01:36:58 EDT Sun 17 Oct 2021
Enter Symbol
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Colombia Crest Gold Corp
Symbol CLB
Shares Issued 96,088,289
Close 2013-08-15 C$ 0.025
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Colombia Crest has no Machacala feasibility study yet

2013-08-16 11:40 ET - News Release

Mr. Hans Rasmussen reports

COLOMBIA CREST PROVIDES FURTHER CLARIFICATION OF MACHACALA, PERU DEAL

Colombia Crest Gold Corp. is clarifying in its newly signed letter of intent for the Machacala, Peru, project that a resource and eventual feasibility study are under way. Statements made in the prior news release today regarding potential production and cash flow are not supported by a current resource estimate or a feasibility study, and there is no certainty future mining operations will be economically viable until such estimates are completed.

Bulk samples collected of mine tailings that are from historic production returned values from 1.3 to 2.0 grams per tonne gold (g/t Au) and 50.8 to 74.0 g/t silver, and have been verified by Affinity Gold Corp.'s qualified person with its own sampling. Meanwhile, sampling in the underground veins that returned average grades of 5.0 g/t Au and 155.0 g/t Ag are currently under review and verification. As well, Affinity is working on a preliminary resource estimate for the veins that have been drilled -- which will comply with National Instrument 43-101 standards for reporting.

All technical data in this news release and the prior news release today have been approved by A. David Heyl, BSc, CPG, QP, who is a certified professional geologist and qualified person under NI 43-101. With over 25 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals and base metals, resulting in several discoveries. He has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over 10 years working in and supervising underground and open-pit mining operations in Peru

About Machacala, Peru

The Machacala project is a low-sulphidation epithermal gold-silver-copper deposit located in the district of Carabamba, province of Julcan, La Libertad region to the north of Peru, at an elevation of 3,300 metres above sea level. The property is approximately 180 kilometres southeast of the city of Trujillo, capital of the region, and 575 kilometres north of Lima, capital of Peru.

The project was most recently explored by Gold Hawk Resources and Meridian Gold between 1997 and 2004 with a total of 8,500 metres in 45 diamond core and reverse circulation drill holes completed. The project has multiple low-sulphidation epithermal gold-silver veins on property of which 13 have been identified and four have been only modestly exploited where average grades are estimated to be 5.0 g/t gold and 155.0 g/t silver.

About Affinity Gold

Affinity Gold is a mineral exploration and development company engaged in the acquisition and development of near-term precious mineral production properties within Peru. Affinity Gold's primary focus is on developing assets that have demonstrated historical production, contain documented and reliable data, and can reasonably begin producing within 12 to 18 months at a cost of less than $900 per gold equivalent ounce.

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