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16 février 2012
Gold Mineralization Intersected in Drilling at White Horse Flats Project, Nevada

  • Gold mineralization intersected in 3 drill holes
  • 1.7 km long zone of potential Au mineralization identified
  • Part of an emerging new Gold District
Vancouver, British Columbia, Canada, February 16th, 2012. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold") is pleased to announce the results of drilling 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 Kinsley Mine (a JV between Nevada Sunrise and Pilot Gold) is the closest known Carlin-style deposit to the project and is located 8 km (5 miles) to the SW of Whitehorse Flats. The project also lies approximately 75 km SE of the Long Canyon deposit where Pilot Gold's geologists, as part of Fronteer Gold Inc, defined a significant gold resource (acquired by Newmont in April 2011) in what is now recognized as a new emerging gold district.

Assay results have now been reported by Navaho from the 2,206 metres (7,237 ft) of drilling in 11 reverse circulation drill holes completed during November 2011. According to Navaho, the drilling was designed to test the down-dip extensions of outcropping zones of highly gold anomalous zones of silicification with rock chip samples ranging from 0.32 to 1.82 ppm gold, in addition to a number of concealed structural targets identified from the interpretation of gravity data, collected by Navaho.

Navaho reports that three drill holes intersected low grade gold mineralization:

White Horse Flats - Summary of significant Drilling Assay Results

Hole ID

Interval (m)

Au g/t

Depth From (m)

Depth To (m)

WH11-01

6.1

0.15

62.5

68.6

WH11-04

13.7

0.43

85.4

99.1

WH11-11

7.6

0.34

1.5

9.1


Notes: The table shows significant gold intercepts from the 11 drill holes, as defined by a cut-off of 0.1g/t over a minimum (5') 1.5m width. Holes or intercepts not meeting these criteria are not listed.

WH11-04 intersected 13.7 m @ 0.43 g/t gold from 85.4 m using a 0.1 g/t gold cutoff, this includes a zone of 9.1 m @ 0.56 g/t gold with cut-off 0.3 g/t gold. Drill holes WH11-01 and WH11-011, designed to test an area of gold anomalous rock chip results, intersected 6.1 m @ 0.15 g/t gold from 62.5 m and 7.6 m @ 0.34 g/t gold from 1.5 m, respectively (using a 0.1 g/t gold cutoff). Results from this drilling, used in conjunction with historic drilling by Energy Reserves Group in 1981 (SH9, 6.1m @ 0.49 g/t gold from 79.3 m and SH11, 61 m @ 0.64 g/t from 39.6 m), indicates a potential 1.7 km x 500 m, northeast trending zone of shallow, buried low grade Au mineralization.

Navaho plans further surface sampling including rock chip sampling and follow up drilling to test the extent and controls of the gold mineralization.

Quality Assurance/Quality Control


Drill samples are collected via cyclone assembly with rotary wet splitter and analyzed in 5 ft (1.5m) intervals. Gold is analyzed by 30g fire assay ICP-AES analysis. All of the analytical work is being performed by ALS Minerals, North American laboratories. Sufficient commercially prepared standards, blanks, and duplicates are inserted to assure quality analytical results.

"Anomalous" indicates a result which is greater than 10ppb Au (0.010g/t). The foregoing intercepts are not necessarily true widths as at this time there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space.

The information herein that relates to Exploration Results is based on information compiled by Mark Dugmore B.App.Sc, MSc, who is a Member of The Australian Institute of Mining and Metallurgy. Mr. Dugmore is employed by Navaho Gold Ltd., which is earning into the property, and Mr. Dugmore is not otherwise affiliated with or employed by Columbus Gold.

Mr. Dugmore has more than five years experience which is relevant to the style of mineralization and type of deposit being reported and to the activity which he is undertaking to qualify as a Qualified Person under NI 43-101. He has reviewed and approved the technical contents of this news release.

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 11 of its 25 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.

For more information contact:

Investor Relations
604-634-0970 or
1-888-818-1364
info@columbusgoldcorp.com

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.
 

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