Columbus Gold Identifies Four New Targets at Eastside Gold Project, Nevada; Samples up to 24 g/t Gold

VANCOUVER, BC--(Marketwired - October 23, 2014) - Columbus Gold Corporation (TSX VENTURE: CGT)(OTCQX: CBGDF) is pleased to report the identification of five new drill targets, which suggest the potential for district scale, at its 100% controlled Eastside gold discovery in Nevada. Assays results from the newly identified targets have yielded anomalous to 24 g/t gold in outcrop and float samples. A target map is available at the following link:

www.columbusgoldcorp.com/i/nr/2014-10-23-targets.pdf

The Original Target at Eastside hosts a large area of shallow oxide gold mineralization still open to the south that measures about 1,600 meters long and up to 600 meters wide (5,280 ft by 1,980 ft). Columbus is in the process of permitting a program at the Original Target that will include 14,455 meters (47,700 ft) of new drill roads and 175 drill sites that can be used for multiple drill holes. Commencing in January 2015, Columbus plans to drill 64,400 meters (212,500 ft) in 250 rotary holes [along with 2,576 meters (8,500 ft) in 10-12 core holes for detailed metallurgy] with the aim of completing an initial resource calculation at Eastside in late 2015. As part of the 250 rotary hole drill program, 15-25 holes are planned to test two of the five new targets: New Target 1 and New Target 4. 

Columbus Gold geologists have completed geologic mapping which now extends over the entire 46.4 km² (17.9 miles²) Eastside claim block at a scale of 1:6000. This mapping has identified 41 separate rhyolite domes, which Columbus knows to be important for controlling gold mineralization at Eastside. The domes range from 100 meters to 1,000 meters in diameter (328 ft to 3,280 ft). Hydrothermal alteration has been identified in, or near, about half the domes. Dozens of faults have been identified and mapped throughout the claim block, mostly trending north and northeast.

Areas with hydrothermal alteration, particularly silicification and quartz veining, have been mapped, and sampling of all these altered areas is in progress with 2,700 samples collected so far. Based on results received to date, Columbus believes the following 5 new targets are worthy of drilling, with New Target 1 and New Target 4, which are located outside of the Original Target area, for priority drilling in 2015.

New Target 1

Surface sampling of outcrop and float define New Target 1, which is a 2 km (1.25 mi) long gold anomaly along a northerly structural zone. On its north end the anomaly coincides with the west-dipping margin of rhyolite domes. To the south the gold values are in andesite, along northerly faults that either vertical or dip to the west. Gold values are associated with silicification, argillization, and quartz/adularia stockworks and are hosted in both rhyolite and andesite.