CGT

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


Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold ") is pleased to
announce that it has completed its previously announced bought deal short form
prospectus financing and issued 10,000,000 units (the "Units") at a purchase
price of $0.55 per Unit, for gross proceeds of $5,500,000 (the "Offering"). The
Offering was underwritten by 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").


Each Unit consists of one common share of Columbus Gold (a "Common Share") and
one-half of one common share purchase warrant, with each full warrant being
exercisable to acquire one Common Share at a purchase price of $0.65 for a
period of 24 months.


In consideration for their services, the Underwriters have received a cash
commission equal to 7% of the gross proceeds, and a total of 700,000
compensation options, with each such option entitling the Underwriters to
acquire one Common Share for a period of 24 months at $0.55 per such share.


The net proceeds of the Offering will be used to fund the cash component of
consideration payable to Euro Ressources S.A. (a majority-owned subsidiary of
IAMGOLD Corporation) upon exercise of the option to acquire the existing
outstanding royalty on the Paul Isnard project, and for further exploration of
the Paul Isnard project.


The 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.


ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

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 and the use of proceeds of the Offering. By their
nature, forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Columbus Gold's control, including 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 Gold's final short
form prospectus governing the Offering, which is available at www.sedar.com. You
are cautioned that the factors and assumptions, including among other things,
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 Gold undertakes no obligation to update any
of the foregoing except as required by law.

Columbus Gold Corporation (TSXV:CGT)
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Columbus Gold Corporation (TSXV:CGT)
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