Significant Increase In Grade at Paul Isnard Project

VANCOUVER, BC - Columbus Gold Corporation reported that the most recently completed drilling program at its Montagne d'Or deposit (Paul Isnard Project) consisting of 26,600 meters in 126 core holes.

Robert Giustra, CEO and Chairman said, "Phase II drilling has successfully achieved the dual objective of significantly lifting the average grade, and moving a substantial amount of Inferred ounces into the Indicated category. In parallel with those milestones, the current resource estimates are now 100% pit-confined, versus our previous estimates, which were global resources. This deposit can still grow; it's open in all directions with additional potential within presently loosely-drilled sub-parallel zones and in the surface saprolitic oxide layer, which will be systematically drilled this year."

The resources are confined by a Whittle Pit shell based on $US 1,300/oz gold price.

The updated resource estimates will support the completion of a Preliminary Economic Assessment (PEA) on the Montagne d'Or deposit on target to be completed in Q2 of 2015.

The Montagne d'Or deposit consists of closely spaced sub-parallel east-west-striking and steeply south-dipping sulfide mineralized horizons. For the purpose of the updated resource estimation, Columbus Gold completed a three-dimensional geological model across the entire 2.3-kilometre drill-defined area of the Montagne d'Or gold mineralized system. SRK used the geological model as the foundation for interpreting gold grades based on data from 227 diamond drill holes, all located on surface.

The geological modeling included lithological data that were validated during extensive re-logging of the Montagne d'Or diamond drill core in Q1 of 2015. The drill core was re-logged for 206 diamond drill holes, located between 172250E and 175475E (UTM coordinates) and that date from 1996 through 2014. The new lithological model was constructed using Leapfrog Geo software; the same software was used to generate a gold grade shell wireframe.

The topographic surface was modeled with a 10-meter surface resolution using proprietary LIDAR data.

The resource estimation was completed within a grade shell constructed at a 0.3 g/t gold threshold with a 5-meter surface resolution constructed using Leapfrog Geo. The grade shell interpolation was performed on 3-meter composites of the assay results. An anisotropy was applied to the interpolant that was oriented parallel to the tectonic flattening plane of the deposit (dip direction of 174 degrees; dip angle of -72 degrees) as measured directly from the rock texture in orientated diamond drill cores. Greater than 78% of the values enclosed by the grade shell were validated to be >= 0.3 g/t.

The mineral resource estimation was prepared using an inverse distance squared algorithm supported by the 3m composited drill hole data. The raw assay data was capped at 39 g/t gold prior to compositing. Only composites located within the mineralized grade shell domain were used to estimate blocks within the grade shell domain. The search ellipsoid was oriented parallel to the strike and dip of the mineralization (dip direction of 174 degrees; dip angle of -72 degrees). A four pass estimation with a final maximum search radius of 125m along strike, 125m down dip and 15m across strike and dip was used to find a minimum of 3 samples and maximum of 8 samples to estimate a block. Only blocks located 75m or less from the closest sample were considered for the final resource reporting. The model used a block size of 10m along strike, 5m across strike and 5m down dip.

The density model was generated based on 3,244 density measurements from all material types. Unique density values were assigned to each of the eleven rock types in the block model.

The resource was classified as Indicated and Inferred Mineral Resource based primarily on average drill hole spacing. All areas with average drill hole spacing of 50m or less were classified as Indicated Mineral Resource. All areas with wider spaced drilling and located down dip, below the base of drilling was classified as Inferred Mineral Resource. The resource remains open in several directions. Additional infill drilling to a nominal spacing of 50m between drill holes along strike as well as down-dip drilling may convert some or all of the existing Inferred Mineral Resource to an Indicated Mineral Resource.