Vancouver, British Columbia, Canada, December 18, 2008. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce a non-brokered private placement of up to 7,000,000 units at a price of $0.20 per unit, for total gross proceeds of up to $1,400,000. Each unit will be comprised of one common share and one common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.30 for a period of 18 months following the closing. There are no finders' fees payable in conjunction with the financing.
The proceeds of the private placement will be used for exploration and working capital requirements. The private placement is subject to regulatory approvals.
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 Gold controls a 100% interest, subject to royalties, in 25 gold projects strategically located along or near Nevada's most productive gold trends. The Company also holds a significant equity interest in Columbus Silver Corporation, an exploration company with a growing portfolio of silver projects in the Western United States.
Columbus Gold's and Columbus Silver's project activities are managed on an exclusive basis 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 the United States. Columbus Gold 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, including Newmont Mining, Barrick Gold and Agnico-Eagle Mines.