Columbus Gold Continues Moving Forward on the Permitting Process for the Montagne d'Or Gold Project in French Guiana

VANCOUVER, British Columbia, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Columbus Gold Corp. (CGT: TSX, CGTFF: OTCQX) (“Columbus”) is pleased to provide a permitting update for the Montagne d'Or gold mine project located in French Guiana, France.

In September 2018, the French National Commission of Public Debate (the “CNDP”) published a report (the “Report”) on the public hearings carried-out for the Montagne d’Or gold project, which concluded in the summer of 2018 (news release dated August 7, 2018). The hearings and the Report were successfully completed over a 5-month period as scheduled.

The Report consolidates the feedback gathered from 14 public meetings, which attracted approximately 1,500 participants, and an online platform that had 5,928 visits and generated 232 opinions, 211 questions, 184 comments, and 39 contributions.

The Report recommends that the Montagne d'Or joint venture (Columbus 44.99% and Nordgold 55.01%) consider the following in order to pursue development of the Montagne d’Or project:

• Do not underestimate cultural values;
• Improve transparency;
• Be more precise on the definition of risk management measures;
• Test wherever possible, several options on sensitive elements of the project;
• Take into consideration recommendations of the French Geological and Mining Research Bureau (BRGM);
• Prioritize options that minimize risks and impacts, to help ensure that Montagne d’Or will be a responsible mining operation.

Pursuant to the procedures established by the CNDP, the Montagne d'Or joint venture has until December 7, 2018 to declare in the Journal Officiel (a government publication) if it intends to proceed with permit applications to develop the Montagne d’Or gold project; taking into account the CNDP’s above recommendations, and any modifications to the development plan resulting thereunder.

In addition, in July 2018 the French government formed a committee to assess the social and economic benefits, and the impacts, of the development of the gold mining industry in French Guiana, taking into consideration in particular Montagne d’Or, the most advanced large gold project in French Guiana.  The committee is a joint ministerial task-force under the direction of the French Ministers of Environment, of Economy and Finance, and of Overseas Territories.  Columbus and the Montagne d’Or joint venture are working closely with this task-force, which is expected to deliver its conclusions in a report to the relevant ministers in December 2018.

ABOUT COLUMBUS GOLD

Columbus is French Guiana’s leading gold exploration and development company.  Columbus holds a major interest in the world-class Montagne d'Or gold deposit.  A feasibility study for Montagne d'Or was filed in May 2017, and the permitting process is currently underway.  Columbus is also earning into the Maripa gold exploration project where past drilling has returned excellent near surface results, including 36 meters of 4.3 g/t gold.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
info@columbusgold.com

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.  Forward-looking statements in this and other press releases include but are not limited to statements and information regarding: its plans, or modifications thereunder, to develop Montagne d’Or ; the construction and development plans for the Montagne d’Or gold mine, including anticipated timing thereof; the satisfaction of additional requirements to the construction of the Montagne d’Or gold mine, including but not limited to, the submission and processing of mine permit applications; the delivery of a concluding report from the French joint ministerial task-force for Montagne d’Or; and the earning into of the Maripa gold exploration project.  Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in the Annual Information Form of Columbus Gold Corp., available on SEDAR under Columbus’ profile at www.sedar.com.  Actual results and future events could differ materially from those anticipated in such statements. Columbus undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.