "Company"
or "Columbus
Gold") is pleased to announce that it has filed a NI
43-101 compliant technical report on its Paul Isnard
Gold Project in French Guiana which includes the 1.9 million ounce Montagne D'Or gold deposit.
The technical report was completed by SRK Consulting
and includes an Inferred resource estimate of the Montagne
D'Or gold deposit which consists of 1.9 million ounces gold from 36.7 mt grading 1.6 gpt. The Montagne D'Or gold deposit is open along strike and at
depth.
The technical report has been filed on SEDAR and
can also be viewed on Columbus Gold's website at the following link:
http://www.columbusgoldcorp.com/i/pdf/techrep-2011-01-13-Paul-Isnard.pdf
The Paul Isnard project
is located approximately 180 km west of the capital city of Cayenne, French
Guiana and consists of eight mining permits totaling 135 km2 and a pending
application for two additional mining permits totaling a further 14.4 km2.
The Paul Isnard project area has been an
important centre of alluvial and colluvial gold
mining operations since the late 19th century with reported estimated
production of about two million ounces.
The project occurs within the northernmost of two
east-west trending Proterozoic greenstone belts
making up the French Guiana sector of the Guiana Shield. The greenstone
terrain hosts important gold deposits in French Guiana and neighboring
countries, including Rosebel in Suriname, and is
generally considered to represent an extension of the productive and much
more extensively explored and developed Birimian
System greenstone belts of West Africa.
Modern exploration focused on primary gold
mineralization at Paul Isnard has been limited
but includes geological, geochemical and geophysical surveys, and 75
diamond core holes totaling 12,983 metres,
carried out by Golden Star Resources largely from 1995 to 2007. Most of
this work, including 60 holes for 11,454 metres,
has been directed at the Montagne d'Or gold
deposit which consists of a linear mineralized body within laminated felsic volcanic rocks outlined and partially delineated
for a strike length of 3,000 metres and dip
length up to 200 metres. The deposit consists of
two closely spaced, mineralized layers, respectively averaging about 65 and
35 metres in thickness, and multiple smaller, sub
parallel gold-bearing bands and stringer zones.
The Columbus program will be focused on the Montagne d'Or deposit where infill drilling is planned
to convert Inferred resources to Measured and Indicated categories, and
holes drilled at greater depths and along strike are planned in order to
increase the mineral resources. Numerous less developed gold prospects and
untested geochemical anomalies which occur throughout the project area will
also be evaluated.
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
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 Kendrick
President
604 638-3474 or
1 888 818-1364
info@columbusgoldcorp.com
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 the Agreement, the conditions precedent in connection therewith,
and the Company's fund-raising 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 success or failure of the
Company's or Auplata's due diligence inquiries;
ability to obtain regulatory, shareholder, and TSX Venture Exchange
approval of the transactions contemplated under the Agreement; the ability
to pass the transactions contemplated under the Agreement through
applicable French law; the ability to obtain applicable exemptions from
prospectus and registration requirements in connection with the issuance of
securities of the Company; the ability to satisfy the conditions precedent
contained in the Agreement, including without limitation the ability to
obtain a positive title opinion, and complete fundraising; the ability to
complete milestones under the Agreement (if ultimately approved) in order
to earn into the property, including without limitation the ability to
obtain qualified workers, financing, permits, approvals, equipment, and
ultimately a Bankable Feasibility Study in connection therewith; ability to
obtain alternate financing; changes in the market; decisions respecting
whether or not to pursue the transactions contemplated under the Agreement
(either at the due diligence stage, pre-approval stage, or post-approval
stage, if ultimately approved); non-performance by contractual
counterparties; 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:
general business and economic conditions; that the Company and Auplata will be able to successfully complete the
conditions precedent to the Agreement, including without limitation the
ability to obtain a positive title opinion, complete required fundraisings
including with Pelican, and the ability to obtain regulatory, TSX Venture
Exchange, and shareholder approval of the transactions contemplated under
the Agreement; that due diligence will be successful for both the Company
and Auplata; that the Company will be able to
complete necessary milestones under the Agreement in a timely and
successful fashion; that French law will allow the transactions
contemplated under the Agreement to succeed; that the Company will desire
to continue earning into the Property over time; the ability to locate
sufficient financing for ongoing operations; and general market conditions.
The foregoing list is not exhaustive and we undertake no obligation to
update any of the foregoing except as required by law.