Colombia Crest Gold Announces Positive Exploration Update And Appoints Three Members To Technical Team In Colombia
April 12, 2011 VANCOUVER, BC - Colombia Crest Gold Corp. (“Colombia Crest”; the “Company”) (TSX-V: CLB; Pink Sheets: ECRTF; Frankfurt: EAT) is pleased to provide an exploration update on its Fredonia and Venecia properties in Colombia, South America and announce the hiring of 3 new members to its technical team. The airborne geophysics survey commissioned over the Fredonia and Venecia projects is now completed. After recently combining the geophysical data with the Company's geochemical database, nine new, high-quality porphyry gold-copper targets have been identified; seven on the Fredonia property and two at Venecia. The target areas, each of which cover between three and ten square kilometres, have already been prioritized for follow up field work. Concurrently, Colombia Crest has signed on three new members to its field technical team in Colombia to rapidly evaluate the target areas. Mr. Gonzalo Lemuz is appointed Country Manager of Colombia, Mr. Carlos Moncayo is appointed Exploration Manager, and Dr. Richard Jemielita has assumed the role of Qualified Person (“QP”) and technical consultant to the Company.
'We are very excited about the nine target areas - based on my geophysical background and prior discovery experiences while working for Rio Tinto in North and South America, our new targets have all the qualities that indicate porphyry gold-copper systems could exist in the Fredonia and Venecia concessions," states Hans Rasmussen, President and CEO of Colombia Crest Gold. "In addition, we are very lucky to get the three new members of our technical team - they are highly respected in their field of discipline and together encompass almost 70 years of geological and management experience in the South American Andes Mountains. With the abundant knowledge and discovery experience of Gonzalo, Carlos, and Richard, our new Colombia Crest exploration team is unmatched to achieve our goals for a major porphyry gold discovery.”
The Company contracted MPX Geophysics Ltd. to acquire 5,103 line kilometres of high-resolution airborne magnetic and radiometric data. Data was collected with a helicopter along flight lines that were flown in an east-west direction, 100-metres apart, in an attempt to map the distribution of porphyry-related intrusions that may contain gold within the belt. Known faults that control gold mineralization trend north-south and northwest-southeast. The flight lines were designed to appropriately resolve these faults as well as any porphyry-related magnetic anomalies, which tend to be circular magnetic highs, typically only 200 to 800 metres in diameter.
"There have been three new discoveries of gold mineralization on properties nearby that confirm strong porphyry gold-copper systems in the area - these can be use to calibrate our geophysical data," comments Hans Rasmussen. "At La Mina for example, Bellhaven Resources intercepted 230 metres of 0.99 grams per tonne gold and 0.3 percent copper (see new release April 5, 2011). Based on our new airborne geophysical data we can project the same mineralized structures with discrete magnetic highs onto our Fredonia concessions where we have the same magnetic patterns."
The nine high-quality targets areas mentioned above were defined through the detailed integrating of the new airborne magnetic and radiometric data, along with stream sediment sampling data for gold and copper values, and the interpretation of geologic maps and fault intersections analysis from satellite maps. Each of the targets have been prioritized for field follow up. Highest priority was given to targets with the best results from each of the data groups mentioned above, including mineral title and surface ownership as a prioritizing criteria.
Following are a few note worthy points about the target zones:
The highest-priority target is located partially on Venecia and partially on Fredonia concessions, west of La Mina (Bellhaven Resources); it has 50 to 3,600 parts per billion ("pbb") gold from surface sampling over a 4 square kilometre area, at least two discrete magnetic highs and strong faulting.
The second high-priority target is located near Titiribi (Sunward Resources) and has small east-west trending magnetic highs which are on trend with a +160 ppb gold anomaly in soil sampling.
The third high-priority target is located on the eastern portion of the Fredonia project near the north-south trending regional Romeral fault where a cluster of strong magnetic highs are coincident with a 1,400 ppb gold anomaly from stream sediment samples.
Ground work currently being conducted includes geological mapping and rock chip sampling to identify any obvious mineralized outcrops, followed by stream-sediment and soil sampling to identify those more specific areas of gold mineralization under partial cover.
New members of the Technical Team:
Gonzalo Lemuz is a Geologist (B.Sc.) and has 20 years of General Management, Exploration Management and Geological experience with LatinGold Ltd., AngloGold-Ashanti and various other junior and major exploration companies. Gonzalo began his career with Newmont in Bolivia and now resides in Lima, Peru. Gonzalo remains an active member of the Bolivian Geological Society, Mining Society of Bolivia and Mining Society of Peru.
Carlos Moncayo is a Geologist (M.Sc. Mining Engineering) and has almost 20 years of Exploration Management and Geological experience most extensively for Gold Fields South Africa all over South America, as well as for Iamgold, Mercer Gold, Andean Gold, Ascendant Copper and Ascendant Explorations, and various other junior exploration companies. Carlos began his career with Gold Fields in Ecuador, where he still resides.
Dr. Richard Jemielita is a Geologist (B.Sc./PhD) with 30 years of professional experience in international mineral exploration. His career has featured such positions as Exploration Manager for Patagonia Gold S.A, in Argentina, Economic Geologist/Senior Scientific Officer for the British Geological Survey in Ecuador, and an independent consultant for mining companies and government organizations. Richard’s mining industry experience has equipped him with extensive knowledge of North, South and Central America, as well as Australasia, Europe and North Africa.
The technical information in this news release has been reviewed and approved by Dr. Richard Jemielita, a technical consultant who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically exploring, developing and monetizing promising new gold projects in Colombia as well as realizing the potential of its 100 percent-owned San Simon project in Bolivia. Industry experts with three decades of gold discoveries head up both the management and technical teams at Colombia Crest Gold.
Along with a strong working capital position, the Company will accelerate the exploration programs at the Fredonia and Venecia projects where it has optioned over 17,000 hectares located in the Cauca River Valley. Situated approximately 40 km south of the city of Medellín, in Antioquia Province, the properties are positioned within the Middle Cauca Belt, which is the most prolific gold belt in Colombia with more than 500 years of gold mining history and a several new gold discoveries.
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For more information, please contact:
|Hans Rasmussen, President and CEO||Benjamin Curry|
|Colombia Crest Gold Corp.||Progressive Investor Relations|
|Office: 604-684-7160||Direct: 604-689-2881|
|E-mail: firstname.lastname@example.org||E-mail: email@example.com|
Please visit the Company’s website at www.ColombiaCrestGold.com.
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