Columbus Gold Receives Phase I Drill Results From Overland Pass
Vancouver, British Columbia, Canada. May 2, 2007. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce Phase I drill results from its Overland Pass Project, situated on the southern extension of the Carlin Trend, approximately 89 kilometres (55 miles) south of Elko, Nevada. Pursuant to an option agreement, Sniper Resources Ltd. ("Sniper"), a privately-held Vancouver based gold exploration company, is earning an initial 51% interest in Overland Pass by making annual exploration expenditures.
The reverse-circulation Phase I program which was operated by Sniper totaled 2,222 metres (m), (7,290 feet) and was comprised of 13 wide-spread, vertical and angle holes designed to evaluate previously untested parts of the property. Anomalous values of gold were present in most of the holes, with the best-mineralized holes being OP-6 and OP-10. OP-6 encountered 6.1 m (20 feet) of 0.38 grams per tonne (g/t) Au (0.011 oz/ton) at depths of between 45.7 and 51.8 m (150 to 170 feet), within a 15.2 m (50 foot) zone averaging 0.27 g/t Au (0.008 oz/ton). Hole OP-10 was drilled from the same collar, but at a 30 degree difference in azimuth, and encountered 3.05 m (10 feet) at 1.37 g/t Au (0.040 oz/ton) at a depth of between 62.5 and 65.5 m (205 -- 215 feet), within a 16.8 m (55 foot) zone that averaged 0.51 g/t Au (0.015 oz/ton). Oxidation was extensive, suggesting favorable metallurgical characteristics. This mineralized zone appears to have been truncated by a faulted contact which suggests the zone may be thicker than drilled.
Trace element geochemistry from selected samples was performed by BSI-Inspectorate in Sparks Nevada and suggests a Carlin-type system, with anomalous As, Ba, and Sb, and generally low Ag and base metals. Bi was anomalous in places suggesting a possible distal link to intrusive rocks of the Bald Mountain stock, which host some of the ore at the Top Zone Pit at Barrick Gold's nearby Bald Mountain Mine, as a metals/heat source.
Previous grab samples from surface at Overland Pass returned assays up to 15 g/t Au. The stratigraphy includes important host rocks in the region including the Pilot Shale, Joanna Limestone and the Chainman Shale. The geological setting at Overland Pass is similar to that of the Alligator Ridge Mine located approximately 24 km (15 miles) to the south and which produced nearly one million ounces of gold, as well as to several other nearby gold deposits being explored by Barrick Gold.
As a result of the encouraging results from Phase I, a Phase II drilling program is currently being permitted and is planned for the summer of 2007.
QUALITY ASSURANCE/QUALITY CONTROL
Five-foot sample intervals were submitted for initial Au assays to ALS Chemex in Elko and duplicate samples were collected from all intervals. Check assaying and geochemical analysis of selected samples was conducted by BSI-Inspectorate, in Sparks Nevada.
Doug McGibbon (M.S. Geology) Vice President, Exploration and a Director of Sniper Resources Ltd. is the Qualified Person under NI 43-101 who has compiled and approved the technical contents of this news release.
Mr. McGibbon has more than 20 years of gold exploration experience in Nevada and was formerly Chief Geologist for Rayrock Mines Inc. and Glamis Marigold Mining Company.
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person who has reviewed the technical contents of this news release on behalf of Columbus Gold. Mr. Wallace is a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities exclusively for Columbus Gold.
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 20 gold projects strategically located along or near Nevada's most productive gold trends and 5 gold, silver and copper projects located in Arizona and Utah.
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 11 of its projects joint ventured to major and junior mining companies.
ON BEHALF OF THE BOARD,
Robert Giustra
President & CEO, Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information contact:
Ray Lagace
Investor Relations
604-638-3474
