Phase 2 Drill Program Commences at Dutch Flat
Vancouver, British Columbia, Canada. October 05, 2007. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce that drilling has commenced on its Dutch Flat gold property, located on the northern extension of the Battle Mountain Gold Trend, Nevada.
Subject to net smelter royalties, Columbus Gold currently owns a 100% interest in Dutch Flat. Piedmont Mining Company (PIED: OTC) ("Piedmont") can earn a 51% interest in the property by funding US$2 million in exploration expenditures. The current program, fully funded by Piedmont and operated by Columbus, will consist of up to 6,000 feet of reverse circulation drilling and will include a second fence of shallow angle holes to offset the fence of holes drilled in Phase 1 in 2006 (click here for the Phase 1 results) as well as up to eight deeper holes to test the vein zones at greater depth and the possibility of a hidden gold skarn at the margin of the intrusive.
The Dutch Flat Property consists of 114 unpatented mineral claims, covering approximately 950 hectares (2,355 acres), centered in the historic Dutch Flat Mining District, located approximately 32 kilometres (20 miles) northeast of the town of Winnemucca, Humboldt County.
The property covers the entire historic Dutch Flat mining district which had modest production of gold from both lode and alluvial sources during the early to mid 1900's. Modern exploration, principally drilling totaling approx. 4,400 metres (m) (14,381 feet) in 49 holes, was carried out by Amax and Brican Resources Ltd., in the 1980's. This work outlined a broad zone of gold mineralization (averaging approximately 0.28 g/t (0.01 ounces per ton (opt)) traceable for approx 1,200 m (4,000 feet), along the southeast margin of the Dutch Flat granite. The zone is open in both strike directions and at depth. Surface sampling by Columbus has returned higher grades (up to 28 g/t or 1 opt Au) along structures which were not systematically tested or evaluated in previous programs.
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.
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 23 gold projects strategically located along or near Nevada's most productive gold trends and 5 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 12 of its projects joint ventured to major and junior mining companies.
Robert F. Giustra
President & CEO, Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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