Columbus Exploration Corporation
TSX VENTURE : CLX

Columbus Exploration Corporation

August 26, 2013 09:00 ET

Columbus Exploration Amends Silver District Property Option

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2013) - Columbus Exploration Corporation (TSX VENTURE:CLX) ("Columbus Exploration"), formerly Columbus Silver Corporation, announces that it has amended its option agreement (the "Agreement") with Magellan Gold Corporation ("Magellan") (OTCBB:MAGE), under which Magellan may earn all of Columbus Exploration's interest in the Silver District property located in Arizona (the "Property"). Under the amendment, the remaining option payments payable by Magellan to Columbus Exploration have been deferred by one year, such that US$400,000 is now due on December 31, 2014 and a final payment of US$500,000 is due on December 31, 2015. In consideration of this change, Magellan has made a firm commitment to maintain the Property in good standing by paying all maintenance and lease fees that accrue during 2013 and 2014, irrespective of whether it terminates the option during such period. For additional details of the Agreement, please see Columbus Exploration's original news release of August 29, 2012.

ON BEHALF OF THE BOARD,

Robert F. Giustra, President & CEO, Director

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.

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"). In particular, and without limitation this news release contains forward-looking statements pertaining to Magellan's obligations under the amended Agreement including making payments to Columbus Exploration and maintaining the Property in good standing as a firm commitment in 2013-2014. 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 whether Magellan has the desire and ability to make option payments to Columbus Exploration; that Magellan will maintain the option in good standing; that Magellan will not terminate the Agreement in connection with dropping the option; cost increases; unforeseen circumstances; risks associated with the exploration projects or title thereto held by Columbus Exploration; 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: that Magellan will have sufficient funds and desire to continue earning into the Property and maintaining it in good standing; the timing and receipt of required approvals; that required service providers will be available; general business and economic conditions; availability of financing; and ongoing relations with employees, partners and joint venturers. Although the foregoing forward-looking statements are considered reasonable at the time of preparation, the aforementioned assumptions and factors 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. Columbus Exploration's 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 Exploration undertakes no obligation to update any of the foregoing except as required by law.

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