Columbus Gold Corporation (TSX-V:CGT) (OTCQX:CBGDF) is pleased to report that it has sold a 5% minority interest in its 100% owned Paul Isnard Gold Project in French Guiana to Nord Gold N.V. (LSE:NORD LI) for US$6 million (~CAN$8.6). The US$6 million payment is being made to Columbus immediately in the form of an advance, however the formal acquisition and transfer of the 5% interest will not occur until Nordgold has funded completion of a Feasibility Study (anticipated for year-end) and achieved a minimum of US$30 million in project expenditures, in order to earn an additional 50.01% interest in Paul Isnard (for a combined interest of 55.01%). If Nordgold does not earn its initial 50.01% interest, then Columbus is required to refund the advance.
Robert Giustra, CEO of Columbus Gold, commented: “This transaction continues to demonstrate our enduring commitment to protecting our shareholders from dilution, with creative solutions for raising capital in challenging markets. Columbus is now fully funded through 2016.”
There are currently 4 drill rigs operating at the Montagne d’Or Gold Project, where Nordgold is assuming operatorship this month. Utilizing a cut-off grade of 0.4 g/t gold, the Montagne d’Or gold deposit currently hosts a pit-constrained gold resource of: 3.9 Million ounces Indicated (83.2 million tonnes grading 1.45 g/t gold) and 1.1 million ounces Inferred (22.4 million tonnes grading 1.55 g/t gold). A Preliminary Economic Assessment (PEA) was completed at Montagne d’Or in July 2015.
The PEA is preliminary in nature. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. The PEA entitled “Amended NI 43-101 Technical Report, Preliminary Economic Assessment, Montagne d’Or Gold Deposit, Paul Isnard Project, Commune of Saint-Laurent-du-Maroni, NW French Guiana” dated July 31, 2015 is available under Columbus’ profile on SEDAR at www.sedar.com.
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