Columbus-Allegiant Spin-out Arrangement Approved
December 04 2017 - 09:26AM
Columbus Gold Corp. (TSX:CGT), (OTCQX:CBGDF) is
pleased to announce that it has obtained the final order of the
Supreme Court of British Columbia approving the Arrangement with
Allegiant Gold Ltd., an important step in completing the spin-out
of ALLEGIANT to the shareholders of Columbus.
ALLEGIANT has filed an application to list on the TSX Venture
Exchange.
ALLEGIANT owns 14 drill-ready projects in the
United States, 11 of which are located in mining-friendly Nevada,
and is led by Andy Wallace, who has discovered a number of
multi-million-ounce gold mines in Nevada. ALLEGIANT has
announced plans to drill 10 projects in 2018, including its
flagship projects, Eastside and Bolo. At Eastside, the
Original Zone hosts a pit-constrained Inferred resource of 721,000
gold equivalent ounces (35,780,000 tonnes grading 0.63g/t gold
equivalent per tonne)1 and remains open to depth, and to the south
and west, and possibly to the north and east. A 14-hole
reverse circulation drill program, totaling 2,806 metres, was
recently completed at the Bolo gold project; assay results are
pending.
Qualified personAndy Wallace is
a Certified Professional Geologist (CPG) with the American
Institute of Professional Geologists and is the Qualified Person
under NI 43-101, Standards of Disclosure for Mineral Projects, who
has reviewed and approved the technical content of this press
release.
1: See the NI 43-101 technical report for the
Eastside project filed on SEDAR on December 7, 2016.
ON BEHALF OF THE BOARD,
Robert F. GiustraPresident, CEO, and
Director
For more information contact:
Investor
Relations604-634-09701-888-818-1364info@columbusgold.com
This release contains forwarding 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
spin-out its subsidiary Allegiant Gold Ltd. which is intended to be
listed on the TSX Venture Exchange and Allegiant’s plans to conduct
a drill program on its properties. 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 that the spin-out may
not be completed as planned or at all due to failure to obtain
regulatory approval to the spin-out, or the inability to raise
sufficient capital to adequately fund Allegiant.
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 general business and economic
conditions, the timing and receipt of required approval and
continued availability of capital and financing. 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.