Vancouver, BC, Canada, January 28, 2009. Columbus Gold Corporation (CGT: TSX-V) (“Columbus Gold” or the “Company”) announces that it has completed the repricing of warrants initially announced December 12, 2008. The Company repriced warrants to purchase an aggregate of 800,000 common shares in the capital of the Company from an exercise price of $0.90 to an exercise price of $0.40. All other warrant terms remain the same including the expiry date of September 12, 2009. In accordance with the policies of the TSX Venture 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.

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 24 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

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:

Ray Lagace
Investor Relations
604-638-3474
1-866-689-2599
info@columbusgoldcorp.com