Vancouver, British Columbia, Canada. October 10th, 2007. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce that drilling has commenced on the Company's Summit Project where joint venture partner Agnico-Eagle Mines Limited (AEM: TSE & NYSE) is earning an initial 51% interest by undertaking staged annual exploration expenditures.
The Summit Project is located along the northeastern flank of the Pequop Range, approximately 22 kilometers (km) (14 miles) east of Wells, Nevada and strategically positioned along strike and approximately 1.6 km (1 mile) from the northern end of the Long Canyon gold deposit of AuEx Ventures, Inc. and Fronteer Development Group Inc. where ongoing drilling continues to confirm the presence of high-grade oxide gold mineralization. The Summit Project is also in close proximity to AuEx's and Agnico-Eagle's West Pequop gold project where recent drilling at the Mountain Top target was reported to have returned 18.8 meters (m) of 8.726 grams per tonne (g/t) (61.7 feet (ft) of 0.255 ounces per ton (opt)), including 12.8 m (42 ft) at 12.28 g/t (0.358 opt) from a depth in-hole of 230 ft (70.1 m). A map of the Summit Project area may be viewed here:
Fourteen drill sites have been permitted. The current program will consist of approximately 1,890 m (6,200 ft) of reverse circulation (RC) drilling in 6 holes. Three of these holes will test the apparent northeast strike extension of the Long Canyon mineralization and two holes will test soil geochemical anomolies coincident with bleached and decalcified limestone and siltstone, and associated jasperoid breccias, along altered structures.
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 content of this news release. Mr. Wallace is a VP of Columbus Gold's U.S. subsidiary and a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold.
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. The Company also holds a significant equity interest in Columbus Silver Corporation, an exploration company with a growing portfolio of silver projects in the Western United States.
Columbus Gold's and Columbus Silver's project activities are managed on an exclusive basis by Cordilleran Exploration Company (Cordex), owned and operated by John Livermore and Andy Wallace who have a long and successful history of gold discovery and mine development in the United States. Columbus Gold 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.