The Prospector News

Columbus Gold Corp. Receives $5 Million from Royalty Sale

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Columbus Gold Corp. Receives $5 Million from Royalty Sale

 

 

 

 

 

Columbus Gold Corp. (TSX VENTURE:CGT) is pleased to announce that it has completed the sale of a 1% net smelter returns royalty on production from its 100%-owned Paul Isnard gold project in French Guiana. The transaction has been completed with a royalty company for proceeds of US$5 million cash, which has been received by Columbus Gold.
 

Robert Giustra, CEO of Columbus Gold, commented: “Despite the prevailing inhospitable market conditions characterizing the mining sector, we have not only generated significant capital; we have done so without issuing any shares. This transaction clearly demonstrates our continued dedication to protecting our shareholders from dilution.” Mr. Giustra further added: “With the proceeds of the royalty sale, Columbus Gold now has some $8.5 million in treasury, placing us in a favorable position respecting the advancement of our Paul Isnard gold project.”
 

With the addition of the above-noted royalty and upon Columbus Gold exercising its option to reduce the existing royalty held by Euro Ressources SA (a company in which IAMGOLD holds a majority 86% interest), the Paul Isnard Project will have an aggregate NSR royalty of 2.8% on the first 2 million ounces produced, 1.9% on the next 3 million ounces produced, and 1% thereafter.

Posted May 22, 2013

Share this news article

MORE or "UNCATEGORIZED"


First Vanadium Drilling Identifies Gold System Stretching 1.4km at Its Gold Target on the Carlin Gold Trend, Nevada; Drilling Ongoing

First Vanadium Corp. (TSX-V: FVAN) (OTCQX: FVANF) (FSE: 1PY) is p... READ MORE

November 30, 2020

Pasinex Announces Third Quarter 2020 Financial Results

Pasinex Resources Limited (CSE: PSE) (FSE: PNX) reports th... READ MORE

November 30, 2020

K2 Drills 86.9 m of 4.0 g/t Gold from Surface at Mojave

K2 Gold Corporation (TSX-V: KTO) (OTCQB: KTGDF) (FRANKFURT: 23K) ... READ MORE

November 30, 2020

Clarity Gold to Acquire the Destiny Project Located in the Abitibi Region

Clarity Gold Corp. (CSE: CLAR) (OTC: CLGCF) (FSE: 27G) is pleased... READ MORE

November 30, 2020

Evergold Announces Multiple Broad Gold-Silver Intercepts Near Surface at GL1 Main in Northern B.C.; Geophysics Clearly Suggests Best of Large Target Lies Just Below Current Evergold and Historical Newmont Drilling

EvergoldCorp. (TSX-V: EVER) (OTC: EVGUF) (FRA: 5EG) i... READ MORE

November 30, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions