Vancouver, British Columbia, Canada. June 16, 2011. Columbus Gold Corporation(CGT: TSX-V) (the “Company”) announces that it has granted incentive stock options to certain of its officers, directors, consultants, employees, and service providers, to purchase up to an aggregate of 1,556,500 common shares exercisable on or before June 15, 2016 at a price of $0.78 per share. Of the foregoing options, 225,000 will vest on December 15, 2011; 100,000 will vest on June 15, 2012; and 100,000 will vest on June 15, 2013.

ON BEHALF OF THE BOARD,

Robert Giustra
CEO and Chairman

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:

Investor Relations
604-634-0970
info@columbusgoldcorp.com

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 the vesting of stock options. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation that the relevant optionees are bona-fide service providers of the Company at the time his or her options are expected to vest; in the event that such persons are not with the Company at such time, then subject to the rules of the TSX Venture Exchange and the Company’s stock option plan, such person’s options will cancel instead of vesting. In making its forward-looking statements in this news release, the Company is assuming that such options will vest as set out above. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.