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Columbus Gold Corp.


Columbus Gold Corp. is a gold exploration and development company operating in French Guiana and Nevada. At its 100% owned Paul Isnard project in French Guiana, the company is developing the Montagne d'Or gold deposit, which hosts a current NI-43-101-compliant Inferred resource of 4.3 Moz (140.1 Mmt at 1 g/t gold at a 0.4 g/t cutoff), with considerable expansion potential between widely spaced holes, in parallel zones, on strike and at depth. In Nevada, Columbus is developing its 100%-owned Eastside gold project, located 32 km from the town of Tonopah. Of the 18 strategically located gold projects in Nevada, 8 are currently optioned.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/11/14) "Columbus Gold Corp. has wrapped up work on its extensive infill drilling program at Montagne d'Or, the resource-hosting portion of its Paul Isnard project in French Guiana. . .the company will generate a preliminary economic assessment on the deposit in early 2015. That report should go a long way toward establishing this multimillion-ounce project's viability as a future gold mine. Columbus is a long-term play on higher gold prices that looks attractively priced at current levels. It's still a buy."

Eric Coffin, Hard Rock Analyst (12/2/14) "No junior has been trading well lately, but Columbus Gold Corp. is quite a bit stronger than most of its peers in terms of both price and steady liquidity. I expect the relative strength will continue. The company should bounce back quickly if gold has put in a new bottom."

Mike Niehuser, Scarsdale Equities (11/7/14) "Columbus Gold Corp. is working to upgrade its resource estimate at Montagne d'Or in January of 2015. . .the company has also submitted a plan of operation for approval to commence a significant drill program at its Eastside gold discovery. . .it would reason that a fully funded resource definition program of a multimillion-ounce Montagne d'Or gold deposit in an upcoming mining jurisdiction and a district‐scale at-surface gold discovery advanced by proven explorers in Nevada could be attractive to investors at current gold prices."

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/6/14) "So far, JV partners Columbus Gold Corp. and Nordgold N.V. have completed 20,750 m of drilling in the phase 2 program at Paul Isnard. Given that the majority of the holes have returned thick intervals of gold mineralization, prospects are excellent for an upgraded resource when a new estimate is released in January. . .between the endorsement from Nordgold and the likelihood of news flow from Eastside, Columbus remains a solid bet on gold's long-term prospects and a Buy."

Bob Moriarty, 321 Gold (11/5/14) "Columbus Gold Corp. has excellent management and a world-class project with over 4 Moz. . .it is partnered with one of the most dynamic young gold companies in the world who will finance the French Guiana project to a bankable feasibility study. It doesn't get any better than that. The company is doing everything right."

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Eric Coffin, HRA Advisory (11/2/14) "Nordgold N.V., JV partner at Paul Isnard, announced it has acquired 9% of Columbus Gold Corp.'s stock in open market transactions and a senior executive at Nordgold has now been appointed to the Columbus Gold board. This is a positive sign and a concrete demonstration of the faith Nordgold has in the project. . .Columbus is most of the way through permitting a huge drill program for Eastside and expects to start drilling in Q1/15."

The Gold Report Interview with Bob Moriarty (10/29/14) "Columbus Gold Corp. has a 4.3 Moz resource, and it got a Russian company with nine operating gold mines, Nordgold, to come in and commit to spending $30M to do a bankable feasibility study. Nordgold can earn a 50% option on the resource. At some point, it will come in and buy Columbus Gold. Most of these resource companies are really cheap because they haven't got any money. With Nordgold spending $30M at the Paul Isnard project in French Guiana to feasibility, Columbus Gold may devote the $7.5M held in treasury to advance its recent gold discovery in Nevada, the Eastside gold project. Columbus Gold is a no-lose deal" More >

The Gold Report Interview with Oliver Gross (10/27/14) "I closely track Columbus Gold Corp. and its 4.3 Moz Paul Isnard project in French Guiana. This is a company with strong investors. A prominent private U.S. investor bought 9.9% of the company in September, and the major Russian gold producer Nordgold N.V., which has the option to buy 50.01% of Paul Isnard, bought 9% of Columbus in October. [Nordgold made a direct investment in Columbus] I expect to protect itself from a lowball takeover offer from another gold producer, as Columbus is indeed a very attractive takeover target. I met Columbus' CEO Robert Giustra in Paris this year. He is committed to dramatic and dynamic expansion. The company will finalize an extensive drilling program this quarter, which should lead to an increase in the quantity and quality of identified gold resources. A PEA is scheduled for Q1/15. In addition, Columbus will undertake a significant drilling program at its Eastside gold and silver project in Nevada. This could become a company-maker in its own right." More >

Haywood Securities (10/20/14) "Columbus Gold Corp. recently entered into an agreement that will see Nordgold N.V. fully fund the Paul Isnard project to feasibility study level in exchange for a 50.1% interest. . .drill results have returned impressive mineralization (for a heap-leach project), and initial metallurgical test work has yielded very favorable recovery rates."

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/9/14) "In a bid to further exploration on its promising Eastside gold project Nevada, Columbus Gold Corp. recently agreed to financing terms with a prominent, U.S.-based investor. . .thanks to the recent financing, Columbus now has the money to focus on developing its Eastside discovery while Nordgold N.V. foots the bills for ongoing work at Montagne d'Or. It's a good situation for a junior explorer to be in, and I expect the company to take full advantage in the upcoming months."

Eric Coffin, HRA Advisory (10/3/14) "Columbus Gold Corp. announced then quickly closed a placement of 13.4M shares. . .the funds from this placement are earmarked for the company's Nevada projects. This should be enough to fund the very aggressive drill program planned for the Eastside project. With Paul Isnard drilling continuing and drilling slated to start in a couple of months at Eastside, Columbus will have one of the busiest reporters in the junior sector for the next few months. That should give the stock some downside protection."

The Gold Report Interview with Jay Taylor (9/29/14) "In French Guiana, I love Columbus Gold Corp. and its Paul Isnard project. The company was smart enough not to go it alone. Instead, Columbus brought in a large, successful Russian mining company, Nordgold N.V. Nordgold will take it to production, or at least feasibility, with Columbus keeping just under 50%. I like French Guiana because it has French law. Columbus CEO Robert Giustra has done a remarkable job, and I think the probability of success is quite high. With the stock selling at around $0.45, I think the upside is phenomenal, especially when the next leg of the gold bull market gets underway." More >

The Mining Report Interview with James Fraser (9/16/14) "When a junior company brings in a major partner, it generally reflects well on the Tickerscore because that partner will likely cover the majority of costs. One example is Columbus Gold Corp. It is partnered with a major producer, Nordgold, on the Paul Isnard project in French Guiana. The project currently hosts an NI-43-101-compliant resource of 4.3 Moz and three drill rigs are currently trying to outline more ounces. Nordgold is earning 50% of the project, but it is covering all the development costs—that frees up Columbus to do other things with its money. Columbus also has the Eastside project in Nevada that it hopes to drill in the fall. Nordgold can advance the Paul Isnard project much more quickly than Columbus could on its own. Mining is a capital-intensive business so any help smaller companies get from larger companies is extremely beneficial." More >

The Gold Report Interview with Brien Lundin (9/15/14) "I like Columbus Gold Corp. It is about to get a third drill turning on its Montagne d'Or deposit, part of the Paul Isnard project in French Guiana. Joint-venture partner Nordgold is funding all of the exploration up to $30M or a bankable feasibility study to earn 50.1% of the project. The drill results have been great. One recent hole hit 33.5 meters of 3.15 g/t Au. Essentially, the company is expanding the resource even as they're infill drilling. Columbus also raised some money that will help it advance a great suite of exploration projects in Nevada. It's a company that is going to keep turning out news for the foreseeable future and is a great buy for a long-term investor looking for real value. [In May, Columbus announced that its PEA on the Paul Isnard project in French Guiana overstated the grade and ounces contained in the deposit. A few days later, Nordgold made its scheduled $4.2M payment to Columbus to continue its earn-in.] It's obvious that Nordgold didn't see that hiccup with the resource estimate as an issue. Some of the grades were 'smeared' across areas where there wasn't enough drilling density to support those grades. As the companies continue infill drilling at much tighter drill spacing, they are bringing Inferred ounces into the Indicated category. The deposit is growing because a lot of those ounces were never included in any previous resource estimate. The resource will probably end up significantly larger than it was before that little hiccup. It has a clear path toward production at this point, and it's all paid for." More >

Thibaut Lepouttre, Caesars Report (9/3/14) "Columbus Gold Corp. has announced a private placement of up to CA$10M by issuing up to 20M units at CA$0.50/unit. . . as the company had a working capital position of CA$7.1M as of at the end of June and as this placement will happen at a 16% premium to the share price at yesterday's closing bell, it looks like Columbus Gold was offered money at a premium and it wouldn't be wise to refuse it."

Jay Taylor, Gold, Energy & Tech Stocks (7/17/14) "I think the probability of Columbus Gold Corp. succeeding toward production on its world-class gold mine in French Guiana is very high given its 50% JV partner, Nord Gold. . .early success on the company's Eastside Gold project looks as if it could become a viable open pit heap leachable deposit. . . I believe Columbus Gold is very well managed. . .the company appears to have all the ingredients for mining success."

Jay Taylor, Gold, Energy & Tech Stocks (7/4/14) "Columbus Gold Corp. is certainly one of my favorites for a couple of major reasons. First, I think the probability of this company succeeding toward production on its world-class gold mine in French Guiana is very high, given its 50% JV partner, Nordgold N.V., which is one of the larger and more aggressive gold mining firms in the world. The second reason I like Columbus so much is that it operates in part as a project generator with a number of very attractive properties in Nevada."

Caesars Report (7/2/14) "We hope the remaining part of the Paul Isnard drill program will allow Columbus Gold Corp. to increase the average grade of the project. . .if the average grade could be increased from 1 g/t gold to 1.1–1.15 g/t gold, this could already have a material impact on the project's economics."

The Gold Report Interview with Lawrence Roulston (6/25/14) "Columbus Gold Corp. is my favorite gold play in South America. Its Paul Isnard project in French Guiana has 58.1 Mt at 2.22 g/t gold: 4.15 Moz. Nordgold is to acquire a majority position in Paul Isnard in exchange for funding it through to feasibility.

TGR: The company announced May 5 that the Paul Isnard resource is to be re-evaluated by a different engineering company. Should investors be worried?

LR: I think it's just a blip. I've spent time talking to the company, and the re-evaluation should have no material impact on the overall size and quality of Paul Isnard. I expect that the revised resource number should come back very close to what was announced previously. Nordgold made a $4.2M option payment May 23. If Columbus had any concern over the validity of the resource, I'm sure it would have asked for a deferral on that payment until the matter had been resolved, but it didn't. It's very clear that Nordgold is comfortable with the resource. . .one of the challenges that Columbus faces with investors is that they don't really know much about French Guiana. They don't appreciate that it is a department of France ruled by French law and thus a very secure place for investment and very favorable for mine development. Another factor is uncertainty or misunderstanding the joint venture with Nordgold. When a junior the size of Columbus has a deposit of such size, investors expect a takeover by a larger company. But Columbus' joint venture with Nordgold probably lessens the likelihood of Columbus being taken out. As it stands, Columbus is in the strong position of becoming a significant gold producer without much risk on the financial side." More >

Tickerscores (6/15/14) "Columbus Gold Corp. continues to let joint venture partner Nord Gold N.V. work away on the Montagne d'Or gold deposit. Drilling on the Montagne d'Or gold project continues with 56 holes completed in the Phase 2 program. Columbus received a $4.2M payment from Nord on May 21 as part of the option agreement. A new resource estimate on the project is expected to be out this month."

Thibaut Lepouttre, Caesars Report (6/11/14) "The drill program at Columbus Gold Corp.'s Paul Isnard gold project in French Guiana is progressing well, and the results to date are very encouraging, continuing to indicate that the project could be a very big mineralized system."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/30/14) "It seems that Nord Gold N.V. still feels confident in the world-class nature of the Paul Isnard deposit. And therefore Columbus Gold Corp. makes it back onto our list as a strong buy."

Lawrence Roulston, Resource Opportunities (5/26/14) "Columbus Gold Corp. received a $4.2M option payment from joint venture partner Nord Gold N. V. . .the payment from Nord largely sets aside investor concerns raised earlier in the month when the company announced that it would be reevaluating the NI-43-101-compliant resource estimate on the Montagne d’Or gold deposit. . .there is always uncertainty when a resource estimate is called into question. In this situation, with a big check recently delivered by the joint venture partner, there is reasonable certainty that the project remains viable. The dip in the share price offers an attractive entry level for a company with an attractive gold deposit and an extensive array of high potential exploration projects."

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/10/14) "Columbus Gold Corp.'s deal with Nordgold N.V. puts it firmly on a path to development at the 5.37 Moz Au Paul Isnard project in French Guiana; the company will also receive a $4.2M cash payment prior to May 21, 2014. . .the firm has been engaged in a 135-hole, 26,600m drill program on Montagne d'Or. . .the Inferred resource is comprised of 117.1 tons of mineralization at an average grade of 1.43 g/t Au. . .tons of in-situ value, an aggressive development plan for Paul Isnard and a pending cash infusion all make Columbus Gold a Buy."

The Gold Report Interview with Jay Taylor (4/9/14) "I like Columbus Gold Corp. and its Paul Isnard project in French Guiana. Columbus Gold is a tremendous bargain. Paul Isnard has 5.37 Moz, but the most important part of this story is the outstanding agreement the company made with Nordgold N.V. That's a Russian company that produced somewhere around 800 Koz last year. Nordgold is very aggressive and growing very rapidly. According to the agreement, Columbus has a 49.9% interest in Paul Isnard carried to feasibility. Then, if it decides against putting up its 49.9%, it gets a 25% carried interest to production. It cannot be knocked below 25%. French Guiana is probably not the easiest place for English speakers to work, but it's got French law, so its legal system is reasonably good. And Nordgold has shown it can work anywhere and do well.

Columbus also is a project generator. It has two properties in Arizona and 18 in Nevada. Some are earlier stage, but it has gotten some good drill results in Nevada. I think Columbus is looking to farm some of those out. This is a company that won't need to spend a lot of cash to stay in the game." More >

The Gold Report Interview with Oliver Gross (4/2/14) "Columbus Gold Corp. is led by very smart and prudent people. Most are well-versed geologists and genuine resource experts. Additionally, they have experienced financial experts and a strong network of investors and supporters. Columbus is developing one of the most promising, early-stage gold projects in South America, the Paul Isnard project in French Guiana.

Paul Isnard already contains a 5+ Moz deposit. Exploration potential is outstanding. The resource contains a higher-grade ore body with decent grades of about 2 g/t gold. The whole deposit is very flat and the continuity and quality of gold mineralization are favorable. There is still a lot of work to be done, but I see solid potential for a large-scale, very profitable gold mining operation.

Columbus' management acted to avoid heavy dilution yet develop its project on a fast track by making a deal with the Russian company Nordgold N.V., one of the top 20 gold producers worldwide. It speaks for itself that four substantial gold companies are already involved in Paul Isnard: Nordgold and its well-capitalized project partner, the French producer Auplata S.A., mid-cap producer IAMGOLD Corp. and Sandstorm Gold Ltd., which bought a lucrative net smelter return last year." More >

The Mining Report Interview with Stephan Bogner (4/1/14) "I highly recommend Columbus Gold Corp. and have no doubt of its success. The management team is determined to bring this highly prospective deposit in production just when I anticipate gold prices will have recovered substantially. It's all about timing and Columbus is one of the few gold development companies that is right on track." More >

Lawrence Roulston, Resource Opportunities (3/28/14) "Columbus Gold Corp. shares are priced at just $20 per resource ounce for the retained portion of the current Montagne d’Or deposit. That value should climb considerably as the project advances and as the market begins to return to normal. The potential for a discovery in Nevada adds an enticing bonus."

Thibaut Lepouttre, Caesars Report (3/26/14) "Columbus Gold Corp. announced new drill results from the phase 2 drill program at its Paul Isnard project in French Guiana. Of interest are intersections of in excess of 6m intercepting more than 6 g/t gold and 17.7m at 2.27g/t gold. . .we are expecting an updated resource estimate after this year's drill program, which should increase and upgrade the current resource estimate of 5.4 Moz at an average grade of 1.43 g/t."

The Gold Report Interview with Brien Lundin (3/24/14) "Columbus Gold Corp., which has the Paul Isnard deposit in French Guiana, has no more development risk until prefeasibility. That allows it to focus on an exciting portfolio of exploration projects it has in Nevada. Columbus Gold is one of those companies that has a number of ways to advance, and is a bargain at its current levels. . .Nordgold N.V. is funding the project. Most of the gold production in French Guiana is unofficial, below the radar and smuggled out. There aren't a lot of reliable statistics for gold production in French Guiana because so much is not reported. A project of this size that's so well-backed is not a problem." More >

The Gold Report Interview with Eric Coffin (3/10/14) "At the pre-PDAC Subscriber Investment Summit. . .Columbus Gold Corp. announced a pretty good set of holes from its Paul Isnard project in French Guiana just before the show. That one did get a pretty good reaction. The company reported good results from the one end of the smaller mineralized horizon. This is a 30,000-meter drill program that will generate a lot of news and I think will increase both the size and confidence level of the resource. Columbus has one of the better looking charts." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/14) "It looks like some of Columbus Gold Corp.'s Nevada properties offer significant upside. Given the size of Paul Isnard's gold resource (more than 5 Moz), the company still looks undervalued at current levels; it's another Buy."

The Mining Report Interview with Eric Coffin (2/18/14) "Columbus Gold Corp. has a 5.5 Moz deposit in French Guiana called Paul Isnard. It struck a joint venture deal with Nord Gold late last year. I don't think the market completely understood how strong that deal was. Nord can earn 50.01% of Paul Isnard by spending at least $30M and producing a bankable feasibility study within three years. It's important to understand that is not 'or'—it's 'and.' Nord has to spend the money and do the bankable feasibility. And there are other payments involved, depending on the Indicated resource at the end. The bottom line is, given the size and type of that resource, I think Nord will be very lucky if it gets the bankable feasibility by spending only $30M. I think it's quite possible to spend more than that. On top of that, Columbus has a large set of properties in Nevada. A couple of the guys on the company's board are old hands from in Nevada, with several discoveries to their credit. The deal with Nord frees up some $8M to work on the Nevada projects. Lots of news should be coming soon." More >

The Mining Report Interview with Amanda Van Dyke (1/21/14) "Columbus Gold Corp.'s Paul Isnard project in French Guiana is huge and it's fully funded by Nord Gold N.V., which has a significant amount of money invested in making it a successful operation. One of the major problems for gold companies everywhere that are in the development stages and they simply don't have the money to effectively develop. Columbus Gold is completely carried by Nord Gold up to the bankable feasibility study." More >

The Gold Report Interview with Stephan Bogner (12/16/13) "In regard to development companies bringing deposits into production within the next few years, I like Columbus Gold Corp. It is developing a highly prospective gold deposit into a mine in French Guiana—a safe, but somewhat expensive jurisdiction. When Columbus acquired the property in 2011, it had a resource of 1.8 Moz gold. Columbus increased that to more than 5 Moz by drilling deeper than 135 meters and starting infill drilling. Further infill drilling will add another 2 Moz or so. The deposit is still wide open with excellent upside potential. I'm positive that more than 10 Moz gold can be proven during the next three years.

"Columbus recently did a deal with Nord Gold N.V. The Russia-backed company can earn 50.01% by spending $30M and completing a bankable feasibility study by October 2016. Nord Gold is a very aggressive resource company that had no assets in 2007. Since then, it has acquired eight companies and now has nine producing gold mines in four countries and $1 billion ($1B) in revenue. Nord Gold produces more than 800 Koz gold annually, which puts it among the top 20 gold producers worldwide. Columbus just started another aggressive, 28 kilometer drill program and Columbus will have a lot of news flow over the next two to three years. This development company's stock price will thrive regardless of the gold price." More >

Oliver Gross, Der Rohstoff-Anleger (12/4/13) "Columbus Gold Corp.'s management reached a smart deal to develop the project on a fast track with the Russian company, Nord Gold N.V., one of the Top 20 gold producers. This great deal will also successfully keep heavy dilution at bay and will bring Columbus in the spotlight of the most promising junior gold stocks with a massive gold deposit."

The Gold Report Interview with Jay Taylor (11/25/13) "Columbus Gold Corp. is one that I really love. I like it even more since it recently did a deal with Nord Gold, a Russian company owned largely by a billionaire Russian who made his fortune in the iron ore business. Nord Gold has been aggressively growing its production. It's getting close to being among the top 20 gold producers in the world. It acquired 50.01% of Columbus' Paul Isnard project in French Guiana. The project has about 5.37 Moz of gold with lots of exploration potential beyond that. Nord Gold can really get the job done, move this project along and put it into production.

"The other thing I like about the deal with Nord Gold is that the least Columbus can own in the project if it doesn't put any more money in after feasibility is 25%. The deal is that Nord Gold has to spend everything to take it into bankable feasibility. From that point on, Columbus can spend its 49.9% to stay at that level or it can get taken down to 25%, but not below that. This could be a real big winner. No one is paying any attention to it now because no one is paying any attention to any of these companies, but Columbus has great upside potential when this market wakes up." More >

Lawrence Roulston, Resource Opportunities (11/20/13) "The enormous amount of experience in the Columbus Gold Corp. geological and management team explains why Nord Gold N.V. wants Columbus to conduct the exploration program on the Paul Isnard project. . .Columbus offers big upside potential for investors as its 5 Moz deposit continues to advance toward production. . .further upside potential comes by way of the exploration potential on the French Guiana property as well as the extensive collection of Nevada projects."

Jay Taylor, Gold, Energy & Tech Stocks (10/25/13) "Columbus Gold Corp. is my stock pick of the week. . .the Paul Isnard gold project is already a sizable deposit, but it has the potential to grow much larger still. Its latest NI 43-101 resource contains 4.15 Moz gold grading 2.22 g/t and it is amenable to open-pit mining. I look for [joint venture partner] Nord Gold N.V. to move this project forward very rapidly, and that should coincide with the next and final leg up in what is the secular gold bull market of a lifetime."

The Gold Report Interview with Thibaut Lepouttre (10/16/13) "Columbus Gold Corp. operates in French Guiana. This is an overseas department of France, so the political risk is close to zero. And since my last interview with The Gold Report, Columbus has entered a joint venture with Nord Gold N.V., the subsidiary of Severstal, for its Paul Isnard gold project. Under the agreement, Nord Gold must spend $30M in exploration over three years, plus it has to finish a feasibility study. As a standalone, Columbus could never have done these things. I believe Paul Isnard could ultimately contain in excess of 10 Moz gold." More >

Jay Taylor, Gold, Energy & Tech Stocks (10/4/13) "Columbus Gold Corp.'s new partner is Nord Gold N.V., which has the option to earn a 50.01% interest in certain licenses located on Columbus Gold's 100%-owned Paul Isnard project. . .with the deep pockets of Nord Gold now in the picture, what was perceived as a project with a reasonably good chance of success sometime in the future looks to me like it is one with a highly probability of success in a relatively short period of time."

Junior Mining Network (9/19/13) "Columbus Gold Corp. gained 30% during Wednesday's market session after the company announced it has entered into a binding agreement with Nord Gold N.V. to develop the Paul Isnard gold project in French Guiana. Terms of the agreement call for Nord Gold to incur $30M in expenditures and deliver a bankable feasibility study within three years in exchange for a 50.01% interest in the project."

The Gold Report Interview with Brien Lundin (9/9/13) "Columbus Gold Corp. is one name that has had early success. The company has a resource of more than 4 Moz. People don't seem to realize that it has upside potential and appears to have an economic project. It's still selling for a pittance, a fraction of where it should be, compared to its peer group." More >

Caesars Report (8/23/13) "After visiting Paul Isnard, we are quite confident Columbus Gold Corp. will meet its targets and will significantly increase the resource estimate over the next few years. As the company currently has approximately $6M in cash and Columbus Silver Corp. shares, Columbus Gold is fully funded to complete its 2012 exploration program."

Jay Taylor, Gold, Energy & Tech Stocks (5/31/13) "With Columbus Gold Corp., a multimillion-ounce gold deposit is in the making and likely to grow to a size and grade that will be attractive to a major operator in South America. . .several majors have reportedly shown an interest in the project. Thus far, the picture seems very positive and with this stock selling at below $0.30, it looks like a very attractive speculation to me."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/13) "Columbus Gold Corp. recently decided to terminate the option agreement that it had entered into late last year with sister company Columbus Exploration. . .thanks to the CA$2.2M it recently received from an option termination fee, Columbus Gold now has CA$4.4M in its treasury. That's money the company can use to continue to expand and develop its flagship Paul Isnard gold project."

Ali Khan, Stonecap Securities (4/24/13) "Columbus Gold Corp. recently released an updated resource estimate from its Montagne d'Or gold deposit, within the Paul Isnard project concession. The Inferred resources at the project now stand at 5.37 Moz grading 1.43 g/t Au, but more importantly raising the cutoff to 1 g/t Au yields 4.15 Moz grading 2.22 g/t Au."

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/12/13) "If and when the broader market catches fire again, exploration companies with multimillion-ounce resources like Columbus Gold Corp.'s Paul Isnard should be first off the shelf when investors begin returning to this sector en masse. Valued at a relatively paltry $8/oz in situ gold, the company looks extremely cheap. . .it's still a Buy."

Caesars Report (3/12/13) "Columbus Gold Corp.'s NI 43-101 compliant resource estimate at Paul Isnard is 5.37 Moz Inferred at an average grade of 1.43 g/t. . .we believe the company will exceed the 7 Moz with its 30,000m drill program."

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