Columbus Gold Options Nevada Property To Ventura Gold
Vancouver, British Columbia, Canada. September 25, 2007. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold” or the “Company”) is pleased to announce that it has entered into an agreement (the “Agreement”) with Ventura Gold Corp. (VGO: TSX-V) (“Ventura”) on Columbus Gold’s 100% owned Del Oro Property (the “Property”).
Under the terms of the Agreement, Ventura has an option to earn an initial 51% interest in the Property by making a cash or common share payment to Columbus Gold of US$50,000 and by incurring US$2 million in exploration expenditures within a five year period.
Upon completing US$2 million in aggregate work expenditures, Ventura will have earned a 51% interest in the Property at which time it may elect to earn an additional 19% interest (for a total interest of 70%) by completing a positive feasibility study recommending production from the Property. The Agreement is subject to Ventura’s final due-diligence review and regulatory approvals.
The Del Oro Property consists of 59 mineral claims, covering approximately 1200 acres, located within the historic Goldbanks mining district in Pershing County, Nevada. Gold mineralization at Del Oro occurs as veins and stockworks in Triassic volcanic and sedimentary rock and mercury occurs in a classic opalite setting within Tertiary volcanic rocks. The Goldbanks district was the site of intense past exploration in the 1980’s and 90’s with Kinross reported to have outlined a large body of low grade gold mineralization in the core of the district. The Del Oro Property contains untested gold anomalies in a similar geologic setting.
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.
ABOUT VENTURA GOLD
Ventura is a United States-based precious metals exploration and development company implementing a business plan to a) acquire, evaluate and develop high-grade, low-cost gold-silver and base-metal deposits with a view to establishing strategic alliances and/or joint ventures with larger companies, and b) acquire strategic investments and/or alliances with pre-IPO exploration companies and listed junior exploration companies where Ventura believes those companies and management have the resources and expertise to optimize the potential value of their asset bases. In addition to exploration projects in Peru, Arizona and Nevada, Ventura has over $1.4 million of strategic investments in emerging exploration companies with exposure to projects in Mexico, Ecuador, China and Africa.
ON BEHALF OF THE BOARD,
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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