Vancouver, British Columbia, Canada. March 28th, 2011, Columbus Gold Corporation (CGT: TSX-V
) (the "Company
" or "Columbus Gold
") is pleased to announce the appointment of Mr. Andy Wallace as President. Interim President Peter Kendrick who played an essential role in securing Mr. Wallace's appointment will continue to serve Columbus Gold in the capacity of Senior Vice President.
"We are honoured that Mr. Wallace has accepted this important position"
stated Chairman & CEO Robert Giustra. "The appointment of Mr. Wallace as President is an exceptional accomplishment. His experience and track record markedly enhance Columbus Gold's ability to finance, expand and develop the advanced stage 1.9M oz. Paul Isnard gold project in French Guiana, achieving another important milestone in the Company's corporate evolution from an early stage explorer to a developer."
Mr. Wallace is the principal of Cordex Exploration LLC ("Cordex"), considered by many in the mining industry to be one of the most successful gold exploration groups in the United States. Cordex was founded by the legendary John Livermore, who discovered the Carlin Mine in Nevada and a new type of gold mineralization that is now referred to as "Carlin-Type". The discovery of the Carlin Mine transformed the gold mining industry in the United States and perhaps the world. A flurry of exploration for Carlin-Type gold deposits ensued and as additional discoveries were made, the Carlin Trend of Nevada became the most prolific goldfield in the Western Hemisphere and the second largest gold depository in the world. Today the Carlin Trend reportedly hosts more than 120 million ounces of known proven and probable reserves and has produced approximately 60 million ounces of gold in past production and Nevada is the largest gold producing area in the world per square kilometer.
At the height of the Nevada gold rush, in 1974, Andy Wallace joined Cordex, becoming a full time geologist in 1978 and eventually Manager of Exploration in 1985. Cordex is credited with an unprecedented nine gold discoveries in Nevada, a number of which were under Mr. Wallace's management, including the 5 million ounce Marigold mine now operated by Goldcorp and the 12 million ounce Stonehouse/Lone Tree mines and the Daisy mine now controlled by Newmont.
Mr. Wallace's experience in the gold mining industry is vast and varied and includes every aspect of mine development. At his Marigold discovery and also at the Pinson and Dee mines in Nevada, Mr. Wallace directed or was involved in, resource expansion, development, feasibility, engineering, permitting, mine construction and production. Pinson and Dee were Cordex discoveries and are now controlled by Barrick; in the mid-1970s Pinson accounted for 7% of all U.S. domestic gold production.
Mr. Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists. He completed a B.S. in geology at Eastern New Mexico University, an M.S. in geology at the University of Texas at El Paso, and a PhD in geology at the Mackay School of Mines at the University of Nevada, Reno.
The appointment of Mr. Wallace to President is subject to TSX Venture Exchange approval.
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. 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.
For more information contact:
Senior Vice President
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.