Columbus Exploration Further Amends Option on Its Mogollon Project
June 18, 2014 (Source: Marketwired) — Columbus Exploration Corporation (TSX VENTURE:CLX) (formerly Columbus Silver Corporation) announces that it has amended its amended and restated option agreement with Santa Fe Gold Corporation dated March 6, 2014 pursuant to which Santa Fe can earn a 100% interest in Columbus Silver’s Mogollon Project by immediately making a non-refundable US$12,350 payment to Columbus Exploration, followed by an optional US$950,000 payment prior to November 21, 2014. Either upon exercise of the option or prior to November 21, 2014, as applicable, Santa Fe must make mandatory non-refundable payments totaling approximately US$59,000. All other material terms remain unchanged. For additional details please see Columbus Exploration’s news releases of September 19, 2012, October 22, 2012, July 3, 2013 and March 7, 2014.
ON BEHALF OF THE BOARD,
James Isaac, VP Legal and Corporate Secretary
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 release.
This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). In particular, and without limitation this news release contains forward-looking statements pertaining to the amended and restated option agreement, as amended (the “Amended Agreement”), including without limitation Santa Fe’s payments and other obligations required thereunder to maintain the Amended Agreement in good standing, and future obligations discussed therein. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation, whether Santa Fe has the desire and ability to make payments to Columbus Exploration and in connection with maintaining the Amended Agreement in good standing; whether Santa Fe will maintain the option in good standing and will not terminate the Amended Agreement in connection with dropping the option; cost increases; unforeseen circumstances; risks associated with the exploration projects or title thereto held by Columbus Exploration; mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that Santa Fe will have sufficient funds and desire to continue earning into the Mogollon Project and maintaining it in good standing, and will do so; that required service providers will be available; general business and economic conditions; availability of financing; and ongoing relations with employees, partners and joint venturers. Although the foregoing forward-looking statements are considered reasonable at the time of preparation, the aforementioned assumptions and factors may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The aforementioned factors and assumptions are not exhaustive. Columbus Exploration’s actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. The foregoing list is not exhaustive and Columbus Exploration undertakes no obligation to update any of the foregoing except as required by law.