Columbus Gold Corporation
TSX VENTURE : CGT

Columbus Gold Corporation

February 23, 2007 09:00 ET

Columbus Gold Drilling Expands Dimensions of Gold Deposit at Golden Mile

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 23, 2007) - Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold" or the "Company") is pleased to announce the results of its 1,976 metres (6,483 feet) Phase II reverse circulation drilling program at its Golden Mile Project completed in late 2006. Gold mineralization at Golden Mile occurs in the Central Zone, which was the focus of historic drilling and the target of the Company's 15 hole, Phase I drilling (see news release dated August 14, 2006), and also in the West Zone which had historic drilling with shallow, low-grade gold intercepts. The West Zone, which has not been drilled by Columbus Gold to date, is located approximately 230 m (750 feet) west of the south end of the Central Zone.

The Phase II drill program was designed to test the possible extension of the mineralization found in the Central Zone in Phase I drilling (hole MI-6, 7.6 m of 4.2 g/t gold, and hole MI-12, 9.1 m of 13.8 g/t gold) to the north, under post-ore volcanic cover. The second goal of the program was to explore the undrilled area between the Central Zone and the West Zone.

The gold mineralization in the Central Zone is structurally controlled, both in an intrusive rock and in the wall rocks (skarn) of the intrusive, with erratic grades and widths. The intercepts in the recent drilling to the north of the Central Zone are all hosted in intrusive rock, and much greater thicknesses of continuous low-grade material were encountered (best holes MI-22 with 57.9 m (190 feet) of 0.65 g/t (0.019 opt) Au, and MI-16 with 80.8 m (265 feet) of 0.39 g/t (0.0114 opt) Au. This mineralization, although low-grade, presents a very large volume target, and remains open north, west, east, and down-dip of the current drilling.

Drill holes MI-25 and MI-26 were angle holes drilled between the West Zone mineralization and the southern portion of the Central Zone. The holes are the first that indicate that the West Zone and the Central Zone likely connect, however further drilling will be required to confirm that interpretation.

Drill holes MI-27 and MI-28 were exploratory holes drilled well west of the West Zone, and seem to confirm the western limit of gold mineralization has been reached.

Schedule A presents the Phase II drill data table in full; holes MI-16 through MI-24 were drilled to extend the Central Zone.

The Golden Mile Property consists of 24 mineral claims, covering approximately 154 hectares (380 acres), located along the Walker Lane Gold Trend in Southwest Nevada. Subject to net smelter return royalties, Columbus Gold controls a 100% interest in the Property. The geologic setting at Golden Mile is similar to the productive Fortitude (Newmont) and McCoy (Kinross) mines on the Battle Mountain Trend. Golden Mile produced approximately ten thousand tonnes grading 12 g/t gold in the 1930's. Geophysical surveys and limited drilling carried out in the 1970's and 1980's defined skarn, breccia and disseminated gold mineralization and included a drill intercept of 16 g/t gold along 29.5 m, which included 47 g/t gold over 9.1 m.

QUALITY ASSURANCE/QUALITY CONTROL

Gold assays were determined by fire assay with an AA finish at American Assay Laboratories in Sparks, Nevada. American performed internal check assaying on about 7% of the samples. In addition, check analyses are in progress on a second split on a further 10% of the samples. The second split was collected at the drill rig at the same time as the first, and retained for check assaying. Essentially all samples grading more than 1 gram per tonne gold will be checked in this manner, and some replicate assaying of the second split likely will also be necessary. The replicate analyses from the first round of drilling in earlier 2006 indicated variations in grade, most likely due to coarse gold particles, particularly in some of the samples grading 4 grams/tonne Au or more.

The check sampling program is still in progress. In addition to internal checking done at American Assay Laboratories, fifty-five additional check samples have been received so far from the recent drilling, and these consist of triplicate fire assays (two assay ton) done on separate splits of cuttings taken at the drill rig. The check samples range from 49% lower to 67% higher than the original splits, continuing the pattern seen in earlier drilling which is likely produced by coarse gold in some samples. Further check sampling is in progress, and it is clear that the Golden Mile Project will require core drilling to better interpret the grade of the gold deposits.

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 20 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 11 of its projects joint ventured to major and junior mining companies.

ON BEHALF OF THE BOARD,

Robert Giustra, President & CEO, Director



SCHEDULE A

GOLDEN MILE PHASE II DRILL RESULTS - 2006

INCL. TOTAL TOTAL INTER-
DRILL BEAR- DEPTH DEPTH INTCPT CEPT INTVL INTVL Au Au
HOLE ING FT M FT M FT M OPT GPT
---------------------------------------------------------------------------

MI-16 -50, 555 169.2 195-460 59.5-140.2 265 80.7 0.0114 0.39
N60W includes 195-200 59.5-61.9 5 1.52 0.037 1.277
215-300 65.5-91.5 85 25.91 0.022 0.786
215-275 65.5-83.4 60 18.29 0.017 0.569
275-300 83.4-91.5 25 7.62 0.038 1.307
435-440 132.6-134.1 5 1.52 0.017 0.567
450-460 137.2-140.2 10 3.05 0.014 0.434

MI-17 -50, 495 150.9 395-495 120.4-150.9 100 30.5 0.009 0.291
N62W includes 415-425 126.5-129.6 10 3.05 0.015 0.542
455-470 138.7-143.3 15 4.57 0.019 0.774

MI-18 -50, 525 160.0 380-385 115.9-117.4 5 1.52 0.029 1.007
N60W 455-460 138.7-140.2 5 1.52 0.043 1.472
495-500 150.9-152.4 5 1.52 0.015 0.520

MI-19 -50, 503 153.4 365-503 111.3-153.4 138 42.1 0.011 0.381
N60W includes 210-215 64.0-65.5 5 1.52 0.022 0.750
280-290 85.4-88.4 10 3.05 0.022 0.769
415-425 126.5-129.6 10 3.05 0.038 1.286
440-445 134.1-135.7 5 1.52 0.096 3.280
470-485 143.3-147.9 15 4.57 0.011 0.362
495-503 150.9-153.4 8 2.44 0.033 1.145

MI-20 -50, 555 169.2 305-555 91.5-169.2 250 76.2 0.007 0.23
N61W includes 330-350 100.6-106.7 20 6.10 0.01 0.358
385-400 117.4-122.9 15 4.57 0.01 0.325
500-535 152.4-163.1 35 10.67 0.011 0.376

MI-21 -50, 500 152.4 65-165 19.8-50.3 100 30.48 0.011 0.383
N60W includes 75-90 22.9-27.4 15 4.57 0.037 1.273
85-90 25.9-27.4 5 1.52 0.065 2.214
135-145 41.2-44.2 10 3.05 0.017 0.568
and 230-500 70.1-152.4 270 82.3 0.006 0.221
includes 230-255 70.1-77.7 25 7.62 0.015 0.502
400-405 122-123.5 5 1.52 0.012 0.4
440-445 134.1-135.7 5 1.52 0.01 0.338
465-480 141.8-146.3 15 4.57 0.024 0.829

MI-22 -50, 500 152.4 150-340 45.7-103.7 190 58 0.019 0.644
N60W includes 150-190 45.73-57.93 40 12.19 0.02 0.673
180-185 54.78-56.4 5 1.52 0.088 3
210-230 64.02-70.12 20 6.10 0.074 2.508
210-225 64.02-68.60 15 4.57 0.094 3.189
240-270 73.17-82.32 30 9.14 0.015 0.514
285-300 86.89-91.46 15 4.57 0.028 0.943
and 360-500 109.8-152.4 140 42.7 0.01 0.329
includes 360-365 109.8-111.3 5 1.52 0.092 3.134
390-400 118.9-122.0 10 3.05 0.013 0.529
420-440 128.0-134.1 20 6.10 0.013 0.456

MI-23 -50, 495 150.9 255-260 77.74-79.27 5 1.52 0.089 3.032
N60W 305-315 92.99-96.04 10 3.05 0.01 0.359
335-355 102.1-108.2 20 6.10 0.027 0.913
335-340 102.1-103.7 5 1.52 0.073 2.492

MI-24 -50, 500 152.4 290-300 88.41-91.46 10 3.05 0.012 0.414
N60W 325-330 99.08-100.6 5 1.52 0.013 0.459
350-370 106.7-112.8 20 6.10 0.01 0.399

MI-25 -50, 500 152.4 180-255 54.9-77.7 75 22.8 0.011 0.37
S25W includes 185-230 56.04-70.12 45 13.72 0.014 0.484
380-395 115.9-120.4 15 4.57 0.025 0.859
includes 385-390 117.4-118.9 5 1.52 0.053 1.805

MI-26 -50, 500 152.4 160-165 48.78-50.30 5 1.52 0.014 0.495
S25W 190-200 57.93-60.98 10 3.05 0.013 0.439
220-225 67.07-68.60 5 1.52 0.031 1.067
250-260 76.22-79.27 10 3.05 0.014 0.480
315-320 96.04-97.56 5 1.52 0.04 1.384
365-375 111.3-114.3 10 3.05 0.01 0.333
385-390 117.4-118.9 5 1.52 0.014 0.485

MI-27 -50, 410 125.0 230-235 70.12-71.65 5 1.52 0.012 0.352
S50W

MI-28 -50, 445 135.7 210-215 64.02-65.55 5 1.52 0.012 0.418
S45E 340-345 103.7-105.2 5 1.52 0.01 0.362
360-365 109.8-111.3 5 1.52 0.015 0.500

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