A leading gold exploration and development company, with significant interest in French Guiana, has increased its stake in a highly prospective gold project.
Columbus Gold announced in a statement this week that it has entered into an agreement with IAMGOLD Corporation to acquire up to 70% interest in the Maripa gold project, located in French Guiana, France.
The project is made up of five contiguous exploration permits and has a historic gold production of around 40,000oz of gold produced between 1985 and 1996.
Maripa has the potential to host a significant gold deposit, and unlike many other gold projects in the Guiana Shield.
The acquisition comes at a time of real growth for Columbus, as it continues to develop its Montagne d'Or Gold Deposit (also located in French Guiana) which looks set to produce around 237,000 ox of gold per year.
“With mine permitting well underway at the Montagne d’Or gold deposit, the timing was right for this deal on Maripa,” said Robert Giustra, Chairman of Columbus Gold. “This low-cost, high-potential acquisition solidifies Columbus Gold’s position as the leading gold exploration and development company in French Guiana.
As part of the interest acquisition, Columbus will acquire 50% through a commitment to spending $5 million in expenditures over the first five years, and the Columbus will form a joint venture (70/30) by completing a Preliminary Feasibility Study (PFS) in an additional 3 years.