Columbus Gold (CGT.V) still expects to release its updated resource estimate on their 100% owned Paul Isnard Project in French Guiana next month. The current resource estimate contains 1.9Moz at an average grade of 1.6g/t.
We expect Columbus to grow the resource base to at least 2.5 million ounces of gold at a comparable grade.
Edgewater Exploration (EDW.V) expects to receive its mining license for their 100% owned Corcoesto Gold Project in Galicia, Spain within the next few weeks. We believe a lot of investors are waiting on the sidelines for this permit, before dipping their toes in the water.
Edgewater sold a 1% royalty for $4M earlier this year, giving the project a total value of $400M versus Edgewater’s current market capitalization of C$33M.
CEO George Salamis seems to have the Midas touch, as two other companies where he acts as a director have seen nice share price gains in the past month. One of our favorites, Prodigy Gold (PDG.V), is being bought out by Argonaut Gold (AR.TO). And Brixton Metals (BBB.V) announced excellent drill results in Alaska, sending the Brixton share price soaring from C$0.135 to C$0.26 in just two days.
We hope he can repeat these gains with Edgewater now!
Disclosure: The author holds a long position in Columbus Gold Corp. and Edgewater Exploration Ltd. We have visited both projects in the past year and our costs have been reimbursed. Please see our disclaimer for current positions.
