Columbus Silver Options Mogollon Silver-Gold District

VANCOUVER, BC - Columbus Silver Corporation reported the completion of an agreement with John S. Livermore, a principal of Cordex Exploration granting an option of to acquire 100% of his rights and interests in the Mogollon silver-gold district, New Mexico. Livermore's claims cover approximately 2,400 acres and include the principal historic silver-gold mines and incompletely explored vein systems at Mogollon.
The Mogollon district, located approximately 120 km (75 miles) northwest of Silver City in southwest New Mexico, covers an extensive, silver-gold bearing epithermal vein field on a caldera margin of the Tertiary Bursum volcanic center. Recorded historic production, largely from the Little Fanney and Last Chance mines during the period 1905 to 1925, totals 15,700,000 ounces silver and 327,000 ounces gold from about 1.7 million tons of ore. Mining was resumed in 1937 with surface and underground operations, mainly on the Queen vein at the Consolidated Mine, continuing until final closure in 1942 due to the wartime cessation of all gold mining in the United States.
Modern exploration activity at Mogollon has been limited to small programs by St. Joe Minerals and Sage Associates in the early 1980's and more comprehensive evaluations by Cordex Exploration in 1984 and John Livermore in 1988. These programs, comprising about 50 rotary and diamond core holes for an aggregate 12,192 meters (m) (40,000 feet (ft)), were successful in outlining a silver-gold deposit in the Queen vein, containing approximately 845,000 tons with an average grade of 9.35 ounces per ton silver and 0.15 ounces per ton gold.
The historic figures presented herein are not NI 43-101 compliant. They should not be relied upon and Columbus Silver does not treat them as current.
The Mogollon silver-gold deposits are classical epithermal veins which demonstrate good continuity of grade and thickness for strike lengths of up to 1,219 m (4,000 ft) in the Little Fanney and Last Chance mines and through a remarkably consistent, elevation-controlled vertical range of about 305 m (1000 ft). There are two sets of veins at Mogollon, an east-west set represented by the productive Little Fanney and Last Chance veins, and a north-south set represented by the Queen vein developed in the Consolidated Mine. Columbus Silver will focus on confirmation, delineation and expansion of the silver-gold deposit in the Queen vein discovered and outlined by Cordex and initial testing of the highly prospective Gold Dust, Independence-Ida May and Anna E east-west veins which have near-surface characteristics similar to the historically productive Little Fanney and Last Chance veins but have only been explored by shallow workings above the highly predictable Mogollon productive zone.
The company's address is Suite 910, 475 Howe Street, Vancouver, BC V6C 2B3,
604-689-2599, fax: 604-689-3609,email: [email protected].