Drill Rig Arrives in Anticipation of Columbus Drilling at Paul Isnard 1.9 M Ounce Gold Project, French Guiana
07 Octubre 2011 - 8:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is
pleased to announce that the track-mounted diamond core drill rig
contracted for commencement of drilling at its 1.9 million ounce
Paul Isnard gold project, has arrived in French Guiana. The rig is
expected to clear customs in the next few days and will then be
transported to the project site, in anticipation of a 15,000 meter
drilling campaign that will begin shortly thereafter.
The initial program is focused on the Montagne d'Or gold deposit
which hosts a 43-101 compliant inferred gold resource of 1.9
million ounces within 36.7 million tonnes grading 1.6 gpt gold. The
Montagne d'Or deposit is a steeply-dipping tabular body averaging
about 70 meters thickness and partially outlined by earlier drill
holes for a strike length of 2,000 meters and depth of 100-150
meters. The deposit and inferred resource are open at depth, along
strike and internally between widely spaced holes. The planned
initial drill program, consisting of 15,000 meters in about 50
holes, is designed to increase the gold resource by drilling the
deposit systematically to a depth of 200 meters and laterally along
open strike extensions. The denser drill pattern, with holes at
roughly 50 meter centres, is also expected to convert certain of
the inferred resource to indicated and measured categories.
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. To accelerate the
program Columbus Gold intends to engage a second drill rig.
Future drill programs will target potential extensions of the
Montagne d'Or deposit indicated by untested geochemical anomalies
extending more than 2.5 km along strike, incompletely tested
parallel zones of gold mineralization, and other untested or
incompletely tested gold prospects and geochemical anomalies
throughout the large Paul Isnard property.
Columbus Gold's independent consultant and Qualified Person,
John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc.
(Geology), has reviewed and approved the technical content of this
news release.
ON BEHALF OF THE BOARD,
Robert Giustra, Chairman & CEO
This release contains forward-looking information and
statements, as defined by law including without limitation Canadian
securities laws and the "safe harbor" provisions of the US Private
Securities Litigation Reform Act of 1995 ("forward-looking
statements"), respecting drilling, customs treatment of the drill
rig, the hiring of a second drill rig, and Columbus Gold's general
exploration plans. Forward-looking statements involve risks,
uncertainties and other factors that may cause actual results to be
materially different from those expressed or implied by the
forward-looking statements, including without limitation the drill
rig's compliance with French Guiana's customs requirements; the
ability of the drill rig to clear French Guiana customs in a timely
fashion; the desirability of Columbus Gold to obtain a second drill
rig; the availability of a second drill rig (including without
limitation its ability to arrive on site for example by clearing
French Guiana customs); the ability to acquire necessary permits
and other authorizations; environmental compliance; cost increases;
availability of qualified workers and drill equipment; competition
for mining properties; risks associated with exploration projects,
mineral reserve and resource estimates (including the risk of
assumption and methodology errors); dependence on third parties for
services; non-performance by contractual counterparties; title
risks; and general business and economic conditions.
Forward-looking statements are based on a number of assumptions
that may prove to be incorrect, including without limitation
assumptions about: that the drill rig will clear French Guiana
customs, and do so in a timely fashion; that if desired, a second
drill rig will be available and will be able to arrive on site;
that the design of the drill plan is appropriate for the site;
general business and economic conditions; the timing and receipt of
required approvals; availability of financing; power prices;
ability to procure equipment and supplies including without
limitation drill rigs; and ongoing relations with employees,
partners and joint venturers. The foregoing list is not exhaustive
and Columbus Gold undertakes no obligation to update any of the
foregoing except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Columbus Gold Corporation Investor Relations
604-634-0970 or
1-888-818-1364info@columbusgoldcorp.comwww.columbusgoldcorp.com
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