Columbus Gold (V.CGT) gains 5% on French Guiana authorization

Gaalen Engen Gaalen Engen,
0 Comments| February 28, 2014

Columbus Gold (TSX-V:CGT, StockForum), a Vancouver-based firm engaged in the exploration and development of mineral properties with properties in Nevada, Arizona and French Guiana, announced today two positive recent developments in French Guiana where the company is presently advancing its 5.37 million ounce Montagne d'Or gold deposit at Paul Isnard project.


According to the news release, Auplata SA, a French gold producer, announced on February 25, 2014 that the company had received authorizations to build and operate a centralized cyanide plant to treat gold gravity concentrates with Auplata reporting that it eventually plans to implement cyanide plants directly at its mine sites.


The release also went on to note that as of February 24, 2014, the French government had planned to invest EUR400 million or US$548 million in a new state-owned mining company to explore for gold in French Guiana and for rare earths and specialty minerals in France and around the globe.


Columbus Gold CEO, Robert Giustra, commented, “These recent developments are a clear message from the French Government that it is committed to developing the vast mineral wealth potential of French Guiana, particularly gold mining.”


He then concluded, “It's an essential and very positive development for Columbus Gold in particular, as it greatly increases the level of confidence with respect to the development of our Montagne d'Or gold deposit.”


Columbus Gold was in the news recently when the company announced initial Phase 2 drilling at Montagne d'Or gold deposit.


Shares rose 5.05% on the news to $0.52 per share.


Currently there are 121.4m outstanding shares with a market cap of $63.1 million.

Tags: GOLD

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