Vancouver, British Columbia, Canada. August 12, 2008. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce that it has completed drilling at its Awakening Property and has commenced a Phase II drilling program at its Bolo gold project. Both projects are located in Nevada and, subject to underlying royalties, are 100% controlled by Columbus Gold.
Columbus Gold has completed 12 RC holes at Awakening totaling approximately 6,265 feet (1,910 meters). The drill has been moved to the Company's Bolo Property where 33 drill sites have been permitted and drilling has commenced in a 12 hole Phase II drilling program totaling approximately 6800 ft (2060 m).
The 19 hole, 9,890 ft (3,014 m)
Phase I drilling program completed at Bolo in December 2007 (click here for detailed results)
combined with surface sampling and mapping, has confirmed the presence of a large Carlin-type mineralized system present over an area of at least 6 sq. miles (15.5 sq. kilometers). Fifteen of the 19 holes completed intercepted anomalous gold values; however, due to difficult drilling conditions several holes were abandoned while still in alteration, prior to reaching planned target depth. Detailed logging of the drill holes suggests that the Company may have missed several important structures in its original surface mapping program as the gold grades encountered were significantly lower in the drill results than from surface sampling.
Additional geologic mapping and geophysical programs consisting of ten line miles of CSAMT surveying and a ground magnetic survey have been completed and interpreted. The geophysical surveys indicated conductive rock in undrilled areas and, combined with the magnetic surveys and new mapping, have assisted in identifying cross-structures which may be controlling better grade. The Phase II drilling program is designed to 1) intercept these important cross-structures; 2) determine the nature of the conductive anomalies; and, 3) offset areas of open mineralization cut in Phase I drilling.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this news release. Mr. Wallace is a VP of Columbus Gold's wholly-owned US operating subsidiary, Columbus Gold (U.S.) Corporation and a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
ABOUT COLUMBUS GOLD
Columbus Gold Corporation is a gold exploration and development company operating principally in Nevada. The Company has an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of precious metal mining projects. Columbus Gold controls a 100% interest, subject to royalties, in 25 gold projects strategically located along or near Nevada's most productive gold trends and 6 silver and copper projects located in Arizona and Utah. The Company's project activities are managed by Cordex, owned and operated by John Livermore and Andy Wallace who have a long and successful history of gold discovery and mine development in Nevada.
The Company maintains active generative (prospecting) and evaluation programs and, as a key element of strategy, broadens exposure, minimizes risk and maintains focus on high priority prospects while seeking industry finance through joint ventures on selected projects. The Company currently has 14 of its projects joint ventured to major and junior mining companies, including Newmont Mining, Barrick Gold and Agnico Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information contact:
604-638-3474 or 1-866-689-2599