Acquisition of 1.9 Million Oz. Paul Isnard Gold Project Approved by Columbus Gold Shareholders; Completion of AGM
May 26 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) (the "Company") is
pleased to announce that its shareholders have completed their 2011
Annual General Meeting. The shareholders approved all of
management's proposals, including approval of its amended stock
option plan under which the Company may grant up to 7,000,000
incentive stock options, and the re-election of incumbent directors
Robert Giustra, Gil Atzmon, Don Gustafson, and Peter Gianulis to
the board.
The Company's shareholders have also approved the option
agreement to acquire up to a 100% interest in the Paul Isnard gold
project located in French Guiana (containing a 43-101 compliant 1.9
M ounce inferred gold resource), which was originally announced by
the Company on December 3, 2010. Additionally, the Company has
signed an extension agreement with the parties to the Paul Isnard
option agreement, such that the transactions contemplated therein
are required to be completed on or before June 30, 2011 instead of
May 31, 2011. The Company is proceeding to close the transaction
over the next month, subject to TSX Venture Exchange acceptance and
the completion of its remaining conditions precedent.
ON BEHALF OF THE BOARD,
Robert Giustra, Chairman & CEO
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 closing of the Paul Isnard option
agreement and the conditions precedent in connection therewith.
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 TSX Venture
Exchange approval of the transactions contemplated under the
Agreement; 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; 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; 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; that the Company will be able to
complete necessary milestones under the Agreement in a timely and
successful fashion; 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.
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.
Contacts: Columbus Gold Corporation Peter Kendrick Senior
Vice-President 604-638-3474 or 1-888-818-1364 604-634-0971 (FAX)
info@columbusgoldcorp.com www.columbusgoldcorp.com