Vancouver, British Columbia, Canada. January 13,
2011 Columbus Gold Corporation (CGT: TSX-V) (the "Company"
or "Columbus Gold") announces it has commenced drilling at
its Weepah Project. The 10,000 ft (3,048m)
planned drill program will consist of approximately 20 RC holes.
Weepah is located approximately 32 km (20 miles)
west-southwest of Tonopah, Nevada, with historic gold production from an
open pit along a steep, northerly structure cutting Precambrian sedimentary
rocks. Columbus targets are east of the historic open pit where gold occurs
as replacements in sanded, or lightly silicified, Precambrian limestone,
exposed in small outcrops through thin gravel cover on the north edge of an
alluvial basin. Recent outcrop sampling of the altered limestone on the
Columbus claims yielded values from anomalous up to 10.29 g/t (0.30 opt)
gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft).
Historic drilling, reported by the previous owner, indicates a small
resource of approximately 225,000-450,000 tonnes
(250,000-500,000 tons) averaging 1.7-2.4 g/t (0.05-0.07 opt) gold*.
Columbus mapping, along with geophysical surveys, indicate that the
favorable geology extends beyond the area of drilling to the south and east
for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover. See the following link for a location
map:
http://www.columbusgoldcorp.com/i/nr/2011-01-13-map-weepah.gif
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.
* Caution: A qualified person has not done
sufficient work to classify the historical estimates contained herein as
current mineral resources. The Company is not treating the historical
estimates as current mineral resources and the historical estimates should
not be relied upon.
About Columbus Gold
Columbus Gold Corporation is a gold exploration
company pursuing early to advanced stage opportunities primarily in Nevada.
The Company is an experienced 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 and generative activities are managed by Cordilleran
Exploration Company owned and operated by Andy Wallace who has a long and
successful history of gold discovery and mine development in Nevada. The
Company currently has 12 of its 23 projects joint ventured to major and
junior mining companies, including Agnico-Eagle Mines Limited.
ON BEHALF OF THE BOARD,
Peter Kendrick
President
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:
Peter Kendrick
President
604 638-3474 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 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.