Columbus Gold Sells Its Summit Gold Project to Agnico-Eagle for $8.5 Million
30 Noviembre 2011 - 8:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is
pleased to announce that it has sold its interest in the Summit
gold project in Nevada ("Summit") to Agnico-Eagle (USA) Limited
("Agnico-Eagle") for US$8.5 million.
Robert Giustra, CEO, commented: "This transaction provides
considerable cash to Columbus Gold. It represents a significant
step forward in our ability to finance advancement of the Paul
Isnard gold project in French Guiana, and does so without diluting
the ownership of our shareholders."
Agnico-Eagle has been earning an initial 51% interest in Summit
under an option agreement dated June 1, 2007 by undertaking
exploration activities, and up to a 75% interest by, among other
things, completing a bankable feasibility study. The option
agreement between Agnico-Eagle and Columbus Gold has now been
terminated and replaced with a definitive purchase and sale
agreement providing for a 100% interest (subject to a 2% NSR
royalty to Cordilleran Exploration Company) in the Summit Project
to Agnico-Eagle for consideration of $8.5 million.
The completion of the Summit purchase and sale is subject to
standard closing conditions, including the approval of the TSX
Venture Exchange.
About Columbus Gold
Columbus Gold is a gold exploration and development company
operating in French Guiana and Nevada. In French Guiana, Columbus
Gold recently acquired an option to earn a 100% interest in the
Paul Isnard gold project, which has a 43-101 compliant 1.9 million
ounce inferred gold resource and substantial expansion potential.
In Nevada, Columbus is a prolific project generator focused on
advancing projects either through joint-venture with industry
partners or on its own where exploration risk is minimized and
potential is particularly promising. Columbus Gold's president,
Andy Wallace has a long and successful history of gold discovery
and mine development. The company currently has 13 of its 26
strategically located gold projects in Nevada joint-ventured to
major and junior mining companies, including Agnico-Eagle Mines
Limited.
ON BEHALF OF THE BOARD,
Robert F. 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 the closing of the Summit purchase and
sale. 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 ability to acquire
necessary permits and other authorizations; the ability to satisfy
all closing conditions on a timely basis or at all; cost increases;
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:
general business and economic conditions; the timing and receipt of
required approvals, including without limitation that of the TSX
Venture Exchange; availability of Agnico-Eagle to finance the
purchase and sale; and ongoing relations with employees, partners
and joint venturers. The foregoing list is not exhaustive 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 Toll Free: 1-888-818-1364 604-634-0971
(FAX)info@columbusgoldcorp.comwww.columbusgoldcorp.com
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