ZACATECAS, Mexico--(BUSINESS WIRE)--First Colombia Gold (OTC QB: FCGD) announced today it has modified the Memorandum of Understanding (“MOU”) with GMRV, a private company in Montana, for exploration of the Nile Mine project.
The project comprises approximately 55 acres and is located in the Marysville Mining District in Lewis and Clark County. It is comprised of the Nile Mine, a former lead, silver, and gold mine, and the nearby TG placer claim. The Nile Mine is reported to have had production from the 1890’s to the 1940’s, and has underground workings indicating a 90 foot shaft with 300 feet of drifts, as well as an 825 foot crosscut. The TG placer claim has tailings from a former producer with indications of both silver and gold values. Initially, the Company plans to complete initial due diligence and compile historical data. We also plan to commence surface and geological mapping, surface sampling, and conduct metallurgical testing of tailings present on the TG placer claim. Our plans also call for obtaining the required permits for rehabilitation efforts to gain safe access to underground workings, so additional sampling programs will be possible.
The MOU has been extended until September 30, 2014 provided the company makes a payment of six thousand dollars in cash or restricted stock prior to that date, confirms the summer exploration budget by June 30, 2014, and issues a payment in cash or stock of five thousand dollars by May 25, 2014.
In other news the Company has recently completed a reverse split of its common stock with an objective of improving our financing capability. We have recently retained a consultant, Robert Gates, to advise the Board of opportunities in the natural resource and real estate sectors in North America, and corporate development. We continue our activities in Croatia evaluating potential energy, mineral resource and real estate opportunities.
About First Colombia Gold
First Colombia Gold Corp. is company focused on the acquisition, exploration and development of natural resource projects. Our strategy is to build a pipeline of projects to explore, develop, or to joint‐venture. We target mining projects in historic mining districts with what are believed to have potential for large‐scale exploration or relative medium‐term production and have been evaluating energy projects for potential acquisitions.
David Kugelman, Investor Relations
Phone: (404) 856-9157 / (866) 692-6847
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10k, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan.