NEWS RELEASE

Colibri Retains 49% Interest In Pilar And Will Enter Into A JV

March 21, 2024

NEWS RELEASE - Dieppe, NB., March 21st, 2024 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") announces that Tocvan Ventures Corp. (“Tocvan”) has elected not to exercise its Right of First Refusal to purchase 49% ownership in the Pilar Gold and Silver Project (“Pilar”) held by Colibri. As per the original agreement, the two companies will now form a joint venture (“JV”) on a 51 % Tocvan / 49% Colibri basis to advance the project.


“The Pilar Gold and Silver Project has advanced significantly since we entered into the option and joint venture agreement in September 2019. We believe that the Tocvan team has done an excellent job in creating substantial project value and has positioned Pilar to potentially become a low cost gold producer in the near term. The head grade of the bulk sample reported in May 2022 of 1.9 g/t Au is very encouraging as are the recovery factors for gold and silver attained from various metallurgical tests. Further potential expansion of known mineralization is indicated by mineralized trends that are open to the southeast and by detailed interpretation of geophysical surveys completed in 2020 which indicate the potential continuity of controlling structures at depth. We are extremely excited about the potential opportunities that Colibri now has on the table for its 49% ownership at Pilar.” said Ian McGavney, President/ CEO of Colibri.


About the Pilar Project Agreement and JV


The Pilar Gold & Silver Project is an advanced exploration project located near the town of Suaqui Grande in central Sonora, Mexico. In September 2018, the two Companies entered into a 5 year option work one agreement whereby Colibri granted Tocvan the right to earn 51% ownership of Pilar by:


  1. issuing a total of 5 million shares of Tocvan to Colibri,
  2. completing a total of $2 million of exploration expenses,
  3. making cash payments totalling $400,000.


The agreement also granted Tocvan, upon earning its 51% interest in Pilar, a six month exclusivity period to purchase the remaining 49% owned Colibri by paying CAD$2 million and granting Colibri a 2% net smelter royalty (“NSR”). Tocvan successfully completed its Earn-In of 51% ownership of Pilar on September 18th, 2023, triggering the exclusivity clause which expired at the end of business on March 18th, 2024. As a result, 49% ownership of Pilar remains with Colibri and the Companies will now form a JV to advance the project towards production.


About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company holds six high potential precious metal projects in the mining friendly state of Sonora, Mexico. 


For more information about all Company projects please visit: www.colibriresource.com.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.


For information contact:

Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com

Share This.

Related news releases.

Colibri Resource Corporation Announces Results of Annual General Meeting

June 17, 2025
NEWS RELEASE - DIEPPE, N.B., June 17, 2025 -- Colibri Resource Corporation (“Colibri” or the “Company”) (CBI: TSX-V) is pleased to announce the results of its Annual General Meeting (“AGM”) of shareholders held on June 13, 2025. A total of 9,451,871 common shares were represented in person or by proxy at the meeting, representing approximately 8.19% of the Company’s issued and outstanding shares as of the record date. Shareholders voted in strong support of all resolutions, each of which was approved with 99.88% of the votes cast. Election of Directors The following individuals were elected as directors of the Company until the next annual general meeting or until their successors are duly elected or appointed:

Colibri Announces Effective Date of Share Consolidation

June 11, 2025
NEWS RELEASE - DIEPPE, N.B., June 11, 2025 -- Colibri Resource Corporation (“Colibri” or the “Company”) (CBI: TSX-V) announces that, further to the Company’s press release on May 14, 2025, Colibril has received approval of the TSX Venture Exchange (the “TSXV”) for the consolidation of its issued and outstanding common shares (each, a “Share”) on the basis of five (5) pre-consolidation Shares for each one (1) post-consolidation Share (the “Consolidation”). The Consolidation is being effected pursuant to a resolution of the board of directors of the Company dated May 5, 2025. No shareholder approval is required for the Consolidation to come into effect. The Company has obtained a new CUSIP (194168407) and ISIN (CA194168407) in connection with the Consolidation. There will be no name change or trading symbol change in conjunction with the Consolidation. Effective at the opening of trading on Friday, June 13, 2025 (the “Effective Date”), the Shares will commence trading on the TSXV on a consolidated basis. As at the date hereof, there are a total of 115,417,625 Shares issued and outstanding. Assuming no other change to the issued and outstanding Shares, a total of 23,083,525 Shares, subject to adjustments for rounding, will be issued and outstanding on the Effective Date. No fractional post-Consolidation Shares will be issued as a result of the Consolidation. Fractional Shares will be rounded up to the next nearest whole number of Shares if the fraction is at least half of a Share and rounded down to the nearest whole number of Shares if the fraction is less than half a Share. The exercise or conversion price, and the number of Shares issuable under any of the Company’s outstanding convertible securities, if any, will be proportionately adjusted upon the Effective Date. A letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc., will be mailed to registered shareholders providing instructions on how to exchange their physical Share certificates representing pre-Consolidation Shares for new certificates representing post-Consolidation Shares. Shareholders who hold their Shares in DRS/Book or in brokerage accounts are not required to take action to effect an exchange of their pre-Consolidation Shares for post-Consolidation Shares. Until surrendered, each Share certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.

Colibri Resource Corporation Consolidates Ownership of Diamante Project, Prepares for Growth with Strategic Asset Realignment and Share Consolidation

May 14, 2025
NEWS RELEASE - Dieppe, NB., May 14th, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") iwishes to announce a series of strategic corporate developments aimed at strengthening its asset base and capital structure. These include: Increasing its effective ownership of the Diamante Gold-Silver Project in Sonora, Mexico to 60%; Entering an agreement to acquire its joint venture partner's remaining interest in the project; Monetizing a non-core asset through the sale of its 50% interest in the Jackie Project; and Implementing a share consolidation to position the Company for improved capital markets access and long-term growth. These actions align with Colibri’s sharpened focus on advancing its two most advanced exploration assets. The Company is collaborating with Tocvan Ventures on the potential future development of the Pilar Gold & Silver Project, where drilling, bulk sampling and trenching suggest near-term production potential. In parallel, Colibri is preparing for further advanced exploration activity at its 100%-owned EP Gold Project, located in a multi-million-ounce gold corridor called the Caborca Gold Belt that hosts Mexico’s largest producing gold mine owned by Fresnillo Plc called La Herradura (25km west of EP). The La Herradura, which has been operating since 1994, produced 367,000 ounces of gold in 2024 and has 7.4 milllion ounces of gold remaining in reserves at the end of 2024 (source: Fresnillo Plc - 2024 Annual Report). Colibri geologists believe that EP shares key geological characteristics with nearby gold deposits, including structure, lithology, and geochemistry—underscoring its discovery potential.
ALL NEWS RELEASES