Columbus Gold Corporation

TSX VENTURE : CGT


Columbus Gold Corporation

May 30, 2014 09:00 ET

Columbus Gold Hires Coffey for New Resource Estimate at Montagne d'Or

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2014) - Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") reports the signing of a contract with Coffey Mining Pty Ltd ("Coffey") to complete a new NI 43-101 compliant resource estimate of Columbus Gold's Montagne d'Or gold deposit, as a result of reservations expressed by SRK Consulting (U.S.), Inc. ("SRK"), and supported by Mine Development Associates, respecting certain methodologies previously employed by Coffey in their NI 43-101-compliant 2012 technical report on Montagne d'Or (see May 5th, 2014 press release).

Although SRK's reservations were not expressed in a NI 43-101 compliant report, in the interest of providing timely public disclosure, Columbus Gold issued the May 5th press release, indicating that it had not yet had the opportunity to obtain comment from Coffey on their choice of methodologies used in their resource estimate and that it would provide conclusive clarity on the matter by obtaining comment from Coffey and commissioning a new independent NI 43-101 compliant resource update.

Pursuant to the terms of the contract signed with Coffey, it is anticipated that a new resource estimate can be announced during the month of June. The resource estimate will also include assays from the current Phase II drilling campaign received as at May 24th, 2014.

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 a new resource estimate being completed by Coffey, and that the new resource estimate will be completed in June 2014. 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: whether a new resource estimate will be completed by Coffey, and whether the new resource estimate will be completed in June 2014; cost increases; availability of qualified workers and drill equipment; 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: that the comments provided by SRK and MDA are accurate and that a new resource estimate will be able to be provided within the target timeframe or at all. Although Columbus Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Columbus Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.

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