Columbus Gold Evaluating Spin-Out of Non-Core Assets

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/02/12 -- Columbus Gold Corporation (TSX VENTURE: CGT) ("Columbus Gold") reports that it has initiated the process of evaluating a number of different options respecting the possible spin-out of its non-core assets, with a view to aiming to complete a transaction by year-end to place its Nevada and Turkish projects into a separate publicly traded vehicle. Alternatives include an IPO or vend-in via an existing publicly traded company. Columbus Gold is currently performing due-diligence on a number of potential alternative companies and is considering the pros and cons to pursuing that route versus an IPO, particularly with respect to financing, tax optimization and regulatory streamlining.

Columbus Gold's recent announcement respecting the letter of intent to earn-into the Demirtepe copper-gold-silver and molybdenum project in Turkey was realized with the objective of creating a compelling asset mix for the eventual spin-out of non-core projects.

Robert Giustra, CEO of Columbus Gold, commented: "Columbus Gold's non-core assets are currently not being valued by the market. Placing them into a separate public listing that Columbus Gold maintains a significant interest in, will unlock value for Columbus Gold shareholders and allow management of Columbus Gold to focus its attention on French Guiana and the 1.9 oz. Paul Isnard gold project."

ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

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"), regarding Columbus Gold's intention of spinning out its non-core assets and the possible form that such transaction may take. Users of forward-looking statements are strongly cautioned that actual results may vary from those expressed or implied by and in the forward-looking statements made herein. Columbus Gold has not entered into an agreement or determined a definitive course of action respecting the transactions contemplated by the forward-looking statements contained herein, and there can be no assurance that Columbus Gold will enter into such an agreement, reach a definitive course of action, or what the terms or timing of a spin-out transaction may be. Some of the material factors which could cause results to differ materially from those expressed or implied by the forward-looking statements set out herein include Columbus Gold's ability to locate a third party with which to enter a transaction; Columbus Gold's ability to define a transaction structure, including regulatory, tax, and on financial terms that are favorable to Columbus Gold or at all; the ability to obtain necessary approvals in Canada or elsewhere; the costs of such transaction and Columbus Gold's ability to pay same; general cost variances or increases; the availability of qualified or specialized personnel involved with structuring or completing such transaction and the general dependence on third parties for services; whether due diligence will be successful in connection with any such transaction; title risks; and general business, market, and economic conditions. A number of assumptions have been considered in developing the forward-looking statements contained in this release, being broadly that the foregoing factors will not cause the contemplated transaction to fail to materialize or to complete. The foregoing list is not exhaustive and readers should not place undue reliance thereon. In the event that a material transaction is initiated, Columbus Gold will disclose same via news release and applicable regulatory filings in due course, but otherwise Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.

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.

Contacts:

Columbus Gold Corporation

Investor Relations

604-634-0970 or 1-888-818-1364

604-634-0971 (FAX)
info@columbusgoldcorp.com
www.columbusgoldcorp.com