Vancouver, British Columbia, Canada. December 17, 2010. Columbus Gold Corporation (CGT: TSX-V) (the “Company” or “Columbus Gold”) is pleased to announce that it has extended its agreement with Cordilleran Exploration Company (“Cordex”) to design, initiate and carry out generative and mineral exploration activities in Nevada and elsewhere in the United States on behalf of Columbus Gold until December 31, 2011. The agreement is exclusive to Columbus Gold and provides that the term may be extended until December 31, 2013.
Cordex’ mandate includes the identification of prospective acquisition opportunities for Columbus Gold and to design and carry out exploration programs on the Company’s portfolio of properties.
“Cordex has a long and successful history of discovering and developing precious metal deposits. They will continue to work exclusively with Columbus Gold next year which is looking like it will be a year certain to keep them extremely busy, and as always we are enthusiastic to be working together” stated Peter Kendrick, President of Columbus Gold.
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About Columbus Gold
Columbus Gold Corporation is a gold exploration company pursuing early to advanced stage opportunities primarily in Nevada. The Company is an experienced project generator focused on advancing projects either through joint venture with industry partners or on its own where exploration risk is minimized and potential is particularly promising. Exploration and generative activities are managed by Cordex owned and operated by Andy Wallace who has a long and successful history of gold discovery and mine development in Nevada. The Company currently has 12 of its 22 projects in Nevada joint ventured to major and junior mining companies, including Agnico-Eagle Mines Limited. The company presently also is in the process of acquiring an option to earn into an advanced stage project in French Guiana with a 43-101 compliant resource estimate of 2 million ounces gold.
ON BEHALF OF THE BOARD,
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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 term of the Cordex Agreement. 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 mutual desire and ability of both parties to extend the term when such option is available; the ability of one or more parties to 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: that both parties will desire and have the ability to extend the term when such option is available; 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.