Nordgold Earns in 55.01% Interest in Montagne d'Or Project in French Guiana
London, United Kingdom, 16 March 2017 – Nord Gold SE (“Nordgold” or the “Company”) is pleased to announce that it has earned in a 50.01% interest in the Montagne d’Or Project (the “Project”) located in French Guiana by spending a minimum of US$30 million and completing a Bankable Feasibility Study by 13 March 2017.
In September 2013, Nordgold was granted an option by Columbus Gold Corp. (CGT: TSX-V) to earn 50.01% of the Project by completing a feasibility study no later than Q1 2017 and by spending at least US$30 million in development of the project. Nordgold met the minimum spending requirement by the end of Q2 2016 and delivered a Bankable Feasibility Study by 13 March 2017 deadline.
In January 2016, Nordgold acquired an additional 5% interest in the Project (for a total interest of 55.01%). The Company has delivered a notice of option exercise to Columbus Gold Corp. to receive its total 55.01% interest in the Project.
Nikolai Zelenski, Chief Executive Officer, Nordgold:
“We have made significant progress in advancing the Project since we first became involved in 2013. We have delivered on our targets, and are pleased to obtain our interest in the project. Montagne d’Or meets our strict project criteria, which drives our overall pipeline: it is a world class high-grade ore body with straightforward metallurgy, a low stripping ratio, located in a politically stable, low risk jurisdiction. We now look forward to completing the permitting process. Nordgold has a proven track record of bringing successful mines to production. We will use this experience and expertise to deliver Montagne’ d’Or.”
Columbus Gold and Nordgold plan to announce the results of an independent Feasibility Study for Montagne d’Or early next week. The Feasibility Study was prepared in accordance with National Instrument 43-101 ("NI 43-101").
About Montagne d’Or
The Montagne d'Or gold deposit is located in north-west French Guiana, 180 km west of the capital, Cayenne, and 80 km south of the department capital, Saint-Laurent-du-Maroni. Montagne d’Or is an open-pit, multi-million ounce gold deposit, with excellent metallurgy. It is located in the stable western democracy of French Guiana, an overseas region of France.
Nordgold is an internationally diversified gold producer established in 2007. Nordgold has a proven track record of operational excellence and benefits from a significant international development pipeline. The Company is relentlessly focused on shareholder value, committed to running safe, efficient, profitable operations, which enable it to generate strong cashflows and in turn, continue to invest in its pipeline of new growth opportunities while generating returns for investors. In 2016, Nordgold produced 869 koz of gold.
Nordgold operates 9 mines (4 in Russia, 3 in Burkina Faso and one each in Guinea and Kazakhstan). It has one project in construction phase (Gross in Russia), several prospective projects in feasibility study, advanced exploration phase and a diverse portfolio of early-stage exploration projects and licences in Burkina Faso, Russia, French Guiana and Canada. Nordgold employs over 8,000 people.
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