North from CBJ offices (Company)

North from CBJ offices (Company)

Colombian gold explorer CB Gold (CBJ:TSXV) announced its response to a news article written in the Colombian newspaper, La Republica, which stated that "days from the new delimitation of Paramo ecosystem, uncertainty is increasing regarding the impact that the decision will have on the mining companies located in the Santander area.  La Republica has knowledge of a preliminary document that shows that 51 mining titles overlap with the Paramo area… Among those mining titles there are 8 titles of Leyhat". Leyhat is a wholly owned subsidiary of CB Gold. This potentially means that some of the titles which encompass CBJ’s flagship Vetas gold project could be revoked.  This latest development comes as a big surprise as it has appeared that the company has had local and federal support for this project.

Fabio Capponi, CEO of CB Gold, commented: "The Company is currently attempting to contact the relevant authorities, to understand whether this newspaper article is factual or not. We sincerely hope that the article is incorrect..."

In January 2013, when the Regional Natural Park Panramo de Santurban was declared, CB Gold’s flagship Vetas project was clearly defined as not affected by it.  Furthermore, an environmental study prepared by the Fundacion Estacion Biologica Guayacanal was released in May 2013 to the Colombian authorities which confirmed that the Vetas project was not affected by the Paramo ecosystem.

The company has approximately $5.5 million in cash and is working towards a maiden resource on the Vetas project by Q4/2013.  The company is led by Chairman Peter Barnes (co-founder of Silver Wheaton) and CEO Fabio Capponi (ex-Endeavour Financial banker).  Hernan Martinez (former Colombian Minister of Mines and Energy) is also on the board.

Related: CB Gold Announces Preliminary Metallurgical Test Results from Vetas

The company is hosting a conference call today at 11:00am EST. Interested investors are invited to participate using the following dial-in numbers:

  • Participant Number (Toll Free Canada & USA): 1-877-385-4099
  • Participant Number (Vancouver): 604-899-2339
  • Participant Number (Toronto): 416-883-0133
  • Participant Access code: 4003681 #