CGT

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Columbus Gold Corp. (TSX VENTURE:CGT) ("Columbus") is pleased to announce that
it has entered into an agreement with a syndicate of investment dealers led by
Cormark Securities Inc. and including Canaccord Genuity Corp., Haywood
Securities Inc. and National Bank Financial Inc. (the "Underwriters"), which
have agreed to purchase, on a bought deal basis, 10,000,000 units (the "Units")
of Columbus at a purchase price of $0.55 per Unit (the "Offering Price"), for
aggregate gross proceeds in the amount of $5.5 million (the "Offering"). Each
Unit will consist of one common share of Columbus (a "Common Share") and
one-half of one common share purchase warrant (each full warrant, a "Warrant"),
each full Warrant being exercisable to acquire one common share of Columbus at a
purchase price of $0.75 for a period of 24 months following the closing of the
Offering.


The Offering is scheduled to close on or about May 3, 2012 and is subject to
certain conditions including, but not limited to, the receipt of all necessary
approvals including the approval of the TSX Venture Exchange and the securities
regulatory authorities.


The net proceeds of the Offering will be used to fund the cash component of
consideration payable to Euro Ressources S.A., which is a majority-owned
subsidiary of IAMGOLD Corporation with a direct ownership position of 86%, upon
exercise of the option to acquire the existing outstanding royalty on the Paul
Isnard project, for further exploration of the Paul Isnard project and for
general corporate purposes.


These securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.


This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction. The common shares will not be
and have not been registered under the United States Securities Act of 1933 and
may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.


Caution regarding forward-looking information:

This news release contains forward-looking information and statements, as
defined by law including Canadian securities laws. All statements other than
statements of historical fact may be forward-looking statements. Such statements
are generally identified by the use of words such as "anticipate", "continue",
"estimate", "expect", "forecast", "may", "will", "project", "should", "plan",
"intend", "believe" and similar expressions (including the negatives thereof).
In particular, this press release contains forward-looking statements pertaining
to the following: the Offering, the use of proceeds of the Offering and the
anticipated closing date of the Offering. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of which are
beyond Columbus' control, including that the closing of the Offering could be
delayed or the Offering may not close at all if the required approvals are not
obtained on a timely basis or some other condition to the Offering is not
satisfied, and those relating to results of operations and financial condition,
general economic conditions, industry conditions, changes in regulatory and
taxation regimes, volatility of commodity prices, escalation of operating and
capital costs, currency fluctuations, the availability of services, imprecision
of reserve estimates, geological, technical, drilling and processing problems,
environmental risks, weather, the lack of availability of qualified personnel or
management, stock market volatility, the ability to access sufficient capital
from internal and external sources and competition from other industry
participants. Risks are described in more detail in Columbus' Annual Information
Form, which is available on our website and at www.sedar.com.


You are cautioned that the factors and assumptions, including among other
things, the anticipated receipt of regulatory and other approvals and the
satisfaction of other closing conditions to the Offering on the timing
contemplated; future exchange rates; the cost of developing our assets; our
ability to obtain equipment in a timely manner to carry out exploration and
development activities; the impact of increasing competition, our ability to
obtain financing on acceptable terms, although considered reasonable at the time
of preparation, the aforementioned assumptions may prove to be imprecise and, as
such, undue reliance should not be placed on forward-looking statements. The
aforementioned factors and assumptions are not exhaustive. Our actual results,
performance, or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements. We can give no assurance that any
of the events anticipated will transpire or occur, or if any of them do, what
benefits we will derive from them. The forward-looking information contained in
this document is expressly qualified by this cautionary statement. The foregoing
list is not exhaustive and Columbus undertakes no obligation to update any of
the foregoing except as required by law.

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