|Tue Jan 30, 2018|
Columbus Gold Spinout ALLEGIANT Begins Trading on the TSX Venture Exchange
Vancouver, BC, Canada, January 30, 2018. Columbus Gold Corp. (“Columbus”) (CGT: TSX, CBGDF: OTCQX) and Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU: TSX-V) are pleased to announce that the common shares of Columbus’ spin-out ALLEGIANT will begin trading on the TSX Venture Exchange at market open today, January 30, 2018, under the trading symbol “AUAU”.
“Today marks the beginning of a new and exhilarating chapter for our shareholders,” said Robert Giustra, Chairman of ALLEGIANT and of Columbus. "ALLEGIANT’s portfolio of high-priority gold exploration projects are in the right place, Nevada, with the right team - and for the first time in perhaps more than a decade for gold exploration - at the right time.”
ALLEGIANT is led by CEO Andy Wallace, who is credited with discovering a number of multi-million-ounce gold mines in Nevada. ALLEGIANT owns 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in the mining-friendly jurisdiction of Nevada, and has announced plans to drill 10 projects in 2018, including the Eastside gold project. A drill program is currently underway at Eastside and is focused on resource expansion at the Original Zone, an area within Eastside, which hosts a pit-constrained inferred resource totaling 721,000 gold equivalent ounces1 (35,780,000 tons grading 0.63g/t gold equivalent). In addition to the Original Zone deposit, Eastside hosts numerous additional exploration targets and historical resources of 272,153 ounces gold2 (11,177,761 tons grading 0.82g/t gold).
ALLEGIANT’s website can be found at www.allegiantgold.com
Columbus presently owns 7,933,496 shares of ALLEGIANT, which represents 16.7% of ALLEGIANT’s issued and outstanding common share capital. Columbus and ALLEGIANT will keep down costs and achieve economies of scale by sharing a number of officers and key personnel, and by splitting overhead costs. The following individuals comprise ALLEGIANT’s board and management team:
Andy Wallace - CEO
Robert Giustra - Chairman
Russell Ball - Director
Norm Pitcher - Director
Peter Gianulis - Director
Blaine Monaghan - Vice President, Corporate Development
Andrew Yau - CFO
Warren Beil - Vice President, Legal & Corporate Secretary
Jorge Martinez - Vice President, Communications & Technology
Mr. Miro Reba and Mr. Graham Taylor, who played instrumental roles during the important formative stage of privately held ALLEGIANT, have resigned from the board of directors. The respective boards of Columbus and ALLEGIANT would like to thank Messrs. Reba and Taylor for their contributions in achieving ALLEGIANT’s public listing.
ON BEHALF OF THE BOARD,
Robert F. Giustra
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 For more information, see the NI 43-101 technical report entitled “Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project, Esmeralda County, Nevada” prepared by Steven J. Ristorcelli CPG of Mine Development Associates for Allegiant Gold Ltd. with an Effective Date of July 25, 2017, dated September 1, 2017, and filed on SEDAR under the profile of Allegiant Gold Ltd. on January 24, 2018.
2 The historical resource estimate for the Eastside gold project was completed by James D. Greybeck, Senior Geologist for Cordex Exploration Co. in April, 1999, under the direction of Andy B. Wallace, then Manager of Cordex Exploration Co. and Vice President of Rayrock Mines, Inc. This report and data used in its preparation has been recently reviewed by Andy B. Wallace for the purpose of this press release under his obligations a Qualified Person as defined under NI 43-101 who has reviewed and approved the technical contents of this press release. Drill data used for Greybeck’s report was from Cordex Exploration Co., Kennecott Exploration, Houston Oil and Minerals, Falcon Exploration, and Mintek Resources which data is on file in the offices of Cordex Exploration Co. The data is judged relevant and reliable by Andy B. Wallace. The resource was termed a “Geologic Resource” at the time of Greybeck’s report, which was in line with current practice for the time. Mr. Greybeck prepared geological cross sections and calculated the resource by hand, using a polygonal method with a lower cut-off of .005 opt Au (0.17 g/t Au). Where drilling was closely spaced gold values were interpolated between cross sections using weighted averages projected 50 feet on either side of the cross section. A qualified person has not performed sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves. For more information, see news releases entitled “Columbus Acquires Claims Hosting a Historical Estimate of 272,000 Ounces of Gold Resources Contiguous with its Eastside Gold Project in Nevada” dated and filed under the profile of Columbus Gold Corp. on SEDAR on January 20, 2017.
Forward Looking Statements
You can view the Next News Releases item: Wed Feb 7, 2018, Columbus Obtains New Trading Symbol on OTCQX
You can view the Previous News Releases item: Thu Jan 25, 2018, Columbus Spinout Allegiant to Begin Trading on January 30
You can return to the main News Releases page, or press the Back button on your browser.