SOURCE: Columbus Gold Corporation

Columbus Gold Corporation - www.columbusgoldcorp.com

January 13, 2015 09:30 ET

Columbus Gold Drills 13.3 Meters of 7.12 g/t Gold at the Montagne d'Or Gold Deposit in French Guiana

VANCOUVER, BC--(Marketwired - January 13, 2015) - Columbus Gold Corporation (TSX VENTURE: CGT) (OTCQX: CBGDF("Columbus Gold") is pleased to announce drill results from an additional 8 holes from its Phase II resource development diamond drilling campaign at its 100% owned Montagne d'Or Gold Deposit, Paul Isnard Project, in French Guiana. Assay results have now been released for 89 holes and results are pending for the remaining 37 holes of the program.

"This latest round of results has proven excellent continuity at the west end and opens the potential to extend the deposit in that direction," commented Robert F. Giustra, Chairman and CEO of Columbus Gold.

Highlights of the 8 holes from the Upper Felsic Zone ("UFZ") are reported below:

Drill Hole Intercept (m)  Grade  Length  True Width
From  To  g/t Gold  m  m
MO-14-187 115.2  161.4  2.36  46.2  35.6
including 115.2  128.5  7.12  13.3  10.2
MO-14-190 25.4  101.0  0.88  75.7  57.1
MO-14-191 238.0  270.0  2.06  32.0  25.2
MO-14-192 191.5  229.8  1.58  38.3  31.1
including 196.0  210.6  3.47  14.6  11.8
MO-14-193 62.1  104.2  1.11  42.1  31.5
MO-14-194 164.8  196.0  1.64  31.2  23.5
including 166.6  172.8  5.74  6.2  5.2

All 8 holes, except MO-14-190, were drilled to better define the westextent of the principal UFZ. The new drilling has demonstrated good continuity of the UFZ at far west end of the drilled out area over a strike extent of 250 metres, between sections 2650E and 2400E. The zone remains open to the west of section 2400E.

The 25,570-meter Phase II drilling program was completed in early November and totalled 126 holes. The last core samples from the program arrived at the laboratory in late December and all assay results are anticipated by early February. A drill plan and complete results are available at the following links:

www.columbusgoldcorp.com/i/nr/2015-01-13-drillplan.pdf

www.columbusgoldcorp.com/i/nr/2015-01-13-assays.pdf

The objectives of the Phase II resource development drill program at the Montagne d'Or Gold Deposit were to:

  • Complete a 50-meter spacing array over a strike extent of 2,300 meters to a vertical depth of 200 meters from surface, focused on mineralization potentially amenable to open pit mining;
  • Increase current mineralized tonnage within the deposit;
  • Increase confidence in the gold grade-width distribution;
  • Convert portions of the Inferred resources to the Indicated and Measured categories in accordance with NI 43-101 standards; and
  • Acquire a better distribution of copper assays for added value to the deposit.

The Montagne d'Or Gold Deposit is presently defined over 2,500-meter by 400-meters and to an average depth of 250 meters from surface. The mineralized zones remain open on strike to the west and at depth. Utilizing a cut-off grade of 0.4 g/t gold, the Montagne d'Or Gold Deposit hosts an Inferred resource of 140.1 million tonnes grading 1.0 g/t gold for a total of 4.31 million contained ounces of gold. Please refer to Columbus Gold's news release of June 30, 2014 for more information.

An updated resource estimate, combined with concurrent comprehensive metallurgical tests and a preliminary environmental assessment are on target to support the completion of a Preliminary Economic Assessment ("PEA") on the Montagne d'Or deposit in the spring of 2015. 

The work is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d'Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017.

Qualified Person, Technical Info and QA/QC

Diamond drill holes were bored with HQ-size core in the upper oxidized saprolitic zone and NQ-size core in fresh rock. The core was placed in heavy PVC plastic core boxes with covers and delivered by the drilling contractor, Pro Forage Guyane, to the camp Citron logging facilities, located 5 km from Montagne d'Or. Columbus Gold personnel are present at the camp at all times during the drilling program.

The core was photographed for reference, logged (geotechnical and geological) and identified sulphide mineralized sections were sawed in half. Sample lengths vary between 0.5 to 1.5 meters. Individual half core samples were placed and sealed in heavy duty cellophane plastic bags and placed by batch of 9 samples in sealed polypropylene bags for air transport to the Cayenne and trucking to FilabAmsud laboratory in Paramaribo, Suriname, an ISO 9001 and ISO / IEC 17025 accredited laboratory. The remaining half core is stored in core racks on site at camp Citron for reference. Samples were assayed for gold by fire-assay method using an atomic absorption finish on a 50-gram pulp split and ICP-MS multi-element analysis, including copper.

A quality assurance and quality control program (QA/QC) was implemented by Columbus Gold and FilabAmsud to insure the accuracy and reproducibility of the analytical method and results. The QA/QC program includes the insertion of gold and copper standards, blanks and field duplicates in each laboratory assay batch and systematic re-assaying of samples returning values above 5 g/t Au by the fire-assay method using a gravimetric finish on a 50-gram pulp split. As well, 10% of random sample pulps are sent to SGS del Peru S.A.C. laboratory for gold and copper check assaying.

The drilling program was conducted under the supervision of Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for Columbus Gold and Qualified Person under National Instrument 43-101. Mr. Lefrançois, the Qualified Person, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

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: metallurgical tests and a preliminary environmental assessment; completion of new mineral resource estimate; completion of the PEA; 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 ("BFS"); the potential to extend the deposit to the west; 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 including, without limitation, the accuracy of interpretations with respect to the potential to extend the deposit to the west and other interpretations; mineral reserve and resource estimates (including the risk of assumption and methodology errors and ability to complete a new resource estimate by the proposed target date or at all); the ability to meet proposed schedules for the completion of metallurgical tests and the preliminary environmental assessment; the ability to complete the PEA by the stated deadline or at all; dependence on third parties for services; 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 the ability to complete the BFS by the stated deadline or at all; 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.

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