VANCOUVER, British Columbia, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Columbus Gold Corp. (TSX:CGT)
(OTCQX:CBGDF) is pleased to announce that at a meeting of the Montagne d’Or joint-venture (Columbus Gold 44.99%/Nordgold 55.01%)
held on December 15th, 2017 the joint-venture board unanimously decided to proceed with construction of the Montagne
d’Or gold mine in French Guiana. Commencement of construction is subject to a number of additional requirements, including a
public consultation and receipt of required permits and authorizations. The submittal of the mine permit applications is
presently scheduled for the third quarter of 2018 and could take more than 12 months to process.
Permitting and stakeholder engagement is currently underway at Montagne d’Or following the completion of a
feasible study in March 2017 (refer to news release dated March 20, 2017). The project’s Environmental and Social Impact
Study will be delivered in Q1 2018, following the completion of a supplementary in-fill geotechnical drilling program currently
underway.
The preliminary steps of the permitting process take into account a public consultation under the mandate of the
French National Public Debate Commission. The Commission is involved in the planning of all major structural projects on
French Territory that are deemed to be socio-economically important. The Commission’s mandate is to ensure that the public is
able to participate in the planning of these projects with the objective to socialize and endorse decision-making. Its role
is to:
- Inform the public about the project submitted for public debate;
- Allow the public to express itself; and
- Brief the project management team.
On October 4, 2017 the Commission appointed a five-member Special Commission that will manage the public
consultations for Montagne d’Or, three of them are representatives selected from French Guiana. The public consultation
process will extend over a four-month period commencing in approximately March 2018 followed by the delivery of the Commission’s
assessment report, which will give Columbus and Nordgold the opportunity to make appropriate project adjustments prior to the
submittal of mining, environmental and construction permit applications to the French Administration.
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364
info@columbusgold.com
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’ plans to commence mine construction at Montagne d’Or, to submit an
Environmental and Social Impact Study in Q1 2018, to complete a supplementary in-fill geotechnical drilling program, or to
complete a public consultation. Forward-looking statements involve risks, uncertainties and other factors that may
cause actual results to materially differ from those expressed or implied by the forward-looking statements, including: the ability
to raise capital, to acquire any necessary permits and third party authorizations; environmental compliance; cost increases;
availability of qualified workers; risks associated with development projects including, without limitation, the accuracy of
interpretations; mineral reserve and resource estimates (including the risk of assumption and methodology errors and inability to
complete the intended drilling program); dependence on third parties for services; non-performance by contractual counterparties;
title risks; and general economic conditions. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made and a number of assumptions that may prove to be incorrect, including, without
limitation, assumptions about: market prices, exploitation and exploration success; the timing and content of upcoming work
programs; general business and economic conditions; the timing and receipt of required approvals; continued availability of capital
and financing; power prices; the ability to procure equipment and supplies including, without limitation, drill rigs; and ongoing
relations with employees, partners, optionees, stakeholders and joint venturers. Readers are cautioned not to place undue
reliance on the forward-looking statements contained herein. The foregoing list is not exhaustive and Columbus undertakes no
obligation to update any of the foregoing except as required by law.