Drilling Commences on Columbus Gold's Utah Clipper Gold Project, Nevada
Vancouver, British Columbia, Canada, November 24th, 2011. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold”) is pleased to announce that drilling has commenced at its Utah Clipper gold project located directly adjacent to Barrick Gold’s multi-million ounce Pipeline-Gold Acres gold mine complex, in the Cortez-Pipeline sector of the Battle Mountain Gold Trend, Nevada, where joint-venture partner Navaho Gold Ltd. can earn an initial 51% interest by completing minimum exploration expenditures.
Navaho reports that the drill program at Utah Clipper will test two deep targets which have associated gold and arsenic geochemical anomalies at surface which may represent “leakage” from underlying gold mineralization in prospective Lower Platecarbonate rocks. According to Navaho, the targets are located in structural settings analogous to the Cortez Hills owned by Barrick Cold where a gold deposit hosting reserves of more than 10 million ounces of gold was discovered in 2003. Additionally, in September 2011, Barrick announced significant new discoveries respectively about 6 km (3.7 miles) and 8 km (5 miles) southeast of Cortez Hills, known as Red Hill and Goldrush. An inferred gold resource of 3.5 million ounces has been outlined at Red Hill with mineralization open in all directions and at Goldrush further south, a drill hole intersected 20.5 m grading 27.8 g/t gold (67 ft of 0.81 opt).
The Utah Clipper Property covers a portion of the Roberts Mountain thrust with metamorphosed lower plate limestone and limey siltstone in the footwall of the thrust. The principal geologic targets at Utah Clipper are classical “Carlin” or “Pipeline” style bulk mineable, disseminated gold deposits and high grade structurally controlled vein deposits in “lower plate” carbonates.
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 project description. Mr. Wallace is the President of Columbus Gold and the principal 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 is a gold exploration and development company operating in French Guiana and Nevada. In French Guiana, Columbus Gold recently acquired an option to earn a 100% interest in the Paul Isnard gold project, which has a 43-101 compliant 1.9 million ounce inferred gold resource and substantial expansion potential. In Nevada, Columbus is a prolific 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. Columbus Gold’s president, Andy Wallace has a long and successful history of gold discovery and mine development. The company currently has 13 of its 26 strategically located gold projects in Nevada joint-ventured to major and junior mining companies, including Agnico-Eagle Mines Limited.
About Navaho Gold
Navaho Gold is an Australian-based exploration company focused on the discovery of world-class gold deposits in Nevada, USA and Queensland, Australia. Navaho Gold is clearly focused on ‘Carlin style’ gold mineralization, and has identified three (3) main project areas in Queensland and has assembled seven (7) projects in Nevada within the areas associated with the Carlin and Battle Mountain - Eureka Trends.
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.
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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 drilling, and Columbus Gold’s or Navaho Gold’s general 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 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); 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.