Columbus Completes Drilling at Awakening and
Commences Phase II Drilling at Bolo
Vancouver, British Columbia, Canada. August 12, 2008. Columbus Gold
Corporation (CGT: TSX-V) ("Columbus
Gold" or the "Company") is pleased to announce that it has
completed drilling at its Awakening Property and has commenced a Phase II
drilling program at its Bolo gold project. Both projects are located in
Nevada and, subject to underlying royalties, are 100% controlled by
Columbus Gold.
Columbus Gold has completed 12 RC holes at Awakening totaling
approximately 6,265
feet (1,910 meters). The drill has been moved to
the Company's Bolo Property where 33 drill sites have been permitted and
drilling has commenced in a 12 hole Phase II drilling program totaling approximately 6800 ft (2060 m).
The 19 hole, 9,890 ft
(3,014 m)
Phase I drilling program completed at Bolo in December 2007 (click here for detailed results) combined with surface sampling and mapping, has confirmed the
presence of a large Carlin-type mineralized system present over an area of
at least 6 sq. miles (15.5 sq. kilometers). Fifteen
of the 19 holes completed intercepted anomalous gold values; however, due
to difficult drilling conditions several holes were abandoned while still
in alteration, prior to reaching planned target depth. Detailed logging of
the drill holes suggests that the Company may have missed several important
structures in its original surface mapping program as the gold grades
encountered were significantly lower in the drill results than from surface
sampling.
Additional geologic mapping and geophysical programs consisting of ten line
miles of CSAMT surveying and a ground magnetic survey have been completed
and interpreted. The geophysical surveys indicated conductive rock in undrilled areas and, combined with the magnetic surveys
and new mapping, have assisted in identifying cross-structures which may be
controlling better grade. The Phase II drilling program is designed to 1)
intercept these important cross-structures; 2) determine the nature of the
conductive anomalies; and, 3) offset areas of open mineralization cut in
Phase I drilling.
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 a partner 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 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
and 6 silver and copper projects located in Arizona and Utah. The Company's
project activities are managed by 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,
including Newmont Mining, Barrick
Gold and Agnico Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
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
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