Vancouver, British Columbia, Canada. December 09, 2010 Columbus Gold Corporation (CGT: TSX-V
) (the "Company"
or "Columbus Gold"
) is pleased to announce plans for a 10,000 ft (3,048m) drill program in up to 20 RC holes, to begin in January 2011 on its Weepah Property where recent outcrop sampling has yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft). The favorable geology extends to the south for 1,200 - 1,500 metres (4,000-5,000 ft).
Weepah is an historic gold camp, located approximately 32 km (20 miles) west-southwest of Tonopah, Nevada, with the most recent production from an open pit along a steep, northerly structure cutting Precambrian sedimentary rocks. Gold occurs as replacements in sanded, or lightly silicified, Precambrian limestone, exposed in small outcrops through thin gravel cover on the north edge of an alluvial basin. It is reported by the previous owner that a small resource of approximately 225,000-450,000 tonnes (250,000-500,000 tons) averaging 1.7-2.4 g/t (0.05-0.07 opt) gold was indicated by historical drilling*. Columbus mapping indicates that the favorable geology in the area of historical drilling extends to the south for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover. This area has never been drilled. See the following link for a location map.
Detailed mapping, geochemical sampling, a ground magnetic survey, and 10 line kilometers of CSAMT geophysical surveying have yielded drill targets. The drill program has been permitted and is scheduled to begin in January of 2011.
"There is significant potential at Weepah and we are looking forward to results from this upcoming drill program. The extensive mapping, sampling, and geophysical work has provided us with some very prospective drilling targets", stated Andy Wallace, VP Exploration for Columbus Gold.
The Company is presently in preparations to mobilize a drill for the program and to put in place all support logistics.
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 is the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.
*Caution: A qualified person has not done sufficient work to classify the historical estimates contained herein as current mineral resources. The Company is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.
About Columbus Gold
Columbus Gold Corporation is a gold exploration company pursuing early to advanced stage opportunities primarily in Nevada. The Company is an experienced project generator focused on advancing projects either through joint venture with industry partners or on its own where exploration risk is minimized and potential is particularly promising. Exploration and generative activities are managed by Cordilleran Exploration Company owned and operated by Andy Wallace who has a long and successful history of gold discovery and mine development in Nevada. The Company currently has 12 of its 23 projects joint ventured to major and junior mining companies, including Agnico-Eagle Mines Limited, and has recently has entered into an option agreement to acquire the Paul Isnard Project in French Guiana which includes the 2 Million ounce Montagen D'Or gold deposit (see press release dated December 3rd, 2010).
ON BEHALF OF THE BOARD,
Neither the 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.
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This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting drilling, and the Company's general exploration plans. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers and drill equipment; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies including without limitation drill rigs; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.