CB Gold Inc. is pleased to announce that its 100% owned La Peter, Santa Isabel and Los Delirios mining licences have been converted into concession contracts, with an average 20 year duration, securing the long-term development potential of the properties.
The process of transforming the licences into Concession Contracts is called Change of Modality ("Change of Modality"). La Peter, Santa Isabel and Los Delirios form part of the Vetas Gold Project.
The Concession Contracts are now in the process of being registered before the Colombian National Mining Registry. The registration process may take up to fifteen days.
Fabio Capponi states: "We are extremely pleased with the conclusion of this lengthy and protracted process which took over four years of hard work and the completion of which was subject to the final delimitation of the Paramo ecosystem boundaries this past December. We would like to thank all those that have assisted us along the way and obviously a special thank you goes to our Colombian lawyer, the National Mining Agency and the Environmental Authorities with which the Company has worked over the past years to complete this process."
The Company now has a total of seven Concession Contracts forming the Vetas Gold Project and expects the signature on the remaining two contracts to successfully complete the process of Change of Modality within the next short period of time.