08:11 AM EDT, 08/14/2018 (MT Newswires) -- Columbus Gold Corp. (CGT.TO) -- which last traded on the TSX at $0.19, near a 52 week low of $0.18 -- entered Tuesday into an agreement with IAMGOLD Corporation (IMG.TO, IAG) to acquire up to a 70% interest in the Maripa gold project, located in French Guiana, France. For its part, IAG was at last look up 0.2% in US pre-market trade, having fallen near 4% and closer to 52 week lows on the NYSE yesterday.

"With mine permitting well underway at the Montagne d'Or gold deposit, the timing was right for this deal on Maripa," said Robert Giustra, Chairman of Columbus Gold, in a statement. "This low-cost, high-potential acquisition solidifies Columbus Gold's position as the leading gold exploration and development company in French Guiana."

Maripa is located in eastern French Guiana, 50 kilometres south of the capital city of Cayenne, and is comprised of up to five contiguous exploration permits (PER) that cover an area of approximately 120 square kilometres. Gold has been mined in the area for over a century; the past producing Changement mine, located within the Maripa project area, recorded gold production of some 40,000 ounces of gold from 1985 to 1996.

Price: 0.19, Change: -0.00, Percent Change: -2.56