Columbus Gold Corporation (TSX VENTURE:CGT) announces that its Summit gold project is adjacent to where Newmont Mining Corp. announced February 3rd that it has agreed to acquire Fronteer Gold Inc., and its Long Canyon Project for approximately $2.3 billion.
Columbus Gold's Summit Project is strategically located along strike of the Long Canyon gold deposit currently estimated at 1.4 million oz. gold measured & indicated (18.4M tonnes at 2.36 g/t) and 800,000 oz. gold inferred (11.2M tonnes at 2.24 g/t).
Step out drilling by Fronteer at Long Canyon continues to move in the direction of Columbus Gold's Summit Project and is now only approximately 1,500 feet (457 meters) away from the Summit property boundary.
Columbus Gold's joint-venture partner, Agnico-Eagle Mines, is planning to commence a drilling program at Summit in the first half of 2011 consisting of approximately 6,500 feet (1,980 meters) of drilling. Agnico-Eagle can earn an initial 51% interest in Summit by completing $3 million in exploration expenditures.
Source: Columbus Gold Corporation