Columbus Gold Announces Tendering of Contracts for PEA and EIA on Montagne d'Or Gold Deposit, French Guiana
13 Marzo 2014 - 7:00AM
Marketwired
Columbus Gold Announces Tendering of Contracts for PEA and EIA on
Montagne d'Or Gold Deposit, French Guiana
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 13, 2014) -
Columbus Gold Corporation (TSX-VENTURE:CGT) ("Columbus Gold") is
pleased to announce that it and its partner Nord Gold N.V. have
completed the evaluation of tenders for the commissioning of a NI
43-101 compliant resource update (post-Phase II drilling) and a
preliminary economic assessment ("PEA") on the Montagne d'Or gold
deposit, Paul Isnard Project, French Guiana. In parallel, an
evaluation of associated tenders for an environmental impact
assessment (EIA) to support the PEA and an eventual bankable
feasibility study is nearing completion. An announcement declaring
the successful bids is expected in coming weeks.
Proposals to prepare the resource update and the PEA were
received from all 7 of the international mining consulting firms
invited to submit bids. Regarding the EIA tenders, 6 of an original
10 invited companies submitted bids to complete a preliminary
environmental assessment by the end of 2014 followed by submission
of a final EIA within three years to the French government Ministry
for Ecology, Sustainable Development and Energy.
The principal objective of the PEA is to complete an initial
detailed economic and environmental appraisal of the Montagne d'Or
deposit. Completion is targeted for the end of 2014 with an
announcement expected in the first quarter of 2015. The PEA will
include:
- 26,600 metres of in-fill core drilling (program commenced in
late November 2013);
- Updated resource estimate;
- 1,000 metres of large diameter core drilling for detailed
metallurgical testing;
- Hydrology;
- Preliminary design of pit(s), tailings dam and mine site;
- Mining method, equipment, and processing parameters;
- Environmental impact assessment and socio-economic baseline
studies;
- An economic model.
The proposed EIA is intended to be comprehensive in order to
fully support the environmental components of a bankable
feasibility study.
All studies are being funded by Nord Gold as part of a 3 year
minimum US$30 million exploration and development program pursuant
to which Nord Gold can earn a 50.01% interest in Montagne d'Or and
certain Paul Isnard mineral claims, by completing a bankable
feasibility study.
The Montagne d'Or deposit contains a NI 43-101 compliant
inferred gold resource using a cut-off grade of 0.3 grams per tonne
gold for 5.37 million ounces within 117.1 million tonnes at an
average grade of 1.43 grams per tonne gold. Using a cut-off of 1
gram per tonne gold the deposit hosts a resource of 4.15 million
ounces within 58.1 million tonnes at an average grade of 2.22 grams
per tonne gold. The resources are defined within a gold mineralized
area of 2,250 meters by 400 meters and to an average depth of 250
meters from surface. The mineralized zones remain open between
widely spaced holes internally, at depth and in part along strike.
Further details can be found in the technical report "Paul Isnard,
French Guiana, Mineral Resource Estimate, NI 43-101 Technical
Report" with an effective date of November 23, 2012, filed on
Columbus Gold's SEDAR profile at www.sedar.com on March 14,
2013.
Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for
Columbus Gold and Qualified Person under National Instrument
43-101, has reviewed the technical information reported herein.
ON BEHALF OF THE BOARD,
Robert F. Giustra, Chairman & CEO
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.
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 Columbus Gold's: commissioning of a 43-101
compliant resource update, PEA, EIA and bankable feasibility and
the related announcements regarding the successful bids; completion
target date for detailed economic and environmental appraisal of
the Montagne d'Or deposit; proposed drilling programs; projected
funding of drilling programs by Nord Gold N.V. pursuant to the
terms of the option agreement and the related completion of a
bankable feasibility study; and 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: 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 and provision of reports; non-performance by contractual
counterparties; title risks; risks associated with Nord Gold N.V.
electing not to exercise its option and make the related option
payments; 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 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, optionees 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.
Columbus Gold CorporationInvestor Relations604-634-0970 or
1-888-818-1364info@columbusgroup.comwww.columbusgroup.com
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