Columbus Gold Receives US$4.2 Million Payment from Nord Gold; Updates Drilling
May 23 2014 - 9:00AM
Marketwired
Columbus Gold Receives US$4.2 Million Payment from Nord Gold;
Updates Drilling
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2014) -
Columbus Gold Corporation (TSX-VENTURE:CGT) ("Columbus Gold") is
pleased to announce that it has received the US$4.2 million payment
from Nord Gold N.V. ("Nord Gold") required to be paid pursuant to
their option to earn a 50.01% interest in certain licences at
Columbus Gold's 100% owned Paul Isnard Gold Project in French
Guiana, that host the Montagne d'Or gold deposit (the
"Project").
Nord Gold may earn a 50.01% interest in the Project by
completing a bankable feasibility study and by expending not less
than US$30 million in 3 years in staged work expenditures, which
included a requirement for Nord Gold to pay Columbus Gold the
US$4.2 million in cash no later than May 21, 2014.
Phase II drilling is presently underway at Montagne d'Or.
Fifty-five (55) drill holes (106 to 159) have been completed, for a
total of 7,018 metres, as part as of a 26,600 metre drilling
program. In addition, six (6) large diameter HQ-calibre core holes
(1,000 m) were completed for detailed metallurgical testing as part
of a preliminary economic assessment study (PEA). A second
track-mounted diamond drill rig has been shipped from Canada and is
expected to arrive on site in early June with the aim of completing
the Phase II program in September.
The drilling program is being conducted under the supervision of
Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for Columbus
Gold and Qualified Person under National Instrument 43-101. Mr.
Lefrançois, the Qualified Person, has reviewed this news release
and is responsible for the technical information reported
herein.
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.
Columbus Gold CorporationInvestor
Relations604-634-09701-888-818-1364info@columbusgroup.com