RE:RE:Feasibility Study on March 20thSo Monday, after the markets close, Columbus will release their findings on the BFS, submitted last week by Nordgold. Meanwhile, Nordgold released their press release on their web site starting compliance and their commentary. Sounds to me like they're going forward.
Nordgold Earns in 55.01% Interest in Montagne d'Or Project in French Guiana
London, United Kingdom, 16 March 2017 – Nord Gold SE (“Nordgold” or the “Company”) is pleased to announce that it has earned in a 50.01% interest in the Montagne d’Or Project (the “Project”) located in French Guiana by spending a minimum of US$30 million and completing a Bankable Feasibility Study by 13 March 2017.
In September 2013, Nordgold was granted an option by Columbus Gold Corp. (CGT: TSX-V) to earn 50.01% of the Project by completing a feasibility study no later than Q1 2017 and by spending at least US$30 million in development of the project. Nordgold met the minimum spending requirement by the end of Q2 2016 and delivered a Bankable Feasibility Study by 13 March 2017 deadline.
In January 2016, Nordgold acquired an additional 5% interest in the Project (for a total interest of 55.01%). The Company has delivered a notice of option exercise to Columbus Gold Corp. to receive its total 55.01% interest in the Project.
Nikolai Zelenski, Chief Executive Officer, Nordgold:
“We have made significant progress in advancing the Project since we first became involved in 2013. We have delivered on our targets, and are pleased to obtain our interest in the project. Montagne d’Or meets our strict project criteria, which drives our overall pipeline: it is a world class high-grade ore body with straightforward metallurgy, a low stripping ratio, located in a politically stable, low risk jurisdiction. We now look forward to completing the permitting process. Nordgold has a proven track record of bringing successful mines to production. We will use this experience and expertise to deliver Montagne’ d’Or.”
Columbus Gold and Nordgold plan to announce the results of an independent Feasibility Study for Montagne d’Or early next week. The Feasibility Study was prepared in accordance with National Instrument 43-101 ("NI 43-101").