Vancouver, British Columbia, Canada. March 9th, 2011, Columbus Gold Corporation (CGT: TSX-V)
" or "Columbus Gold
") is pleased to announce that drilling has commenced at its Eastside gold project in Nevada. The 3,048 m (10,000 ft) drilling program will consist of up to 20 RC holes.
The Eastside Project is located approximately 40 km (25 miles) west of Tonopah, Nevada. The project is 100% controlled by Columbus Gold subject to underlying royalties.
Sampling (530 samples) of outcrop from Eastside yielded gold values from nil up to 7.95 g/t (0.23 opt) over 900 m (3,000 ft) of strike length along a northerly-trending zone of silicified breccia. Most of the samples exceeded 0.15 g/t (0.004 opt) with several areas running from 0.8 to 3.5 g/t (0.02 to 0.10 opt).
Mineralization occurs in breccia zones with quartz veins hosted in altered Tertiary volcanic and sub-volcanic rocks. The highest gold values seem closely associated with breccia zones along the margins of intrusive rhyolite flow-domes.
There is one adit and a few prospect pits scattered across the property. There are three historic drill holes on the east margin of the property, but none tested the mineralization identified in the recent sampling.
Maps and additional information is available at the following link:
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.
About Columbus Gold
Columbus Gold is a gold exploration and development company operating in French Guiana and Nevada. In French Guiana, Columbus Gold recently acquired an option to earn a 100% interest in the Paul Isnard gold project, which has a 43-101 compliant 1.9 million ounce inferred gold resource and substantial expansion potential. In Nevada, Columbus is a prolific 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 activities are managed by Cordex which is owned and operated by Andy Wallace who has a long and successful history of gold discovery and mine development. Columbus Gold currently has 12 of its 22 strategically located gold projects in Nevada joint ventured to major and junior mining companies, including Agnico-Eagle Mines Limited. To learn more about Columbus Gold's drilling plans in Nevada in 2011 visit the follow the link: http://www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf
ON BEHALF OF THE BOARD,
Chairman & CEO
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.