Columbus Silver Corporation

Columbus Silver Corporation

March 02, 2010 09:00 ET

Columbus Silver Corporation: Drilling Update, Mogollon Silver-Gold Project, New Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2010) - Columbus Silver Corporation (TSX VENTURE:CSC) ("Columbus Silver" or the "Company") announces that three drill holes have been completed to date at its 100% controlled Mogollon silver-gold project, Catron County, New Mexico.

The current drilling campaign which commenced in mid-January consists of approximately 7,500-8,000 ft (2,286-2,438 m) in up to 14 diamond core holes and will test the east-west trending Anna E and Independence-Ida May veins.

A series of unprecedented snowstorms over the past month has resulted in large scale power outages and road closures in Catron County, New Mexico; as a consequence of the adverse weather, drilling at Mogollon has been slower than anticipated. The three holes completed to date were drilled at the Anna E vein and were drilled to a dept of 515 ft, 505 ft and 332 ft, respectively. The core has been split and sent to Skyline Labs in Tucson, Arizona for assaying. One drill hole, testing for possible extensions of the Consolidated deposit is in progress and the balance of the program will be drilled on the higher elevation Independence-Ida May veins as the weather improves.

The Mogollon Project covers an extensive, silver-gold bearing epithermal vein field with reported historic production, largely from the Little Fanney and Last Chance mines during the period 1905 to 1925, and the Consolidated Mine from 1937 to 1942, of 15,700,000 ounces silver and 327,000 ounces gold from approximately 1.7 million tons (1.5 million tonnes) of ore.

There are two sets of veins at Mogollon, a north-south set represented by the Queen vein developed in the Consolidated Mine, and an east-west set represented by the productive Little Fanney and Last Chance veins. The highly prospective east-west veins have near-surface characteristics similar to the historically productive Little Fanney and Last Chance veins at Mogollon but have only been explored by shallow workings.

A property map is available at:

The historic figures presented herein are not NI 43-101 compliant. They should not be relied upon and Columbus Silver does not treat them as current.

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 content of this news release. Mr. Wallace is a VP of Columbus Silver's U.S. subsidiary and the principal of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Silver.


Columbus Silver is a silver exploration and development company operating in the Western United States possessing an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of mining projects.

Columbus Silver's project activities are managed on an exclusive basis by Cordex, which has a long and successful history of discovery and mine development in the United States. Columbus Silver maintains active generative (prospecting) and evaluation programs and currently controls a 100% interest in 8 silver properties in Utah, Arizona, New Mexico and Nevada.


Robert F. Giustra, President & CEO, Director

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 the Company's 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; 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; 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.

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