Colombia Crest Clarifies Its Disclosure and Provides Corporate Update
January 06 2014 - 4:36PM
Marketwired
Colombia Crest Clarifies Its Disclosure and Provides Corporate
Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 6, 2014) -
Colombia Crest Gold Corp. ("Colombia Crest"; the "Company")
(TSX-VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT), as a result of
a review by the British Columbia Securities Commission, is amending
its NI 43-101 report: "Technical Report, Colombia Crest Gold Corp.,
Fredonia and Venecia Prospects, Antioquia Department, Colombia" by
Dr. Thomas Henricksen (the "Report"), dated March 30, 2013. The
report contains several deficiencies, including the author's
representation as a Qualified Person ("QP") under NI 43-101. The
amended report is now in progress by John Bolaños, the Company's
QP.
The Company also acknowledges that its disclosure information on
the website is out of date. To correct this issue, the Company is
in the process of updating its content, including changes to the
management team, corporate presentation and project status. Recent
changes to management include Tom Pladsen's resignation from the
Board of Directors. The Company wishes to thank Mr. Pladsen for his
time and efforts in advising the Company.
Another point that requires clarification is the "target"
disclosed in the Corporate Presentation dated July 2013, posted on
the company's website, which disclosed large fixed tonnage and gold
ounce quantities with a fixed gold grade. The company retracts this
estimate, and clarifies that the property contains no valid
estimates of mineral resources, and there is currently insufficient
exploration information and data to estimate ranges of tonnage and
grade of potential exploration targets. In addition, the prior
disclosure of a target was not compliant with NI 43-101 because it
did not apply ranges of quantity and grade and omitted prominent
cautionary language required by NI 43-101 for all disclosure of
exploration targets.
The Company reports that it was unable to complete the proposed
private placement as previously announced on August 1, 2013 in
which the Company had intended to raise up to $300,000 at a
purchase price of $0.015 per unit. Due to lack of funds, the
Company has notified Bullet Holding Corp. of its decision not to
incur any additional expenditures on the Fredonia property,
Colombia. Colombia Crest will retain a 50% interest in the Fredonia
property subject to potential dilution if property expenditures are
incurred by Bullet or associated companies in the future.
John Bolaños, a qualified person under NI 43-101 guidelines, has
reviewed and approved the technical content of this news release
and will work with the Company to amend its Technical Report and
Website. Mr. Bolaños is a consultant to the Company and was
formerly Vice President of Exploration for the Company.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on the acquisition,
development and monetization of exploration project throughout the
Americas with a focus on Colombia.
If you would prefer to receive news releases via email
please contact Colombia Crest (info@ColombiaCrestGold.com) and
specify "Colombia Crest news" in the subject line.
Please visit the Company's website at
www.ColombiaCrestGold.com.
Colombia Crest Gold Corp.Hans RasmussenDirectorCellular:
801-554-2074hans@colombiacrestgold.comColombia Crest Gold
Corp.Chelsea JonesCorporate CommunicationsCellular:
406-360-0434chelsea@colombiacrestgold.comwww.ColombiaCrestGold.com
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