Columbus Gold Corporation
TSX VENTURE : CGT

Columbus Gold Corporation

May 02, 2008 09:00 ET

Columbus Gold Acquires Nevada Gold Property; Drilling Permited

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 2, 2008) - Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold" or the "Company") is pleased to announce that the Company has entered into an agreement (the "Agreement") to lease the Awakening gold property (the "Property") located 45 miles (72 km) north-northwest of Winnemucca, Nevada.

The Awakening District produced 26,262 ounces of gold from 1914-1963, largely from the Jumbo Mine. Gold mineralization on the east side of the district occurs with narrow quartz veins cutting Mesozoic shale and sandstone. The mines on the east side of the district are best known for small but often very high-grade "pockets" of gold ore; recent drilling however has identified a new type of discovery in the district with broad zones of low grade mineralization in quartz stockworks, potentially minable by open pit.

The Property was recently explored with a series of excavator trenches followed by the drilling of six rotary holes in January 2008 as reported below. Columbus confirmed the drill results by re-logging the drill holes and verifying the assay results, by both the duplicate assaying of pulps and also by assaying separate splits of cuttings taken at the rig. In addition, preliminary metallic screen assaying of cuttings, available from only one hole (ABZN), indicates the potential to significantly upgrade gold values in both high and low grade samples. Metallic screen assaying of the other holes is in progress.

The Awakening Property is centered in an area of considerable exploration. XCal is drilling at the Sleeper Mine to the northwest; Evolving Gold is planning a drill program to the west; and Newmont is earning into Fronteer's Sandman Project to the east-southeast.

Columbus Gold has 24 drill sites permitted and bonded. A geologic mapping and geophysical program is in progress. Drilling by Columbus is expected to start within six weeks, depending on drill availability.

Results from the six holes drilled in January are as follows:



--------------------------------------------------------------------------
Inter- Inter-
Drill Depth Depth Orient- From To val From To val Au
hole (ft) (m) ation (ft) (ft) (ft) (m) (m) (m) (g/t)
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ABZD 540 164.6 Vertical 90 120 30 27.4 36.6 9.1 1.04
(i) Hole 170 230 60 51.8 70.1 18.3 0.37
240 250 10 73.2 76.2 3.0 1.06
250 275 25 76.2 83.8 7.6 0.54
365 420 55 111.3 128.0 16.8 1.68
420 435 15 128.0 132.6 4.6 0.42
500 515 15 152.4 157.0 4.6 0.39
530 540 10 161.6 164.6 3.0 0.39
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ABV 330 100.6 Angle 145 180 35 44.2 54.9 10.7 1.45
(i) hole 195 240 45 59.5 73.2 13.7 0.70
305 315 10 93.0 96.0 3.0 0.35
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ABZN 220 67.1 Vertical 95 100 5 29.0 30.5 1.5 24.1
Hole 175 180 5 53.4 54.9 1.5 0.50
190 195 5 57.9 59.5 1.5 3.31
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AMB 180 54.9 Vertical 5 10 5 1.5 3.0 1.5 0.44
Hole 30 35 5 9.1 10.7 1.5 0.90
65 70 5 19.8 21.3 1.5 0.43
105 115 10 32.0 35.1 3.0 0.50
130 135 5 39.6 41.2 1.5 1.22
--------------------------------------------------------------------------
ABZ 170 51.8 Angle 155 160 5 47.3 48.8 1.5 2.44
hole
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APB 80 24.4 Angle 65 75 10 19.8 22.9 3.0 0.75
hole
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(i) Hole bottoms in subgrade but highly anomalous values.


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 partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold 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 controls a 100% interest, subject to royalties, in 24 gold projects strategically located along or near Nevada's most productive gold trends and 5 silver and copper projects located in Arizona and Utah. The Company's project activities are managed 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 Nevada.

The Company 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 14 of its projects joint ventured to major and junior mining companies.

ON BEHALF OF THE BOARD,

Robert F. Giustra, President & CEO, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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