Vancouver, British Columbia, Canada. January 13, 2011 Columbus Gold Corporation
) (the "Company
" or "Columbus Gold
") announces it has commenced drilling at its Weepah Project. The 10,000 ft (3,048m) planned drill program will consist of approximately 20 RC holes.
Weepah is located approximately 32 km (20 miles) west-southwest of Tonopah, Nevada, with historic gold production from an open pit along a steep, northerly structure cutting Precambrian sedimentary rocks. Columbus targets are east of the historic open pit where 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. Recent outcrop sampling of the altered limestone on the Columbus claims 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). Historic drilling, reported by the previous owner, indicates 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*. Columbus mapping, along with geophysical surveys, indicate that the favorable geology extends beyond the area of drilling to the south and east for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover. See the following link for a location map:
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.
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.