Columbus Gold: Drilling Commences at Stevens Basin Gold Project, Nevada
May 09 2011 - 9:00AM
Marketwired
Columbus Gold Corporation (TSX VENTURE: CGT) (the "Company" or
"Columbus Gold") is pleased to announce that partner Navaho Gold
Ltd., has commenced drilling at Columbus Gold's Stevens Basin gold
project located in Eureka Mining District of the prolific Battle
Mountain Gold Trend of Nevada. Navaho Gold can earn an initial 51%
interest in Stevens Basin over a 3 year period by incurring
exploration expenditures of $3 million and making cash and share
payments to Columbus Gold.
The drill program is principally designed to commence testing
surface gold mineralization defined by widespread gold in
rock-chips (ranging up to 2.5 g/t) and a 760 metre long (2,500
feet), open-ended soil anomaly. The strong tenor of the geochemical
anomaly and its trend, coincident with potential major structural
features, make it a compelling prospect.
A ground gravity survey and acquisition of airborne magnetic
data has enabled a structural interpretation and the optimization
and selection of drill sites.
Stevens Basin is an unusual gravel-filled semi-circular basin,
approximately 10-13 km2 (3.8-5.0 mi2) in area. Surrounding this
basin are hills of Palaeozoic sedimentary rocks which, along its
northern margin, consist of mainly Devonian limestone containing
areas of altered and mineralized intrusive rock and siltstone
float.
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 13 of its 22 strategically
located gold projects in Nevada joint ventured to major and junior
mining companies, including Agnico-Eagle Mines Limited.
ON BEHALF OF THE BOARD,
Robert Giustra, Chairman & CEO
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 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 we undertake no obligation to update any of the foregoing
except as required by law.
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.
Contacts: Columbus Gold Corporation Peter Kendrick Senior
Vice-President 604-638-3474 or 1-888-818-1364 (604) 634-0971 (FAX)
info@columbusgoldcorp.com www.columbusgoldcorp.com