Columbus Gold Reports On Project Activities

VANCOUVER, BC - Columbus Gold Corporation reported that the Company's project activities continue to be managed by Cordilleran Exploration Company ("Cordex"), owned and operated by John Livermore and Andy Wallace. The Company's exclusive agreement with Cordex has been extended to the end of 2009 and is renewable up to the end of 2013 under certain conditions.

The Company's generative activities are designed to identify and acquire projects with ore grade values in a geological setting with the potential to host a large gold deposit amenable to open pit mining. During the 2007 field season the Company's generative programs have resulted in the staking and acquisition of five additional properties in northwest Nevada: Grulla, Stage, Red Hills, White Horse Flats and Ferguson Flats. With the 2008 acquisition of the White Horse North Project and the Awakening Property, Columbus Gold's portfolio now consists of 31 projects which are 100% controlled (subject to underlying royalties) of which 25 are gold projects located in Nevada.
To date the Company has optioned an initial interest of 51% to 60% on 14 of its Nevada gold projects to third parties including Barrick Gold, Newmont Mining and Agnico-Eagle. Columbus Gold believes that it is the 4th largest landowner in Nevada based on number of gold projects and that it ranks 2nd in the state for the most projects under option to third parties. As new acquisitions are advanced and targets delineated through geological mapping, geochemical sampling and geophysics, it is likely that other projects will be optioned to third parties for drilling; additional joint-ventures are anticipated in 2008.
The Company's joint-venture partners plan combined 2008 exploration expenditures totaling an estimated $4.65 million on Columbus Gold projects with drilling planned on up to seven properties including drilling by Newmont Mining at Scraper located on the northern extension of the Carlin Trend and where they recently completed geochemical work, a gravity survey and other geophysics in preparation for drilling; Barrick Gold has planned a geophysical program in preparation for an anticipated 11,000 ft drilling program at Utah Clipper and Crestview located directly adjacent to the Pipeline-Gold Acres gold mine complex on the Battle Mountain Trend and, approximately 8,000 ft of drilling is planned at Summit by Agnico-Eagle Mines Limited to test geochemical targets identified in last year's sampling program which consisted of approximately 2,500 soil, rock, and stream sediment samples.
In addition, subject to the availability of drill rigs, Sniper Resources is planning to drill 24 rotary holes in a planned 14,400 ft (4,389 m) program at Guild; four holes totaling 4,100 ft (1,249 m) are planned by Platte River Gold at Chert Cliff; and, eight to ten diamond drill holes are planned by Portage Minerals at Golden Mile.
In addition to the drill programs on these seven Columbus Gold projects planned by joint-venture partners in 2008, Columbus Gold plans to drill its Bolo and Awakening properties. Bonds are in place, permitting has been obtained and a drill rig is scheduled to be delivered to Awakening in June and subsequently moved to Bolo.
The company's address is Suite 910, 475 Howe Street, Vancouver, BC V6C 2B3, 604-689-2599, fax: 604-689-3609, email: [email protected].