Vancouver, British Columbia, Canada. April 7th,
2011, Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold")
is pleased to announce final drill results from the Phase I drilling
program recently completed at its Weepah gold
project located in Esmeralda County, Nevada where the results to date
warrant additional drilling.
The Phase I program consisted of 2406 m (7,895 ft)
in 15 RC holes. Highlights include:
- Drill hole WP-2 intersected
7.6 m (25 ft) of 2.29 g/t (0.067 opt) gold from 118.9-126.5 m
(390-415 ft) depth, including two separate 1.5 m (5 ft) intervals of
4.31 g/t (0.126 opt) and 4.38 g/t (0.128 opt) gold.
- Drill hole WP-5 intersected
16.8 m (55 ft) of 1.30 g/t (0.038 opt) gold from 7.6-24.4 m
(25-80 ft) depth, including 3.0 m (10 ft) of 4.54 g/t (0.132 opt)
gold.
- Drill hole WP-7 intersected
27.4 m (90 ft) of 0.73 g/t (0.021 opt) gold from 16.8-44.2 m depth
(55-145 ft).
- Drill hole WP-12
intersected 4.6 m (15ft) of 3.47 g/t (0.101 opt) gold from
79.2-83.8 m (260-275 ft), including 1.5 m (5ft) of 9.37 g/t (0.273
opt) gold from 80.8-82.3 m (265-270 ft).
Drill holes WP-6, 7, and 8 were 91-152 m (300-500
ft) offsets of the gold mineralization encountered in drill hole WP-5. All
three offset holes cut gold with the best intercept in WP-7 which was 120 m
(400 ft) northeast of WP-5 and cut 0.73 g/t (0.021 opt) from 16.8-44.2 m
depth (55-145 ft). Gold mineralization remains completely open to the north
and east, and possibly south of holes WP-5, 7, 8, and 9. Drill holes WP-9
through WP-15 were step-outs mainly to the south under gravel cover, which
ranges from 25-95 ft (8-29 m) in thickness. The favorable Precambrian silt
and limestone is present immediately under the gravel cover and altered
with anomalous gold values. Hole WP-12 cut significant gold values,
averaging 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft),
including 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft).
A table of significant drill results can be viewed
at the following link:
http://www.columbusgoldcorp.com/i/nr/2011-03-07-assays.pdf
Some assay averages included in the table have
been slightly modified from results reported in the January 31, 2011 press
release to reflect analytical results for all check assays from the
mineralized intervals in the Phase one drilling program.
The controls of gold mineralization at Weepah are not as yet well understood however the
results to date clearly warrant more drilling. A geologic analysis of drill
results is underway and a detailed geophysical program designed to outline
structure are proposed for mid-2011, to be followed by a Phase II drilling
program. Based on the current geological understanding, the Phase II
drilling program will consist mostly of angled drill holes.
Quality Assurance/Quality Control
Assays reported herein were performed by American Assay Laboratories, Inc.
in Sparks, Nevada. Standards and blanks were inserted along with the drill
cuttings and reported in the assay results. Two separate splits of each 1.5
m (5 ft) of drill cuttings were obtained at the drill rig and the second
split submitted for check assaying for the mineralized intervals. In
addition, check assaying for select intervals, was completed for splits
from the bulk reject and from the assay pulp obtained from the drill rig
split. A total of 1417 drill samples were originally analyzed and 333 check
assays, including nearly all mineralized intervals with original assays
greater than 100 parts per billion (ppb) gold,
were completed. No significant variations in results have been detected in
the check assaying.
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 the President of
Columbus Gold and the principal 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 is a gold exploration and development company operating in
French Guiana and in 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 (36.7 million tonnes grading 1.6 g/t) 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 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 22 strategically located gold
projects in Nevada joint ventured to major and junior mining companies,
including Agnico-Eagle Mines Limited. To learn more about Columbus Gold's
drilling plans in Nevada in 2011 visit the following link: http://www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf.
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:
Peter Kendrick
Senior Vice 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 Columbus 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 and Columbus Gold undertake no
obligation to update any of the foregoing except as required by law.