Nordgold Acquires ~9% Stake in Columbus Gold
Amsterdam, Netherlands, October 14, 2014 - Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified, pure-play gold producer strategically focused on emerging markets, has acquired ~9% of Columbus Gold Corp. (“Columbus Gold”, CGT: TSX-V) in open market purchases during the period from September 2013 to August 2014 for total proceeds of US$3.7 million.
Nordgold also announces that effective October 1, 2014, Mr. Oleg Pelevin, Director of Strategy and Corporate Development for Nordgold, has been appointed to Columbus Gold’s Board of Directors.
Nordgold has the exclusive right to earn a 50.01% interest in Columbus Gold's 100% owned Paul Isnard Gold Project in French Guiana, that hosts the Montagne d'Or gold deposit (the "Project"). Nordgold may earn a 50.01% interest in the Project by completing a bankable feasibility study and by expending not less than US$30 million in 3 years in staged work expenditures.
We are pleased to be further strengthening our involvement in Columbus Gold. Montagne d’Or is an important project in our long term growth pipeline and we look forward to working with Columbus to move the project forward.Nikolai Zelenski, Chief Executive Officer of Nordgold
We welcome the increased participation of Nordgold as both a major shareholder in Columbus Gold and partner in the advancement of the Montagne d’Or gold deposit. Nordgold has a strong track record of project development and as Director of Strategy and Corporate Development, Mr. Pelevin has played an instrumental role in Nordgold’s success; as a Director of Columbus, we will benefit from his experience and expertise.Robert F. Giustra, Chairman & CEO of Columbus Gold
Nordgold (LSE: NORD) is an international pure-play emerging-markets gold producer established in 2007 and publicly traded on the London Stock Exchange. The Company has expanded rapidly through carefully targeted acquisitions and organic growth, achieving a rate of growth unmatched in the industry during that period. In 2013, Nordgold’s gold production increased to 924 koz from 717 koz in 2012.
The Company operates 9 mines and has 2 development projects, 4 advanced exploration projects and a diverse portfolio of early-stage exploration projects and licenses in Russia, Kazakhstan, Burkina Faso, Guinea and French Guiana. Nordgold employs about 10,000 people.