CB Gold Inc.: Colombian Ministry of Environment Releases Boundaries of the Paramo of Santurban-Development of the Vetas Gold Project Doesn't Appear to Be Affected
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 2, 2014) - CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") is pleased to announce that the boundaries of the Paramo of Santurbán ("the Paramo") as released today by the Ministry of Environment of Colombia do not appear to affect the Company's future ability to conduct exploration, development and exploitation activities on the Vetas Gold Project in any significant way. The Company is currently seeking clarification from authorities regarding the exact coordinates of the Paramo in order to confirm actual impacts.
According to the map released by the Ministry of Environment, the Company's la Triada de Oro, San Bartolo, Los Delirios, San Alfonso, Arias, Santa Isabel and La Peter properties are not impacted in any way by the Paramo boundaries. The Real Minera and El Dorado properties appear to be impacted by the boundaries in a minor manner but the Company doesn't expect this to have any significant effect on its ability to develop the Vetas Gold Project. The Company will clarify with the appropriate Authorities the impact, if any.
San Antonio is the only property of the Vetas Gold Project which seems to be impacted by the Paramo boundaries to a more significant extent. To date, the Company has conducted only a limited exploration program on San Antonio and the property does not contain any of the resources reported by the Company today, April 2, 2014.
The La Vereda Property:
La Vereda is a 600 hectares property for which the Company holds a 20 year concession contract, located 5km south west of the Vetas Gold project. The Paramo boundaries appear to include the La Vereda concession. CB Gold is disappointed by the inclusion of the property within the Paramo boundaries and will be addressing its concerns with the Governmental and Mining authorities for the benefit of our shareholders.
Fabio Capponi, President and CEO of CB Gold, commented, "Overall we are very pleased that the delimitation of the Paramo boundaries does not appear to affect the Company's ability to move forward with the development of the Vetas Gold Project and as such CB Gold is proceeding with its 2014 operative plan. Notwithstanding that, the Company fully intends to engage the competent authorities on the exact impacts on all of its properties and seek redress as appropriate."
The map of the Paramo boundaries has been posted on CB Gold website: www.cbgoldinc.com.
About CB Gold Inc.:
CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of previously operating mines and exploration concessions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.