Vancouver, British Columbia, Canada. May 2nd, 2008. Columbus Gold
Corporation (CGT: TSX-V)
("Columbus Gold" or the "Company") is pleased to
announce that the Company has entered into an agreement (the
"Agreement") to lease the Awakening gold property (the "Property")
located 45 miles
(72 km)
north-northwest of Winnemucca, Nevada.
The Awakening District produced 26,262 ounces of
gold from 1914-1963, largely from the Jumbo Mine. Gold mineralization on
the east side of the district occurs with narrow quartz veins cutting
Mesozoic shale and sandstone. The mines on the east side of the district
are best known for small but often very high-grade "pockets" of
gold ore; recent drilling however has identified a new type of discovery in
the district with broad zones of low grade mineralization in quartz
stockworks, potentially minable by open pit.
The Property was recently explored with a series of excavator
trenches followed by the drilling of six rotary holes in January 2008 as
reported below. Columbus confirmed the drill results by re-logging the
drill holes and verifying the assay results, by both the duplicate assaying
of pulps and also by assaying separate splits of cuttings taken at the rig.
In addition, preliminary metallic screen assaying of cuttings, available
from only one hole (ABZN), indicates the potential to significantly upgrade
gold values in both high and low grade samples. Metallic screen assaying of
the other holes is in progress.
The Awakening Property is centered in an area of considerable
exploration. XCal is drilling at the Sleeper Mine to the northwest;
Evolving Gold is planning a drill program to the west; and Newmont is
earning into Fronteer's Sandman Project to the east-southeast.
Columbus Gold has 24 drill sites permitted and bonded. A geologic
mapping and geophysical program is in progress. Drilling by Columbus is
expected to start within six weeks, depending on drill availability.
Results from the six holes drilled in January are as follows:
|
Drill
|
Depth
|
Depth
|
Orientation
|
From
|
To
|
Interval
|
From
|
To
|
Interval
|
Au
|
|
hole
|
(ft)
|
(m)
|
|
(ft)
|
(ft)
|
(ft)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
|
ABZD
|
540*
|
164.6
|
Vertical Hole
|
90
|
120
|
30
|
27.4
|
36.6
|
9.1
|
1.04
|
|
|
|
|
|
170
|
230
|
60
|
51.8
|
70.1
|
18.3
|
0.37
|
|
|
|
|
|
240
|
250
|
10
|
73.2
|
76.2
|
3.0
|
1.06
|
|
|
|
|
|
250
|
275
|
25
|
76.2
|
83.8
|
7.6
|
0.54
|
|
|
|
|
|
365
|
420
|
55
|
111.3
|
128.0
|
16.8
|
1.68
|
|
|
|
|
|
420
|
435
|
15
|
128.0
|
132.6
|
4.6
|
0.42
|
|
|
|
|
|
500
|
515
|
15
|
152.4
|
157.0
|
4.6
|
0.39
|
|
|
|
|
|
530
|
540
|
10
|
161.6
|
164.6
|
3.0
|
0.39
|
|
ABV
|
330*
|
100.6
|
Angle hole
|
145
|
180
|
35
|
44.2
|
54.9
|
10.7
|
1.45
|
|
|
|
|
|
195
|
240
|
45
|
59.5
|
73.2
|
13.7
|
0.70
|
|
|
|
|
|
305
|
315
|
10
|
93.0
|
96.0
|
3.0
|
0.35
|
|
ABZN
|
220
|
67.1
|
Vertical Hole
|
95
|
100
|
5
|
29.0
|
30.5
|
1.5
|
24.1
|
|
|
|
|
|
175
|
180
|
5
|
53.4
|
54.9
|
1.5
|
0.50
|
|
|
|
|
|
190
|
195
|
5
|
57.9
|
59.5
|
1.5
|
3.31
|
|
AMB
|
180
|
54.9
|
Vertical Hole
|
5
|
10
|
5
|
1.5
|
3.0
|
1.5
|
0.44
|
|
|
|
|
|
30
|
35
|
5
|
9.1
|
10.7
|
1.5
|
0.90
|
|
|
|
|
|
65
|
70
|
5
|
19.8
|
21.3
|
1.5
|
0.43
|
|
|
|
|
|
105
|
115
|
10
|
32.0
|
35.1
|
3.0
|
0.50
|
|
|
|
|
|
130
|
135
|
5
|
39.6
|
41.2
|
1.5
|
1.22
|
|
ABZ
|
170
|
51.8
|
Angle hole
|
155
|
160
|
5
|
47.3
|
48.8
|
1.5
|
2.44
|
|
APB
|
80
|
24.4
|
Angle hole
|
65
|
75
|
10
|
19.8
|
22.9
|
3.0
|
0.75
|
*Hole bottoms in subgrade but
highly anomalous values.
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 partner 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 Corporation is a gold exploration and development Company
operating principally in Nevada. The Company has an experienced management
group with a strong background in all aspects of the acquisition,
exploration, development and financing of precious metal mining projects. Columbus
controls a 100% interest, subject to royalties, in 24 gold projects
strategically located along or near Nevada's most productive gold trends
and 5 silver and copper projects located in Arizona and Utah. The Company's
project activities are managed by Cordilleran Exploration Company
("Cordex"), owned and operated by John Livermore and Andy Wallace
who have a long and successful history of gold discovery and mine
development in Nevada.
The Company maintains active generative (prospecting) and evaluation
programs and, as a key element of strategy, broadens exposure, minimizes
risk and maintains focus on high priority prospects while seeking industry
finance through joint ventures on selected projects. The Company currently
has 14 of its projects joint ventured to major and junior mining companies.