Vancouver, British Columbia, Canada. December 09,
2010 Columbus Gold Corporation (CGT:
TSX-V) (the "Company"
or "Columbus
Gold") is pleased to announce plans for a 10,000 ft
(3,048m) drill program in up to 20 RC holes, to begin in January 2011 on
its Weepah Property where recent outcrop sampling
has 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). The favorable
geology extends to the south for 1,200 - 1,500 metres
(4,000-5,000 ft).
Weepah is an historic gold camp, located approximately
32 km (20 miles) west-southwest of Tonopah, Nevada, with the most recent
production from an open pit along a steep, northerly structure cutting
Precambrian sedimentary rocks. 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. It is
reported by the previous owner that 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 was indicated by historical
drilling*. Columbus mapping indicates that the favorable geology in the
area of historical drilling extends to the south for 1,200-1,500 m
(4,000-5,000 ft) under what appears to be very shallow gravel
cover. This area has never been drilled. See the following link for a location
map.
http://www.columbusgoldcorp.com/i/nr/2010-12-09-map-weepah.gif
Detailed mapping, geochemical sampling, a ground
magnetic survey, and 10 line kilometers of CSAMT geophysical surveying have
yielded drill targets. The drill program has been permitted and is
scheduled to begin in January of 2011.
"There is significant potential at Weepah and we are looking forward to results from this
upcoming drill program. The extensive mapping, sampling, and geophysical
work has provided us with some very prospective drilling targets",
stated Andy Wallace, VP Exploration for Columbus Gold.
The Company is presently in preparations to
mobilize a drill for the program and to put in place all support logistics.
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, and has
recently has entered into an option agreement to acquire the Paul Isnard Project in French Guiana which includes the 2
Million ounce Montagen D'Or gold deposit (see
press release dated December 3rd, 2010).
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, Sniper Resources Ltd.'s
("Sniper") earn-in to the Company's property, 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; Sniper's ongoing willingness and ability
to earn into the project; 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; the assumption that Sniper will
be willing and able to continue work on the project and to earn in to same;
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.