Columbus Gold Corporation
TSX VENTURE : CGT

Columbus Gold Corporation

September 29, 2009 09:00 ET

Columbus Gold Corporation: Commencement of Phase III Drilling at Bolo Gold Project-Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2009) - Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold" or the "Company") is pleased to announce commencement of a Phase III drilling program at its Bolo gold project, located northeast of Tonopah, Nevada. Subject to underlying royalties, Bolo is 100% controlled by Columbus Gold.

The current Phase III drilling program, consisting of 914 meters (3,000 feet) in five or six angle, rotary drill holes, is designed to test for extensions of significant gold mineralization cut by rotary drill hole BL-23, completed by Columbus in late 2008. Drill hole BL-23 cut 30.5 m grading 2.37 gpt gold (100 ft of 0.069 opt gold) in silicified and oxidized Paleozoic limestone and siltstone and highly-altered Tertiary dike. This better grade zone was contained in a broader interval of 76 m of 1.15 gpt gold (250 ft of 0.034 opt gold). The hole bottomed in gold mineralization at 182 m (600 ft) of down-hole depth.

Gold mineralization at Bolo occurs along and adjacent to two principal north-trending faults, known as the Mine and East faults, traceable for 4,878 m (16,000 ft) within the project area. BL-23 was drilled at 45 degrees, essentially perpendicular to the Mine Fault Zone, as determined by mapping, and encountered gold mineralization about 60 m (200 ft) vertically below the surface. Outcrop sampling at, and near, the Mine Fault Zone, up-dip above BL-23, produced 28 samples grading from 1 to 5.18 gpt gold. The gold mineralization is classified as "Carlin-type", similar to many other significant gold deposits in Nevada.

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this news release. Mr. Wallace is a VP of Columbus Gold's wholly-owned US operating subsidiary, Columbus Gold (U.S.) Corporation and a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus on an exclusive basis.

ABOUT COLUMBUS GOLD

Columbus Gold Corporation is a gold exploration and development company operating principally in Nevada. The Company has an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of precious metal mining projects. Columbus Gold controls a 100% interest, subject to royalties, in 21 gold projects strategically located along or near Nevada's most productive gold trends. The Company also holds a significant equity interest in Columbus Silver Corporation, an exploration company with a growing portfolio of silver projects in the Western United States.

Columbus Gold's and Columbus Silver's project activities are managed on an exclusive basis by Cordilleran Exploration Company (Cordex), owned and operated by John Livermore and Andy Wallace who have a long and successful history of gold discovery and mine development in the United States. Columbus Gold maintains active generative (prospecting) and evaluation programs and, as a key element of strategy, broadens exposure, minimizes risk and maintains focus on high priority prospects while seeking industry finance through joint ventures on selected projects. The Company currently has 11 of its projects joint ventured to major and junior mining companies, including Barrick Gold and Agnico-Eagle Mines.

ON BEHALF OF THE BOARD,

Robert F. Giustra, President & CEO, Director

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 Company's exploration plans. 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 the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers; competition for mining properties; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; 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: general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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