Columbus Gold Corp. ("Columbus") reports that on Monday March 20, 2017 at 2 PM Pacific Time, it plans to announce the results of an independent Feasibility Study for its Montagne d'Or Gold Project ("Montagne d'Or" or the "Project") located in French Guiana (the "Study"). The Study was prepared in accordance with National Instrument 43-101.
The Study was funded by Nord Gold SE ("Nordgold") pursuant to which it has earned a 50.01% interest in the Project by spending a minimum of US$30 million and completing a Bankable Feasibility Study by March 13, 2017. Nordgold has met the minimum spending requirement and delivered a Bankable Feasibility Study to Columbus by the March 13, 2017 deadline. Nordgold acquired an additional 5% interest in the Project (for a total interest of 55.01%) pursuant to a share purchase agreement dated January 12, 2016.
Nordgold has delivered a notice of option exercise to Columbus to acquire its total 55.01% interest in the Project. Columbus has retained a third-party consultant to review the Feasibility Study and underlying resource and reserve models.
About Montagne d'Or
Montagne d'Or is an open-pit, multi-million ounce gold deposit, with excellent metallurgy. It is located in the stable western democracy of French Guiana, an overseas region of France. The deposit is accessible by an all-season forest road 125 km south of the port city of Saint Laurent, and is presently drill-defined over a strike extent of 2,300 meters to an average depth of 250 meters from surface. Mineralized zones remain open on strike, at depth, and in parallel zones. Exploration expansion drilling is presently in progress.
ON BEHALF OF THE BOARD,
Robert F. Giustra, Chairman & CEO