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Columbus Gold Corporation

Publié le 25 juin 2008

COMMENCES DRILLING AT AWAKENING

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June 25, 2008

 


NEWS RELEASE

COLUMBUS GOLD COMMENCES DRILLING AT AWAKENING

Vancouver, British Columbia, Canada. June 25th, 2008. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce that it has commenced a Phase I drilling program at its Awakening gold project (the "Property"), located 45 miles (72 km) north-northwest of Winnemucca, Nevada.

Twenty-four drill sites are permitted and bonded. The program will consist of up to approximately 7,200 ft (2,200 m) of reverse circulation (RC) drilling in 10 to 12 holes.

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.

Results from the six holes drilled in January are as follows:

Drill hole

Depth

Depth

Orientation

From

To

Interval

From

To

Interval

Au

 

(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

*Hole bottoms in subgrade but highly anomalous values

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

*Hole bottoms in subgrade but highly anomalous values

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

APB

80

24.4

Angle hole

65

75

10

19.8

22.9

3.0

0.75

ABZ

170

51.8

Angle hole

155

160

5

47.3

48.8

1.5

2.44

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


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.

Subject to underlying NSR royalties, the Awakening Property is 100% controlled by Columbus Gold pursuant to two lease agreements. Under the terms of the lease agreement with Dean and Camron Stitzel dated effective April 25th, 2008 (the "Stitzel Lease"), Columbus Gold leased 21 mining claims for a renewable 10 year term, in consideration for advance royalties of US$50,000 and 76,037 shares of Columbus Gold on execution; advance royalties of US$50,000 and US$50,000 in common shares of Columbus Gold on the first anniversary of the effective date; and, advance royalties of US$100,000 annually on the second though tenth anniversaries of the effective date. The Stitzel Lease provides for an NSR royalty of between 3% and 6% based on the price of gold.

Under the terms of the lease agreement with Bald Mountain Mining Company dated effective June 2nd, 2008 (the "Bald Mtn Lease"), Columbus Gold leased 38 mining claims for a renewable 10 year term, in consideration for advance royalties of US$10,000 and 25,000 common shares of Columbus Gold on execution; advance royalties of US$20,000 and 25,000 common shares of Columbus Gold on the first anniversary of the effective date; advance royalties of US$30,000 on the second anniversary of the effective date; advance royalties of US$40,000 on the third anniversary of the effective date; and, US$50,000 in advance royalties annually on the fourth though tenth anniversaries of the effective date. Bald Mountain retains a 3% NSR royalty.

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 25 gold projects strategically located along or near Nevada's most productive gold trends and 6 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.

ON BEHALF OF THE BOARD,

Robert F. Giustra President & CEO, Director

For more information contact:

Ray Lagace
Investor Relations
604-638-3474
info@columbusgoldcorp.com

For more information on Columbus Gold go to: www.columbusgoldcorp.com

 

 

 


.

Columbus Gold Corporation

EN DÉVELOPPEMENT
CODE : CGT.V
ISIN : CA1991711096
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Columbus Gold est une société développant des projet miniers d'or basée au Canada.

Columbus Gold est en développement de projets d'or et d'argent en USA, et détient divers projets d'exploration en USA.

Son principal projet en développement est SILVER DOME en USA et ses principaux projets en exploration sont DUTCH FLAT, WINNEMUCCA MOUNTAIN, SUMMIT PROJECT, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY, WHITE HORSE NORTH, AWAKENING, CHERT CLIFF, OVERLAND PASS, SCRAPER, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, CLARA MORO, FOUR METALS PROPERTY, WHITE CANYON MINE, HUGHES CANYON, GOLDEN MILE, WEEPAH, WHITE HORSE FLATS, DEL ORO, BOLO, EASTSIDE (NEVADA), MILL CANYON (NEVADA) et SPRING en USA et PAUL ISNARD en Guyane Francaise.

Columbus Gold est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 49,3 millions CA$ (34,5 millions US$, 31,9 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 1,89 CA$, et son plus bas niveau récent le 14 novembre 2008 à 0,10 CA$.

Columbus Gold possède 142 920 000 actions en circulation.

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