Columbus Gold Corporation - Cordex Info

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Livermore, Chapman, Wallace of Cordex

In January 2005, Columbus Gold Corporation entered into an exclusive agreement with Cordilleran Exploration Company (operating as Cordex Exploration Co.) to design, initiate and carry out generative mineral exploration activities in Nevada, and elsewhere in the United States on behalf of Columbus; with the objective of identifying, acquiring and exploring new mineral properties. Cordex also designs and operates the exploration programs on Columbus' existing portfolio of properties.

Under the terms of the agreement any new properties acquired as staked mineral claims or through lease, option or purchase agreements with third parties shall be acquired and maintained by Cordex on behalf of Columbus; in consideration, Cordex shall be entitled to a net smelter royalty (NSR) on such properties of between 1% and 2%.

John Livermore left Newmont in 1969 a few years after he, and others, made the original Carlin Mine discovery. He put together a syndicate for Nevada gold exploration, operating under the name Cordex Exploration Co. Andy Wallace started working for Cordex in 1974 and eventually became manager of Cordex in 1985.

Cordex was a successful venture. It discovered the Pinson, Preble, and Dee gold mines under Livermore's management. The Marigold mine, the Daisy mine and the Stonehouse / Lone Tree mines (eventually operated by Santa Fe) were discovered under Wallace's management. In addition, Cordex managed the exploration programs around producing mines, leading over time to large reserve increases at Pinson, Dee and Marigold. Significant discoveries were also made by Cordex at Florida Canyon (eventually operated by Pegasus and Apollo Gold), Hasbrouck Mountain (now owned by Franco-Nevada and Vista Gold) and Stirling (now operated by Imperial).

Cordex' partners changed at times over the years and included Lacana (ultimately to become Corona, then Homestake), Camflo (ultimately Barrick), Canadian Superior, Dome Mines (ultimately Placer Dome, then Barrick) and Rio Algom along with the lead company, Rayrock Mines (ultimately GoldCorp).

Cordex/Cordilleran has operated for more than thirty years. They have consistently been able to identify, acquire, and test three to six high quality targets a year. They are one of the most successful exploration groups in the history of Nevada, and arguably the United States. Although Nevada has been explored heavily in the last twenty years, good surface showings remain untested and additional major discoveries are imminent.

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