VANCOUVER, British Columbia, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Columbus Gold Corp. (TSX:CGT) (OTCQX:CBGDF) is pleased to announce that the Information Circular prepared in connection with the SGM to be held on November 27, 2017 to approve the Allegiant Gold Ltd. (“ALLEGIANT”) spin-out has been mailed to Columbus Gold shareholders and filed on SEDAR together with the financial statements and MD&A of ALLEGIANT for the year ended September 30, 2016 and the nine months ended June 30, 2017. Shareholders of record on the Share Distribution Record Date will be entitled to receive 1 (one) share of ALLEGIANT for every 5 (five) shares they own of Columbus Gold. This date is anticipated to be December 11, 2017 but may be later depending upon timing of regulatory approvals.
Only shareholders of record as at the Share Distribution Record Date will be entitled to receive shares of ALLEGIANT in the spin-out. Shareholders who sell their shares prior to the Share Distribution Record Date will not be entitled to receive shares of ALLEGIANT.
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 within 12 months of listing, 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. All of the drill samples have been stored in sealed and wire strapped containers and will be shipped to the lab when the spin-out of ALLEGIANT has been completed.
Qualified Person
Andy 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 and the Information Circular.
About Columbus Gold
Columbus Gold is a leading gold exploration and development company operating in French Guiana, France, and in Nevada. Columbus Gold holds a major interest in the world-class Montagne d’Or gold deposit in French Guiana. A Feasibility Study for Montagne d’Or was filed in May 2017 and Columbus Gold is presently evaluating a number of mine construction financing options. In Nevada, Columbus Gold is advancing its flagship projects, Eastside and Bolo. Columbus Gold recently announced plans to spin-out its subsidiary Allegiant Gold Ltd., with the intent of listing ALLEGIANT on the TSX Venture Exchange.
