Vancouver, British Columbia, Canada, April 28th,
2011. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold")
is pleased to announce that it has prepared and mailed a management
information circular for its Annual General Meeting of Shareholders to be
held on May 25th, 2011. At the Annual General Meeting, Columbus Gold
shareholders will be asked to vote on the acquisition of the Paul Isnard Gold Project in French Guiana which includes the
1.9 million oz. (36.7M tonnes at 1.6g/t) 43-101
compliant inferred Montagne d'Or Gold Deposit.
Subject to shareholder and regulatory approvals,
including the approval of the TSX Venture Exchange (the "Approvals"),
Columbus Gold has engaged a full-time dedicated Country Manager who has
agreed to relocate to French Guiana and arranged for a diamond core drill
to be available for Columbus Gold in French Guiana toward the end of the
rainy season in July. Columbus Gold intends to engage a second core drill
rig to accelerate its planned resource definition program at Montagne d'Or, as quickly as one can be sourced.
Subject to the Approvals, the initial Columbus
Gold program will consist of approximately 14,300 meters of drilling in
about 50 holes at the Montagne d'Or gold deposit
where past work has outlined an inferred resource of 1.9 million ounces of
gold in a tabular body tested on wide drill centers for a strike length of
about 2,000 meters and to a vertical depth of 50 to 150 meters. The deposit
remains open at depth and laterally and the initial program objective is
expansion of the reported resource, through drill holes at 50 meter
centers, internally and down dip to a depth of 200 meters.
Exploration programs at Paul Isnard
will be managed by Mr. Christian Plouffe, as
Columbus Gold's Country Manager - French Guiana. Mr. Plouffe
is a Professional Geologist (P. Geo) with the Order of Geologist of Quebec
(OGQ). He has over 23 years of industry experience in a wide variety of
roles and has managed mining projects at all stages of development from
grassroots exploration to feasibility, with a particular specialization in
gold exploration. From 1983 to 1991, Mr. Plouffe
was actively engaged in gold exploration in Quebec and Ontario for a number
of junior exploration companies, and from 1992 to 1995 he was employed with
a Quebec-based environmental consulting firm where he acquired
complementary skills in environmental characterization and remediation.
Since 1996, Mr. Plouffe has been engaged
principally as Exploration Manager or Chief Geologist for several junior
gold exploration companies in West Africa, including Orezone
Resources, African Aura, and Merrex Gold, where
he managed programs that led to the discovery of several gold deposits. Mr.
Plouffe holds a Bachelor of Science in Geology
and a Master of Science in Geology, from the University of Quebec in
Montreal.
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
Senior Vice 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 Approvals and the availability of drills and personnel to
carry out exploration and development work at the project. 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 obtain the Approvals; the ability to obtain drills and workers; the
ability to obtain applicable exemptions from prospectus and registration
requirements in connection with the issuance of securities of Columbus Gold
in connection with the acquisition of Paul Isnard;
the fundraising required thereunder; the ability
to complete milestones pursuant to the Paul Isnard
agreement (if ultimately approved) in order to earn into the project,
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; general political risk in France and French Guiana; changes in
the market; decisions respecting whether or not to pursue the transactions
contemplated under the Paul Isnard agreement
(either at the 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 Columbus Gold and Auplata will be able to
successfully complete the conditions precedent to the Paul Isnard Agreement, including without limitation the
ability to obtain a positive title opinion, complete required fundraisings,
and the ability to obtain the Approvals; that France and French Guiana will
remain stable political environments; that Columbus Gold will be able to
complete necessary milestones under the Paul Isnard
Agreement in a timely and successful fashion; that French law will allow
the transactions contemplated under the Paul Isnard
Agreement to succeed; that Columbus Gold will desire to continue earning
into the Paul Isnard project over time; the
ability to locate sufficient financing for ongoing operations; and general
market conditions. The foregoing list is not exhaustive and Columbus Gold
undertakes no obligation to update any of the foregoing except as required
by law.