|December 16, 2009|
Permitting Approved at Mogollon Silver-Gold Project; Drilling Scheduled
|Vancouver, British Columbia, Canada. December 16th, 2009. Columbus Silver Corporation (CSC: TSX-V) ("Columbus Silver" or the "Company") is pleased to announce that approval has been received and a bond placed with the State of New Mexico Energy, Minerals, and Natural Resources Department, Mining and Mineral Resources Division, and that final well permits have been received from the State of New Mexico Office of the State Engineer, for the planned drilling program scheduled to commence during the second week of January 2010 at Columbus Silver's 100% controlled Mogollon silver-gold project, Catron County, New Mexico. |
Colorado based Godbe Drilling has been retained to carry-out a 7,500-8,000 ft (2,286-2,438 meters) drilling program in up to 14 diamond core holes.
The Mogollon Project covers an extensive, silver-gold bearing epithermal vein field with reported historic production, largely from the Little Fanney and Last Chance mines during the period 1905 to 1925, and the Consolidated Mine from 1937 to 1942, of 15,700,000 ounces silver and 327,000 ounces gold from approximately 1.7 million tons (1.5 million tonnes) of ore. There are two sets of veins at Mogollon, an east-west set represented by the productive Little Fanney and Last Chance veins, and a north-south set represented by the Queen vein developed in the Consolidated Mine.
The current drilling program at Mogollon will test the east-west trending Independence-Ida May and Anna E veins. The highly prospective east-west veins have near-surface characteristics similar to the historically productive Little Fanney and Last Chance veins at Mogollon but have only been explored by shallow workings.
A property map is available at:
The historic figures presented herein are not NI 43-101 compliant. They should not be relied upon and Columbus Silver does not treat them as current.
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 news release. Mr. Wallace is a VP of Columbus Silver's U.S. subsidiary and a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Silver.
ABOUT COLUMBUS SILVER
Columbus Silver is a silver exploration and development company operating in the Western United States possessing an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of mining projects.
Columbus Silver's project activities are managed on an exclusive basis by Cordex, owned and operated by John Livermore and Andy Wallace who have a long and successful history of discovery and mine development in the United States. Columbus Silver maintains active generative (prospecting) and evaluation programs and currently controls a 100% interest in 8 silver properties in Utah, Arizona, New Mexico and Nevada.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
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 the Company's 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; 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; 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.