First Colombia Gold Profile
First Colombia Gold Corp. engages in the development of its mineral and oil property interests on properties located in the western United States. The company is evaluating mineral and oil property interests and seeking opportunities in other geographical areas.
The company is in a process of reviewing its mining division strategy and business plan to re-focus on projects with a shorter time frame for development or securing joint-venture partners.
Mineral Property Interests
South Idaho Silver Project
The South Idaho Silver Project lies approximately 49 miles south of Boise, Idaho on the flanks of the Snake River Plain, a vast graben-like physiographic region. The South Idaho Silver Project lies in Sections 14 and 15, Township 6 South, Range 1 West, Boise Meridian, Owyhee County, Idaho. Mineral rights are held by eight federal unpatented lode mining clams. These cover approximately 160 acres (65 hectares).
Skip Silver Prospect
The company has staked two unpatented mining claims covering approximately 40 acres in Montana in the vicinity of the Baltimore Silver Mine project.
Oil Leases and Wells
The company acquired ownership interests of certain oil wells, leases, and working interests in the counties of Cumberland (KY), Monroe (KY), Overton (TN) and Clinton (KY) during September 2014. This totaled 113 wells. The company has interests in 96 wells with a gross acreage of 4,302 acres.
The company owns a net retained interest (NRI) and net working interest in 87 oil wells and oil leases, generally ranging from an NRI of 7.8% to 19.5%.
Interest in Net Revenues of Oil Wells and Leases
The company owns a 19.5% interest in the net revenue interest of a private company. The interest is in 35 leases, containing 92 wells.
Strategy
The company’s strategy is to advance projects it owns, leases, or options, and seeks joint-venture partners where possible, and to acquire additional projects in various geographical areas though its concentration is in Montana and Idaho.
Environmental Regulations
The company’s operations are affected by the various state, local and federal environmental laws and regulations, including the Clean Air Act; Oil Pollution Act of 1990; Federal Water Pollution Control Act; Resource Conservation and Recovery Act; Toxic Substances Control Act; and Comprehensive Environmental Response, Compensation and Liability Act.
History
The company was founded in 1997. It was incorporated in the state of Nevada in 1997. The company was formerly known as Gondwana Energy, Ltd. and changed its name to Finmetal Mining Ltd. in 2007. Further, it changed its name to Amazon Goldsands Ltd. in 2008; and to First Colombia Gold Corp. in 2010.
