VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/16/13 -- Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE: CLB)(PINK SHEETS: ECRTF)(FRANKFURT: EAT) wishes to clarify in its newly signed Letter of Intent for the Machacala, Peru project that a resource and eventual feasibility study are underway. Statements made in the prior news release today regarding potential production and cash flow are not supported by a current resource estimate or a feasibility study and there is no certainty future mining operations will be economically viable until such estimates are completed.
Bulk samples collected of mine tailings that are from historic production returned values from 1.3 to 2.0 grams per tonne gold ("g/T Au") and 50.8 to 74.0 g/T silver ("Ag") have been verified by Affinity Gold Corp's Qualified Person with their own sampling. Meanwhile, sampling in the underground veins that returned average grades of 5.0 g/T Au and 155.0 g/T Ag are currently under review and verification. As well, Affinity is working on a preliminary resource estimate for the veins that have been drilled - which will comply with 43-101 standards for reporting.
All technical data in this news release and the prior news release today has been approved by A. David Heyl, B.Sc., C.P.G., QP who is a Certified Professional Geologist and Qualified Person under NI 43-101. With over 25 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. David has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over ten years working in and supervising underground and open pit mining operations in Peru
About Machacala, Peru
The Machacala project is a low-sulphidation epithermal gold-silver-copper deposit located in the District of Carabamba, province of Julcan, La Libertad region to the North of Peru, at an elevation of 3,300 metres above sea level. The property is approximately 180 kilometres southeast of the city of Trujillo, capital of the region, and 575 kilometres north of Lima, capital of Peru.
The project was most recently explored by Gold Hawk Resources and Meridian Gold between 1997 and 2004 with a total of 8,500 metres in 45 diamond core and reverse circulation drill holes completed. The project has multiple low sulphidation epithermal gold-silver veins on property of which thirteen (13) have been identified and four (4) have been only modestly exploited where average grades are estimated to be 5.0 g/T gold and 155.0 g/T silver.
About Affinity Gold Corp
Affinity Gold Corp. is a mineral exploration and development company engaged in the acquisition and development of near-term precious mineral production properties within Peru. Affinity Gold Corp.'s primary focus is on developing assets that have demonstrated historical production, contain documented and reliable data and can reasonably begin producing within 12-18 months at a cost of less than $900 per gold equivalent ounce.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically exploring, developing and monetizing promising new gold projects in the Americas. The Company is currently carrying on exploration programs at the Fredonia and Venecia projects where it has optioned over 15,000 hectares located approximately 40 km south of the city of Medellin, in Antioquia Province. The properties are positioned within the Middle Cauca Belt, the most prolific gold belt in Colombia with more than 500 years of gold mining history and several new gold discoveries.
If you would prefer to receive news releases via email please contact Colombia Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the subject line.
Colombia Crest Gold Corp.
President and CEO
Colombia Crest Gold Corp.
Most Popular Stories
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Senate Dems Pull All-Nighter on Global Warming
- Senators Reach Deal on Fannie Mae, Freddie Mac
- GM Recall Poses First Major Test for New CEO
- Deborah Hersman Quits NTSB
- Swedish Journalist Nils Horner Shot Dead in Kabul
- Job Openings Less Than Expected in January
- El Empleo Rebota: La Columna Cohen
- Bob Crow Remembered as Shrewd Champion of Union Workers
- Dianne Feinstein Accuses CIA of Spying on Congress