Vancouver, British Columbia, Canada, November 10th, 2011. Columbus Gold Corporation (CGT: TSX-V
) ("Columbus Gold
") is pleased to announce that drilling has commenced at its White Horse Flats gold project in Nevada, USA, where joint-venture partner Navaho Gold Ltd., can earn an initial 51% interest by completing minimum exploration expenditures.
White Horse Flats is located approximately 43 km (27 miles) south of Wendover, Nevada. The property is 13 km (8 miles) east of the Kinsley Mine, which has reported past production from a Carlin-type deposit.
Navaho reports that the drill program at White Horse Flats will test the down-dip extensions of outcropping zones of highly gold anomalous silicification (rock chip samples ranging from 0.32 to 1.82 ppm) as well as a number of structural targets identified from the interpretation of gravity data, collected by Navaho. Approximately 1,500 m (4,921 ft) of reverse circulation drilling will be completed in 8-10 holes. Navaho expects initial results to be received in December.
White Horse Flats covers three small hills and portions of the surrounding pediment. Exposures on the three hills are limestones and siltstones of Permian age, overlain by a cap of silicification. The silicification forms a discontinuous north to south belt approximately 2,130 m long and up to 150 m wide (7,000 ft long and up to 500 ft wide). Silicification varies from weak to strong with common liesegang banding and is almost everywhere anomalous in gold (from 30 to 1,817 ppb gold), associated with anomalous arsenic, antimony, and mercury. The mineralization is Carlin-type.
Detailed surface sampling by Columbus Gold delineated a significant area approximately 165 m long and 60 m wide (550 ft long and 200 ft wide) yielding 16 samples ranging from 0.32 to 1.82 g/t (0.01 to 0.05 opt) gold. The zone is covered with alluvium on its north and east sides.
Historical drilling of 27 holes by Energy Reserves Group located a number of mineralized zones under the valley pediment approximately 550 m (1,800 ft) SW from the area of surface sampling by Columbus. A drill hole intersected 6.1 m (20 ft) averaging 0.64 g/t (0.019 opt) gold from 43 m (141 ft). Another hole intersected 3 m (9.8 ft) averaging 0.5 g/t (0.015 opt) gold from 18 m (59 ft) within a wider interval of 9.2 m (30 ft) averaging 0.24 g/t (0.007 opt) gold on the east side of the outcrop.
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 project description. Mr. Wallace is the President of Columbus Gold and 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. Columbus Gold's president, Andy Wallace has a long and successful history of gold discovery and mine development. The company currently has 13 of its 26 strategically located gold projects in Nevada joint-ventured to major and junior mining companies, including Agnico-Eagle Mines Limited.
About Navaho Gold
Navaho Gold is an Australian-based exploration company focused on the discovery of world-class gold deposits in Nevada, USA and Queensland, Australia. Navaho Gold is clearly focused on 'Carlin style' gold mineralization, and has identified three (3) main project areas in Queensland and has assembled seven (7) projects in Nevada within the areas associated with the Carlin and Battle Mountain - Eureka Trends.
ON BEHALF OF THE BOARD,
Robert F. Giustra
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 Columbus Gold's or Navaho Gold'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 Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.