SOURCE: Columbus Gold Corporation

Columbus Gold Corporation - www.columbusgoldcorp.com

February 04, 2015 09:00 ET

Columbus Gold Announces US$6.5 Million Exploration Program for 2015 at Its Nevada Eastside Gold Discovery; Wallace Resigns as Director to Focus on Advancing Eastside

VANCOUVER, BC--(Marketwired - February 04, 2015) - Columbus Gold Corporation (TSX VENTURE: CGT) (OTCQX: CBGDF) ("Columbus Gold") is pleased to announce that a US$6.5 million exploration program at its 100%-owned Eastside gold discovery in Nevada is presently planned to commence in the 2nd quarter of 2015. To date five targets have been identified at Eastside, however permitting efforts are focused on the original discovery, referred to as the Original Target and on Target 4, and the northern part of Target 1. Please refer to the Target Map at the link below:

www.columbusgoldcorp.com/i/nr/2015-02-04-map.pdf

Columbus Gold has received conditional approval of its Plan of Operations, has completed baseline environmental field studies, and is to file an Environmental Assessment ("EA") in February 2015, with approval anticipated in the 2nd quarter of 2015. In anticipation of launching a major drilling campaign, Columbus Gold has leased office and storage facilities along with a laydown yard in Tonopah, and retained additional qualified personnel. Columbus has entered into a contract with Boart/Longyear for two (2) reverse circulation ("RC") drill-rigs, which it intends to increase to three (3) RC drill-rigs by the 4th quarter, along with the addition of a core rig. The currently planned exploration program at Eastside in 2015 will consist of:

  • Up to 39,000 meters (128,700 feet) of RC drilling in up to 150 holes at the Original Target;
  • Up to 6,500 meters (21,450 feet) of RC drilling in up to 25 holes at Targets 1, and 4;
  • Up to 2,600 meters (8,850 feet) of core drilling in 10 holes;
  • Commencement of comprehensive metallurgical studies.

Considering the extent and size of the 2015 exploration program, Andy Wallace has resigned as a director of Columbus Gold in order to dedicate his full efforts to the advancement of Eastside on Columbus Gold's behalf. Mr. Wallace will remain President of Columbus Gold's Nevada subsidiary and he and his entire Cordex team will continue to operate on an exclusive basis for Columbus Gold.

Eastside Property

Additional staking was recently completed at Eastside and the district scale claim block now consists of 49.2 square kilometers (19 square miles) in 607 claims. The Original Target at Eastside hosts a large area of shallow oxide gold mineralization still open to the south that measures about 1,600 meters long and up to 600 meters wide (5,280 ft by 1,980 ft). The project has outstanding infrastructure for mining and processing; is 32 km (20 miles) west of Tonopah, Nevada, and lies 9.7 km (6 miles) north of paved highway US 95, the main road route from Las Vegas to Reno. A good gravel road from the highway, along with a major power transmission line both pass through the claim block. The current drilling area is on the east flank of the Monte Cristo Range and a portion of the claim block extends well into the adjacent flats, which would provide excellent operating sites. The valley is known to have shallow water available in the same aquifer, which provided water for milling the Tonopah ores in the early 1900's. The area is high desert with sparse vegetation, and year-round drilling is possible.

Gold at Eastside occurs near, and is associated with, the contact of an altered Tertiary rhyolite dome and the surrounding tuffs and volcaniclastic rocks intruded by the dome. Geologic mapping was completed in 2014 over the Eastside claim block at a scale of 1:6000. This mapping has identified 41 separate rhyolite domes, which Columbus believes to be significant for potentially controlling gold mineralization at Eastside. The domes range from 100 meters to 1,000 meters in diameter (328 ft to 3,280 ft). Hydrothermal alteration has been identified in, or near, about half the domes. Dozens of faults have been identified and mapped throughout the claim block, mostly trending north and northeast. Areas with hydrothermal alteration, particularly silicification and quartz veining, have been mapped, and sampling of all these altered areas is in progress with 2,700 samples collected so far. Based on results received to date, Columbus has identified five new drill targets, in addition to the Original Target, and continues to identify new areas of interest throughout the property.

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 press release. Mr. Wallace is the principal of Cordilleran Exploration Company (Cordex), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.

ON BEHALF OF THE BOARD,

Robert F. 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.

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 proposed exploration program and the EA. 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 and errors in the interpretation of drill results); the ability to start the exploration program by the stated target date or at all; the ability to carry out the stated exploration activities and at the stated funding amount or at all; the abilityto file the EA and receive approval thereof by the stated target dates or at all; 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 Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.

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