Vancouver, British Columbia, Canada. March 07, 2008. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold” or the “Company”) is pleased to announce a non-brokered private placement with Carrelton Asset Management and its affiliates (“Carrelton”) for total proceeds of $640,000. Carrelton will be the sole participant in the private placement. On closing of the private placement, and together with previous open market purchases, Carrelton will hold approximately 5% of the outstanding shares of Columbus Gold.

The private placement will consist of 800,000 units at a price of $0.80 per unit for total proceeds of $640,000. Each unit will be comprised of one common share and one share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.90 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 coupled with the Company’s current treasury totals $2,710,000, which will enable Columbus Gold to meet its projected exploration and working capital requirements through the end of 2009. The private placement is subject to regulatory approvals.

ABOUT CARRELTON ASSET MANAGEMENT

Carrelton is an asset management and private equity firm specializing in small and micro-cap companies. The Carrelton Horizon Fund invests in companies with a market float of less than $2 billion. Currently, over half of the fund’s assets are invested in the natural resource sector with a particular focus in the gold, silver, uranium, oil and alternative energy sectors. Carrelton also co-manages the Antares Capital Fund Ltd., an offshore fund also specializing in small capitalization natural resource companies. Carrelton and Antares Capital Management have offices in Miami, Houston and Mexico City.

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 controls a 100% interest, subject to royalties, in 23 gold projects strategically located along or near Nevada’s most productive gold trends and 5 silver and copper projects located in Arizona and Utah. The Company’s project activities are managed 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 Nevada.

The Company 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 industry partners which include Barrick Gold, Newmont Mining and Agnico Eagle Mines.

ON BEHALF OF THE BOARD,

Robert F. Giustra
President & CEO, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information contact:

Ray Lagace
Investor Relations
604-638-3474
info@columbusgoldcorp.com