Columbus Gold

Columbus Gold Corporation announced today that drilling has started on the Company’s Summit Project where joint venture partner Agnico-Eagle Mines Limited ([stock AEM]) is earning an initial 51% interest by undertaking staged annual exploration expenditures and making annual cash payments to Columbus Gold.

The current program will consist of approximately 4,000 feet (1,220 meters) of reverse circulation drilling in 2 holes. The holes will test for the northeast strike extension of the Long Canyon deposit being developed by AuEx Ventures, Inc. and Fronteer Development Group Inc. See the project area map.

As reported by AuEx Ventures, the Long Canyon gold deposit consists of multiple, sub-parallel north to northeast-directed zones of oxidized Carlin-style gold mineralization, amenable to open pit mining, aggregating 1,300 ft (400 m) in width with a current strike length of approximately 1.60 miles (2.6 km) that is still open to extension. Mineralization outcrops in the central portion of the deposit and plunges shallowly to the northeast towards Columbus Gold’s Summit Property. Drilling at Long Canyon is now estimated by Columbus to extend to within 3,280 ft (1,000 m) outside of Columbus Gold’s Summit Property boundary.

In March 2009, AuEx Ventures reported an indicated resource of 363,000 ounces gold from 4,808,000 tonnes averaging 2.35 g/t and an inferred resource of 459,000 ounces gold from 8,780,000 tonnes averaging 1.63 g/t, and reported the completion of a positive initial Preliminary Economic Assessment. The reported resource and assessment didn’t include the results from more than 200 holes that were drilled in 2009. AuEx has reported that about $20 million in expenditures is planned at Long Canyon in 2010.

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 content of this news release. Mr. Wallace is a VP of Columbus Gold’s U.S. subsidiary and the principal of Cordilleran Exploration Company (“Cordex”), which is conducting exploration and project generation activities for Columbus Gold.