VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 28, 2012) - Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE:CLB.V - News)(PINKSHEETS:ECRTF.PK - News)(FRANKFURT:EAT) is pleased to announce that the first-ever drill program has commenced at the Arabia porphyry gold targets, Antioquia Department, Colombia. A total of 5,000 metres of diamond core drilling is planned for this first phase of drilling on two targets: Arabia 1 covers 400 by 800 metres and Arabia 2 covers 300 by 400 metres. The two large target areas were identified in late 2011 based on geophysics, alteration mapping, soil and rock chip assay information (announced December 6, 2011 - View Map: http://www.colombiacrestgold.com/properties/colombia/geology2).
"This is a very exciting time for our team - we started this grass-roots exploration program one year ago at the close of a $6.4 million private placement - unlike our neighbors we started with no prior exploration or historic mining - all our results have been generated by our Medellin-based technical team," commented Hans Rasmussen, President and CEO. "After just one year we are ready to drill test our first two large porphyry gold targets at Arabia!"
(Hans Rasmussen's recent update: http://www.colombiacrestgold.com/_resources/videos/CLB_1080p)
The Colombia Crest Technical Team has extensive experience drilling and discovering porphyry-style gold deposits: during the drill program, our technical team will be on-site, selecting each drill hole location and angle. Visually, the on-site geologists will be able to examine the core as it comes up from the drill and determine which cores have the best type of mineralization - these visual observations will allow in-field modifications to each drill hole, for example, holes can be extended or the angle changed based on alteration related to gold mineralization, the abundance of copper minerals like chalcopyrite, etc.
The Company executed a drill contract with Canadian Drill Corporation (instead of previously announced Energold) because of drill rig availability and experience in the region drilling other similar targets. Canadian Drill Corporation will employ a single man-portable drill rig during this initial 5,000 metres, leaving the door open to add rigs later on as the results warrant. They are using water recycling technology to minimize consumption during drilling.
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. The Company employs a team of seasoned geologists, each with 20+ years of experience exploring and discovering this type of porphyry deposit around the world, including Argentina, Peru, Ecuador, Mexico, Alaska, Indonesia, and Eastern Europe.
Grassroots Exploration is the lifeblood of discovery; rewards for investors will be realized based on assets that are delivered through good science employed by a world-class exploration team. The porphyry gold-copper assets that result from grassroots discoveries have the potential to yield $500M to over $2B value to a mining company.
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 34,000 hectares (81,600+ acres) located in the Cauca River Valley. Situated approximately 40 km south of the city of Medellin, 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 several new gold discoveries.
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- Hans Rasmussen