Vancouver, British Columbia, Canada, December 12, 2008. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold” or the “Company”) is announcing that the Company is filing with the TSX Venture Exchange (the “Exchange”) a proposal to amend the exercise price of 800,000 share purchase warrants (“Warrants”) that were issued to subscribers in the Company’s non-brokered private placement previously announced on March 7, 2008. Under the private placement, 800,000 units were sold to subscribers at a price of $0.80 per unit. The current exercise price of the Warrants is $0.90 per share, and the Warrants are set to expire on September 12, 2009.

The proposed new exercise price of the Warrants is $0.40 per share, which remains a significant premium to the Company’s current trading price. In accordance with the policies of the Exchange, if the Company’s common shares trade at a closing price of $0.50 or higher for ten consecutive trading days, the exercise period of the Warrants will be shortened to a period of 30 days commencing one week after the final such trading day. The Company has received consent from all of the warrant holders to the above amendment, which amendment is subject to Exchange approval.

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.

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 or
1 866 689-2599
info@columbusgoldcorp.com