Colombian Mines Announces Registration of Consolidated Yarumalito Concession Contract
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/11/13 -- Colombian Mines Corporation ("Colombian Mines" or "the Company") (TSX VENTURE: CMJ)(FRANKFURT: X6C) is pleased to announce the formal registry of the previously approved Consolidated Concession Contract for the Company's Yarumalito Project. As previously discussed, this action consolidates the 1,456 hectare Yarumalito property into a single Concession Contract with up to an 11 year exploration period and many other benefits that simplify the management of the property in the future. The consolidation was approved and announced on June 1, 2012, registration of the consolidated Concession Contract was a prerequisite before the Company could submit water diversion and discharge permit applications to begin drilling. Upon registration of the contract, all applications for water diversion and discharge permits necessary for drilling were submitted and are in process.
Under the Yarumalito Joint Venture in which the Company is 100% carried, an expanded program of soil geochemistry and geological mapping has been recently completed. Results are being interpreted and 2013 drill plans will be finalized by the end of March. The Company has solicited bid tenders from contractors and is in the process of selecting a drilling contractor with drilling anticipated to begin during the second quarter of 2013.
When the Consolidated Concession Contract was approved the Company and the Joint Venture were unable to apply for water diversion or discharge permits or conduct drilling operations until the registration was received. The Joint Venture can now proceed with planned operations for 2013 and beyond.
Other Projects:
El Dovio: Activities at the Company's other projects are proceeding as planned. The Company continues to anticipate El Dovio water diversion and discharge permits in a timely manner and drilling to start during the second quarter of 2013. Construction of drill platforms and water diversion and discharge structures will be initiated upon receipt of these permits.
Mercedes: Field work at Mercedes is ongoing and consists of expanding coverage of rock geochemistry and trenching. As results become available and are interpreted additional information will be released.
Cerro de Cobre: The Company has dropped the purchase option on this property after the underlying owners refused to cooperate in solving historical issues with the licenses that will result in potential future loss of the licenses.
Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and CEO of the Company, has reviewed and verified the technical information contained in this news release.
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
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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Colombian Mines Corporation
Sharon Hebgin (Corporate Communications)
(604) 649-9195 - Canada
(760) 668-7211 - United States
shebgin@colombianmines.com
Colombian Mines Corporation
Kim C. Casswell
Corporate Secretary
(604) 669-0868
(604) 688-1157 (FAX)
kcasswell@colombianmines.com
www.colombianmines.com
