CGT

Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") has filed on SEDAR
its amended and restated condensed consolidated interim financial statements and
associated management's discussion and analysis for the three month period ended
December 31, 2011 (together, the "Financial Statements").


The auditor review of the Financial Statements required for the final version of
Columbus Gold's preliminary short-form prospectus dated April 19, 2012 has
recommended recording an estimated tax liability payable in December 2012 of
approximately $970,000 regarding the sale of Columbus Gold's Summit Property.
The financial statements for the three month period have been restated to
include this change. Columbus Gold has also made other immaterial changes to the
Financial Statements in connection with this restatement.


ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

This release contains forward-looking information and statements, as defined by
law including without limitation Canadian securities laws and the "safe harbor"
provisions of the US Private Securities Litigation Reform Act of 1995
("forward-looking statements"), respecting the estimated tax liability contained
in the Financial Statements. Forward-looking statements involve risks,
uncertainties and other factors that may cause actual results to be materially
different from those expressed or implied by the forward-looking statements,
including without limitation, that US tax law may change prior to the due date
of such taxes; that incurred costs or other factors of Columbus Gold's US
subsidiary may increase or reduce the tax payable; risks associated with
exploration projects; dependence on third parties for services, including
without limitation US tax counsel; and general business and economic conditions.
Forward-looking statements are based on a number of assumptions that may prove
to be incorrect, including without limitation assumptions about: that US tax law
will remain static prior to the due date of the aforementioned taxes; that the
factors affecting Columbus Gold's US subsidiary will remain consistent with
those today including items such as loss carryforwards available to offset
income for tax purposes; that the amount of tax is accurately calculated and
will not materially change prior to its due date; the timing and receipt of
required approvals; and ongoing relations with employees and service providers.
The foregoing list is not exhaustive and Columbus Gold undertakes no obligation
to update any of the foregoing except as required by law.

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