UPDATE: Columbus Gold Receives $2.2 M Option Termination Refund; Shares Up 5.2% at Midday

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Columbus Gold Corp. (CGT.V) announced the termination of the letter agreement with Columbus Copper Corporation (formerly Empire Mining) first announced in March 2012. The Columbus Agreement granted a contingent option under which Columbus Gold could earn up to a 51% interest in Columbus Copper's Demirtepe property in Turkey. In connection with the termination, Columbus Gold has been repaid a $2,000,000 refundable deposit plus approximately $200,000 in interest and fees.

Columbus Gold now has approximately $4.4 million in cash on hand.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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