Paul Isnard comprises inferred gold resources of 4.15 million ounces at 2.22 g/t Au in the Montagne d’Or deposit.
Under the terms of the deal , Nordgold will complete a bankable feasibility study and spending not less than $30m over three years in staged work expenditures in order to earn its stake in the Columbus Gold’s 100%-owned project.
Nordgold will also pay $4.2m in cash to Columbus Gold, no later than 21 May 2014.
Nordgold chief executive officer Nikolai Zelenski said, "I am confident that our extensive experience of operating in four diverse countries, strong track record of developing new reserves and building mines, and our experienced management team will ensure a successful implementation of the Project."
The deal is subject to several conditions, which include securing the consent of royalty holders and the approval of the TSX Venture Exchange.
All the required approvals must be satisfied on or before 31 January 2014.
