Vancouver, British Columbia, Canada. March 9th,
2011, Columbus Gold Corporation (CGT: TSX-V) (the "Company"
or "Columbus Gold") is pleased to announce that drilling
has commenced at its Eastside gold project in Nevada. The 3,048 m (10,000
ft) drilling program will consist of up to 20 RC holes.
The Eastside Project is located approximately 40
km (25 miles) west of Tonopah, Nevada. The project is 100% controlled by
Columbus Gold subject to underlying royalties.
Sampling (530 samples) of outcrop from Eastside
yielded gold values from nil up to 7.95 g/t (0.23 opt) over 900 m (3,000
ft) of strike length along a northerly-trending zone of silicified breccia. Most of the samples exceeded 0.15 g/t (0.004
opt) with several areas running from 0.8 to 3.5 g/t (0.02 to 0.10 opt).
Mineralization occurs in breccia
zones with quartz veins hosted in altered Tertiary volcanic and
sub-volcanic rocks. The highest gold values seem closely associated with breccia zones along the margins of intrusive rhyolite flow-domes.
There is one adit and a
few prospect pits scattered across the property. There are three historic
drill holes on the east margin of the property, but none tested the
mineralization identified in the recent sampling.
Maps and additional information is available at
the following link:
http://www.columbusgoldcorp.com/i/nr/2011-03-09-maps.pdf
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.
About Columbus Gold
Columbus Gold is a gold exploration and
development company operating in French Guiana and 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 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 which is owned and operated by Andy Wallace who
has a long and successful history of gold discovery and mine development.
Columbus Gold currently has 12 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 follow the link:
http://www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf.
ON BEHALF OF THE BOARD,
Robert 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
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 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; 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 an 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 we undertake no obligation to
update any of the foregoing except as required by law.