Colombian Mines Corporation
TSX VENTURE : CMJ

Colombian Mines Corporation

September 09, 2008 08:00 ET

Colombian Mines Announces First Drill Results From Guayabales, Intersects 2.34 Grams Gold Per Tonne Over 21.9 Meters

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2008) - Colombian Mines Corporation (TSX VENTURE:CMJ) ("Colombian Mines" or "the Company") is pleased to announce results for the first seven core holes from the Company's 2008 drill program at Guayabales. Significant results include 3.2 meters grading 11.0 grams gold per metric tonne (g/T Au) contained within a longer interval of 21.9 meters averaging 2.43 g/T Au in hole GDH-7.

The style of mineralization encountered is consistent with the Company's targeting of bulk mineable, gold porphyry style mineralization with associated structurally controlled, high grade, precious metals epithermal mineralization. The gold zones at Guayabales also report significant silver and base metals assays. Holes GDH-1 through GDH-6 either did not reach, or did not completely penetrate the target zone due to difficult drilling conditions. However, GDH-1 and GDH-4 did yield significant results from hanging wall mineralization. Hole GDH-7 fully penetrated the targeted Encanto structural zone. The significant drill results are summarized below. An accurate true thickness for the reported drill intervals is difficult to estimate at this stage in the program.



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Drill Interval
-------------------- Cop- Gold
From To Length Gold Silver per Lead Zinc Moly Equiv.
Drill ---------------------------------------------------------------
Hole Meters Meters Meters g/T g/T ppm ppm ppm ppm g/T
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GDH-1 15.55 45.20 29.7 0.75 8.09 320 276 317 13.5 1.02
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Including 15.55 20.30 4.8 3.32 16.86 149 897 1,077 2.1 3.73
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GDH-1 188.75 195.80 7.1 1.54 22.29 271 5,163 5,595 6.3 2.48
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Including 194.60 195.80 1.2 5.12 43.75 421 11,771 11,970 10.2 7.06
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GDH-4 87.85 93.50 5.7 2.55 27.61 434 4,654 6,682 3.6 3.64
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Including 90.75 93.50 2.8 4.92 50.45 791 9,512 13,689 8.1 7.03
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GDH-7 50.25 72.10 21.9 2.43 16.49 184 3,208 4,364 1.2 3.10
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Including 50.25 53.40 3.2 11.00 42.99 395 12,265 15,473 0.5 13.09
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Gold equivalent values were calculated using metal prices of $600/oz for
gold, $9.75/oz for silver, $2.25/lb for copper, $0.45/lb for lead, $0.45/lb
for zinc and $24.75/lb for molybdenum. No attempt has been made to factor
recoverable values at this early stage. The "Gold Equivalent" values stated
are for comparative purposes only and are not intended to imply recoverable
economic value.


Discussion

The Company's drill results confirm earlier projections of width and grade along the Encanto Zone that was based on the Company's underground sampling and mapping programs. Further, the results establish that mineralization extends beyond the area presently being exploited by small scale, artisanal mining activity. Guayabales is hosted within the larger Marmato gold system, and is adjacent to historic and active mine development that has more than 1,000 meters of vertical extent. Throughout this gold system, higher grade mineralization is localized in, and along, through-going structures and at structural intersections that occur within "halos" of lower grade disseminated stockwork and porphyry style gold mineralization. At Guayabales, the combination of a precious and base metals suite occurring within a broad zone of potassic and phyllic wall rock alteration lends further support to the porphyry target model.

Drill conditions at Guayabales are difficult, and holes GDH-2, -3 and -4 failed to reach their projected target and were lost in highly altered rock in the hanging wall of the Encanto Zone. Drill hole GDH-1 was also lost short of its projected target depth as it entered the highly mineralized Encanto Zone. Drill holes GDH-5 and -6 were drilled with the Company's man-portable drills, and were unable to penetrate the intensely altered and mineralized Encanto Zone. Beginning with hole GDH-7, drilling was re-oriented to the footwall side of the Encanto Zone, allowing the holes to pass through the less altered footwall rocks before entering the mineralized zone. This revised drill strategy will facilitate much better completion rates for the balance of the planned 17 hole drilling program.

Guayabales, and the Marmato district in general, are situated on a major northwest fracture system within the regional Cauca - Romeral fault trend. Numerous other major gold deposits and past producers are known within this regional structural lineament, including: AngloGold's 12.9 million ounce "La Colosa" discovery (AngloGold Ashanti, May 6, 2008, Press Release), Marmato with 2.5 million ounces (Colombian Goldfields, NI-43-101 Technical Report, May 2008) and Mina Echandia with 3.7 million ounces (Gran Colombia Resource Press Release, September 18, 1996), Titiribi with and estimated historic production of 1.5 to 2 million ounces of gold (Windy Knob Resources, January 16, 2008). Other highly prospective properties of this deposit type in the region include, Miraflores, Quebradona, and the Company's Yarumalito project.

Comments on Sampling, Assaying, and QA/QC

The Company's samples were collected in accordance with accepted industry best practices. Individual sample results were length weighted to yield average composite interval grades as reported.

Core samples were diamond sawn after being photographed and logged. All samples were then transported by Company personnel to Medellin and submitted to SGS at their Medellin, Colombia sample preparation facilities and analyzed at SGS's Lima, Peru laboratory (ISO 9001:2000). Gold was analyzed by fire assay with ICP/AES finish, and silver and base metal analyses were determined with ICP/AES techniques. As standard procedure, the Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays.

Mr. Robert G. Carrington, P.Geo., a Qualified Person as defined by National Instrument 43-101 and President of the Company, has reviewed and verified the technical information contained in this news release.

About Colombian Mines Corporation

Colombian Mines Corporation is focused on the acquisition, exploration and development of high quality mineral properties with near to intermediate term production potential. Colombia is increasingly recognized as a highly prospective, yet under-explored country with excellent discovery potential.

A project description and geologic map showing the sample areas may be viewed on the Company's website at www.colombianmines.com.

Robert G. Carrington, President

Certain statements included in this release are "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements include, among other things, statements regarding targets, sampling, estimates and assumptions in respect of mineralization and production potential. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, resource estimates, exploration, development and operating risks, political and foreign risk, uninsurable risks, competition, production risks, environmental regulation and liability, government regulation, currency fluctuations, potential title disputes and dependence on key employees. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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