Vancouver, BC, Canada, August 13, 2009. Columbus Gold Corporation (CSC: TSX-V) ("Columbus Gold") announces that it has sold 1,000,000 common shares of Columbus Silver Corporation ("Columbus Silver") for gross proceeds of approximately $108,750. Columbus Gold's shareholdings in Columbus Silver prior to the aforementioned sale represented approximately 35.7% of Columbus Silver's 11,209,000 issued common shares, with this transaction representing the sale of approximately 8.9% of Columbus Silver's issued shares, leaving Columbus Gold with 3 million shares or approximately 26.8% of Columbus Silver's issued shares.
Columbus Gold intends to use the net proceeds of the aforementioned sale to purchase units in the Columbus Silver private placement announced on July 22, 2009. Columbus Silver has announced that such private placement will consist of the sale of up to 13,000,000 units at $0.10 per unit, with each unit comprised of one common share and one common share purchase warrant.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information contact:
604 638-3474 or
1 866 689-2599
This release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"), respecting Columbus Gold's plans for the sale of shares of Columbus Silver and the use of the proceeds of such sale. Such forward-looking statements involve risks, uncertainties and other factors, and are based on certain assumptions, that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to consummate the sale, the TSX Venture Exchange to facilitate same, the ability of Columbus Silver to complete its private placement, and the acceptability of Columbus Gold as a subscriber therein. The foregoing list is not exhaustive and we do not undertake any obligation to update any of the foregoing except as required by law.