Vancouver, British Columbia, Canada. February 3rd, 2011, Columbus Gold Corporation (CGT: TSX-V) ( “Columbus Gold”) is pleased to announce that a drilling program is planned to commence in the first half of this year on its Summit gold project where immediately to the south, Fronteer Gold Inc. (“Fronteer”), has updated the gold resource estimate at its Long Canyon project to 1.4 million oz. measured & indicated (18.4M tonnes at 2.36 g/t) and 800,000 oz. inferred (11.2M tonnes at 2.24 g/t); see press release of Fronteer dated January 18, 2011. Drilling by Fronteer at Long Canyon is now only approximately 1,500 feet (457 meters) away from Columbus Gold’s Summit property boundary.
Columbus Gold’s joint-venture partner, Agnico-Eagle Mines Limited (“Agnico-Eagle”), is planning to commence a drilling program at Summit in the first half of 2011 consisting of approximately 6,500 feet (1,980 meters) of drilling. The Summit project is located on strike of Fronteer’s Long Canyon deposit as depicted in the map at following link:
Agnico-Eagle can earn an initial 51% interest in Summit by completing $3 million in exploration expenditures.
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 VP of Columbus Gold’s wholly-owned US operating subsidiary, Columbus Gold (U.S.) Corporation and is 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 Corporation
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. Exploration activities are managed by Cordex which is owned and operated by Andy Wallace who has a long and successful history of gold discovery and mine development. Columbus Gold currently has 12 of its 22 strategically located gold projects in Nevada joint ventured to major and junior mining companies, including Agnico-Eagle Mines Limited. To learn more about Columbus Gold’s drilling plans in Nevada in 2011 visit the follow the link: www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf
ON BEHALF OF THE BOARD,
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, joint venture earn-in to Columbus Gold’s properties, and Columbus 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; a joint venture partner’s ongoing willingness and ability to earn into a project; environmental compliance; cost increases; availability of qualified workers and drilling 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; the assumption that a joint venture partner will be willing and able to continue work on the project and to earn into same; 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 and we undertake no obligation to update any of the foregoing except as required by law.