Columbus Gold Corp. ("Columbus Gold") is pleased to announce that Phase II drilling has commenced at its Paul Isnard Gold Project in French Guiana.
The Phase II drill program is focused on the Montagne d'Or gold deposit which hosts a 43-101 compliant inferred gold resource of 5.37 million ounces within 117.1 million tonnes grading 1.43 gpt gold using a 0.3 gpt cut off. The planned program includes 27,600 meters of diamond core drilling and is designed to complete a 50-meter spacing array to a vertical depth of 200 meters along the full strike extent of the current resources, with select 25-metre in-fill. The denser 25-metre to 50 meter drill pattern is expected to internally increase the resources between widely spaced holes, convert much of the inferred resource to the indicated and measured categories, and provide confidence in the grade-width distribution.
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, however a second drill is presently being sourced and is anticipated to arrive in early 2014.
The drill program is being entirely funded by Nord Gold N.V., which can earn a 50.01% interest in Montagne d'Or and other licenses at Paul Isnard by spending a minimum of $30 million and completing a bankable feasibility study over 3 years. Columbus Gold is also performing detailed metallurgy, and baseline environmental studies with the objective of completing a resource update and a preliminary economic assessment (PEA) by the end of 2014.
Rock Lefrançois, P.Geo. (OGQ), Columbus Gold's Chief Operating Officer and Qualified Person under National Instrument 43-101, has reviewed and approved the technical content of this news release. For additional technical details on the Project, please see Columbus Gold's news release dated February 5, 2013.
ON BEHALF OF THE BOARD,
Robert F. Giustra, Chairman & CEO