Columbus Gold Obtains Drill and Sets Drilling Schedule at 1.9 Million Oz. Paul Isnard Gold Project
September 08 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold") is
pleased to announce that it has entered into a drilling contract
with Forage Performax Inc. of Val d'Or, Quebec, for an initial
drilling program at its 1.9 million ounce Paul Isnard gold project
in French Guiana. A track-mounted diamond core drill rig has
already been shipped from Canada with a planned arrival at the
project site, and commencement of the program, about early-October;
in anticipation of a 15,000 meter drilling campaign.
The initial program is focused on the Montagne d'Or gold deposit
which hosts a 43-101 compliant inferred gold resource of 1.9
million ounces within 36.7 million tonnes grading 1.6 gpt gold. The
Montagne d'Or deposit is a steeply-dipping tabular body averaging
about 70 meters thickness and partially outlined by earlier drill
holes for a strike length of 2,000 meters and depth of 100-150
meters. The deposit and inferred resource are open at depth, along
strike and internally between widely spaced holes. The planned
initial drill program, consisting of 15,000 meters in about 50
holes, is designed to increase the gold resource by drilling the
deposit systematically to a depth of 200 meters and laterally along
open strike extensions. The denser drill pattern, with holes at
roughly 50 meter centres, is also expected to convert certain of
the inferred resource to indicated and measured categories.
Based upon performance of earlier programs at Montagne d'Or,
production of about 2,000 meters per month, utilizing a single
drill rig on a 24 hour basis, is anticipated. To accelerate the
program Columbus Gold intends to engage a second drill rig.
Future drill programs will target potential extensions of the
Montagne d'Or deposit indicated by untested geochemical anomalies
extending more than 2.5km along strike, incompletely tested
parallel zones of gold mineralization, and other untested or
incompletely tested gold prospects and geochemical anomalies
throughout the large Paul Isnard property.
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
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 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 drills and
workers; the fundraising required to carry-out drilling; the
ability to complete milestones pursuant to the Paul Isnard
Agreement 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 public markets; decisions respecting whether or
not to pursue the transactions contemplated under the Paul Isnard
Agreement at the post-approval stage; 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 will be able to successfully
complete required fundraisings, 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.
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 Investor Relations
604-634-0970 or Toll Free: 1-888-818-1364 (604) 634-0971 (FAX)
info@columbusgoldcorp.com www.columbusgoldcorp.com