Vancouver, British Columbia, Canada. October 10th, 2007. Columbus
Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the
"Company") is pleased to announce that drilling has commenced on
the Company's Summit Project where joint venture partner Agnico-Eagle Mines
Limited (AEM: TSE & NYSE) is earning an initial 51% interest by
undertaking staged annual exploration expenditures.
The Summit Project is located along the northeastern flank of the
Pequop Range, approximately 22 kilometers (km) (14 miles) east of
Wells, Nevada and strategically positioned along strike and approximately 1.6 km (1 mile) from the
northern end of the Long Canyon gold deposit of AuEx Ventures, Inc. and
Fronteer Development Group Inc. where ongoing drilling continues to confirm
the presence of high-grade oxide gold mineralization. The Summit Project is
also in close proximity to AuEx's and Agnico-Eagle's West Pequop gold
project where recent drilling at the Mountain Top target was reported to
have returned 18.8
meters (m) of 8.726 grams per
tonne (g/t) (61.7 feet
(ft) of 0.255
ounces per ton (opt)), including 12.8 m (42 ft) at 12.28 g/t
(0.358 opt) from a depth in-hole of 230 ft (70.1 m). A map of the
Summit Project area may be viewed here:
www.columbusgoldcorp.com/i/pdf/maps/summit_location.pdf
Fourteen drill sites have been permitted. The current program will
consist of approximately 1,890
m (6,200
ft) of reverse circulation (RC) drilling in 6 holes.
Three of these holes will test the apparent northeast strike extension of
the Long Canyon mineralization and two holes will test soil geochemical
anomolies coincident with bleached and decalcified limestone and siltstone,
and associated jasperoid breccias, along altered structures.
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
news release. Mr. Wallace is a VP of Columbus Gold's U.S. subsidiary and a
partner of Cordilleran Exploration Company ("Cordex"), which is
conducting exploration and project generation activities for Columbus Gold.
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 Gold controls a 100% interest, subject to
royalties, in 25 gold projects strategically located along or near Nevada's
most productive gold trends. The Company also holds a significant equity
interest in Columbus Silver Corporation, an exploration company with a
growing portfolio of silver projects in the Western United States.
Columbus Gold's and Columbus Silver's project activities are managed
on an exclusive basis 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 the United States. Columbus
Gold 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,
including Newmont Mining, Barrick Gold and Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For more information contact:
Ray Lagace
Investor Relations
604 638-3474 or
1 866 689-2599
info@columbusgoldcorp.com