CMJ

Colombian Mines Corporation (TSX VENTURE:CMJ)(FRANKFURT:X6C) - ("Colombian
Mines" or the "Company") is pleased to announce that Australian based, Overland
Resources ("Overland"), has entered into an option agreement (the "Agreement")
whereby Colombian Mines retains a free carried interest through to production on
the Company's Rio Negro Project, subject to necessary regulatory approval.
Overland may earn an undivided 90% joint venture interest by sole funding $5
million in exploration and producing a Joint Ore Reserves Committee compliant
Pre-Feasibility Study within five (5) years and a full Feasibility Study within
the recommended timeline to be specified in the Pre-Feasibility Study.
Additionally, Overland will make the following cash and share payments to
Colombian Mines:




1.  US$75,000 cash upon execution of the Agreement.
     
2.  Within six (6) months of signing the Agreement, issuing US$75,000 worth
    of Overland shares, at an issue price based on the 30 day volume-
    weighted average price ("VWAP") preceding the date of signing or 30 day
    VWAP preceding the date of the issuance, whichever is lower.
     
3.  On the first anniversary of signing: US$150,000 cash or at Overland's
    discretion, US$75,000 cash and US$75,000 worth of Overland shares based
    on the 30 day VWAP immediately prior to the issuance of the shares.
    Greater than US$75,000 worth of Overland shares may be issued with the
    Company's consent.
     
4.  On the second anniversary of signing: US$150,000 cash or at Overland's
    discretion, US$75,000 cash and US$75,000 worth of Overland shares based
    on the 30 day VWAP immediately prior to the issuance of the shares.
    Greater than US$75,000 worth of Overland shares may be issued with the
    Company's consent.



In addition to the above payments, Overland has the following minimum work
commitments:




1.  Year 1 - US$150,000 (irrevocable work commitment).
     
2.  Year 2 - US$250,000.
     
3.  Year 3-7 - Minimum of US$200,000 per annum.



The Rio Negro Project comprises three (3) contiguous concession contracts
together with three (3) pending concession applications covering approximately
2,245 hectares. Regional mapping indicates that the property covers roughly 16
kilometers of highly prospective ground along the Bucaramunga Fault Zone at and
near the interpreted intersection with structures related to the California
Belt. The deep seated Bucaramunga Fault Zone is believed to be the primary
control for focusing gold bearing magmas and fluids that developed the
California and Vetas Districts that are estimated to host more than 16 million
ounces of past production plus known resources. Reconnaissance sampling and
mapping has returned values to 23 grams gold per metric tonne (g/T Au from vein
structures), and also identified porphyry style Quartz - Sericite - Pyrite (QSP)
alteration on the property that has yielded values to 3 g/T Au.


Importantly, this Agreement is consistent with the prospect generation portion
of the Company's business model, assuring substantial work will be done on the
property, maintaining significant upside exposure to discovery and future
production potential for the Company's shareholders, with a free ride and no
additional costs through to production.


Up Coming Events

Colombian Mines will be exhibiting at the Medellin Mining Fair (Feria Minera de
Medellin) September 25 through 27 in Medellin, Colombia. All parties interested
in speaking with management and learning more about the Company's projects
including, El Dovio, Rio Negro and Yarumalito or other joint venture
opportunities are invited to visit us in booth number 106.


About Colombian Mines Corporation

Colombian Mines Corporation is an aggressive exploration and development stage
company with a distinct "first mover" advantage in Colombia and one of the
largest portfolios of 100% direct owned mineral assets among comparable
companies in Colombia. Focused on developing shareholder value through
exploration and development of key projects, the Company is also one of
Colombia's leading "Prospect Generators" and applies an aggressive business
model of organic growth through exploration while leveraging shareholder value
through strategic alliances and joint ventures. Colombia is widely recognized as
a highly prospective, under-explored country with exceptional mineral potential.
Further information can be found on our website at www.colombianmines.com.


Robert G. Carrington, President & CEO

Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.


Forward-Looking Statement 

Some of the statements in this news release contain forward-looking information
that involves inherent risk and uncertainty affecting the business of Colombian
Mines Corporation. Actual results may differ materially from those currently
anticipated in such statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Colombian Mines Corporation
Sharon Hebgin
Corporate Communications
(604) 649-9195 Canada
(760) 668-7211 United States
shebgin@colombianmines.com


Colombian Mines Corporation
Dave Cross
Chief Financial Officer and Corporate Secretary
(604) 558-4300
dcross@crossdavis.com
www.colombianmines.com

Colombian Mines Corporation (TSXV:CMJ)
過去 株価チャート
から 5 2024 まで 6 2024

Colombian Mines Corporation (TSXV:CMJ)
過去 株価チャート
から 6 2023 まで 6 2024