Vancouver, BC, Canada, September 9, 2014. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX) (“Columbus Gold”) is pleased to announce drill results from an additional 12 holes of its 130-hole, 25,700 meter Phase II resource development diamond drilling campaign currently underway at its 100%-owned Montagne d’Or gold deposit, Paul Isnard Project, in French Guiana. Seventy-six (76) drill holes (106 to 178 and 180 to 182) have been completed, for a total of 12,975 meters, to date. 

“As anticipated, drilling of the principal UFZ zone, which hosts about 70% of the gold at Montagne d’Or, is yielding wider intersections and better grades. The significant intercept of 33.5 meters grading 3.15 g/t gold in drill hole MO-14-164 clearly indicates the potential of the deposit relating to grade and size,” commented Robert F. Giustra, Chairman and CEO of Columbus Gold. “With a third drill rig to soon commence drilling, we are well on our way to finalizing our current drill program near the end of October, updating our mineral resource estimate by year end, and completing a PEA by the end of March 2015.”

Highlights of the 12 holes reported are tabulated below:

• Holes 157 to 163 were the last series of short holes completed in the secondary Lower Favorable Zone (“LFZ”) and Footwall Zone (“FWZ”). Hole 161 returned an important intersection within the relatively untested FWZ, located along the northern fringe of the area of drilling.
• Hole 164 tested the principal Upper Felsic Zone (“UFZ”) at the western end of the area of drilling and confirmed the potential of increasing the resources in that direction.
• Holes 165 to 169 (results pending from 167) are the first series of priority holes planned to better define the west-central section of the UFZ. Of note, all holes cut thick sulphide-gold mineralised intervals.
• In addition, six (6) large diameter HQ-calibre core holes (1,000 m) were completed for detailed metallurgical testing as part of a preliminary economic assessment study (PEA).
• A drill plan and full assay results are available at the following links:

www.columbusgoldcorp.com/i/nr/2014-09-09-drillplan.pdf

www.columbusgoldcorp.com/i/nr/2014-09-09-assays.pdf

The Montagne d’Or gold deposit is presently defined over 2,500-meter by 400-meters and to an average depth of 250 meters from surface. The mineralised zones remain open in part along strike, between widely spaced holes,and at depth. Utilizing a cut-off grade of 0.4 g/t gold, the Montagne d’Or deposit hosts an Inferred resource of 140.1 million tonnes grading 1.0 g/t gold for a total of 4.31 million contained ounces of gold. Please refer to Columbus Gold’s news release of June 30, 2014 for more information. The drilling is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d’Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017.

The drill program is currently advancing with two track-mounted diamond drill rigs, each operating on two 12-hour shifts per day. A third drill rig has arrived on site and will be operating in the upcoming week with the aim of completing the Phase II program near the end of October.

Gold assay results were previously released for 51 short holes (106 to 156), which were completed at the northern base of Montagne d’Or gold deposit and were designed to test the near surface projection of the secondary LFZ and FWZ. 

The objectives of the Phase II resource development diamond drill program are to:

• Complete a 50-meter spacing array to a vertical depth of 200 meters from surface, focused on mineralisation potentially amenable to open pit mining;
• Internally increase current mineralized tonnage;
• Increase confidence in the gold grade-width distribution;
• Convert portions of the Inferred resources to the Indicated and Measured categories in accordance with NI 43-101 standards; and
• Acquire a better distribution of copper assays for added value to the deposit.

Qualified Person, Technical Info and QA/QC

Diamond drill holes were bored with HQ-size core in the upper oxidized saprolitic zone and NQ size core in fresh rock. The core was placed in plastic core boxes with covers and delivered by the drilling contractor, Performax Drilling Inc., a Canadian company with qualified personnel, to the Citron camp logging facilities, located 5 km from Montagne d’Or. Columbus Gold personnel are present at the camp at all times during the drilling program.

The core was photographed for reference, logged (geotechnical and geological) and identified sulphide mineralised sections were sawed in half. Sample lengths vary between 0.5 to 1.5 meters. Individual half core samples were placed in canvas bags and sealed by batch of 9 samples in polypropylene bags for air transport to the Cayenne and trucking to Filab Amsud laboratory in Paramaribo, Suriname, an ISO 9001 and ISO / IEC 17025 accredited laboratory. The remaining half core is stored in core racks on site at Citron camp for reference. Samples were assayed for gold by fire-assay method using an atomic absorption finish on a 50-gram pulp split.

A quality assurance and quality control program (QA/QC) was implemented by Columbus Gold and Filab Amsud to insure the accuracy and reproducibility of the analytical method and results are maintained. The QA/QC program includes the insertion of standards, blanks and field duplicates in each laboratory assay batch and systematic re-assaying of samples returning values above 5 g/t Au by the fire-assay method using a gravimetric finish on a 50-gram pulp split. As well, 10% of random sample pulps are sent to SGS del Peru S.A.C. laboratory for gold check assaying.

The drilling program is being conducted under the supervision of Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for Columbus Gold and Qualified Person under National Instrument 43-101. Mr. Lefrançois, the Qualified Person, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman & CEO

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 or
1-888-818-1364
info@columbusgroup.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 Columbus Gold’s: proposed drilling programs; indications of the potential grade and size of the Montagne D’Or deposit; update to the current mineral resource estimate; completion of a preliminary economic assessment (“PEA”); projected funding of drilling programs by Nord Gold N.V. pursuant to the terms of the option agreement and the related completion of a bankable feasibility study; and general exploration plans. 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: the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers and drill equipment; competition for mining properties; risks associated with exploration projects including, without limitation, the accuracy of interpretations regarding the indication of the potential grade and size of the Montagne D’Or deposit; the ability to complete a PEA by the stated target date or at all; mineral reserve and resource estimates (including the risk of assumption and methodology errors and the ability to complete an update by the stated target date or at all); dependence on third parties for services; non-performance by contractual counterparties; title risks; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that the design of the drill plan is appropriate for the site; general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies including, without limitation, drill rigs; and ongoing relations with employees, partners, optionees and joint venturers. The foregoing list is not exhaustive and Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.