French Government Does Not‎ Object to Columbus Gold's Agreement With Nordgold on Paul Isnard Gold Project, French Guiana

VANCOUVER, BC--(Marketwired - January 22, 2015) - Columbus Gold Corp. (TSX VENTURE: CGT) (OTCQX: CBGDF) ("Columbus Gold"). Pursuant to French law, the government of France had until January 19^th, 2015 to object to the agreement between Columbus Gold and Nord Gold N.V. ("Nordgold") (LSE: NORD LI). Columbus Gold is pleased to report that the French government has not objected to Columbus Gold's agreement with Nordgold, under which Nordgold can earn a 50.01% interest in the Montagne d'Or gold deposit and the Paul Isnard mineral claims, by funding a minimum of US$30 million in expenditures and completing a feasibility study no later than March 2017. 

Utilizing a cut-off grade of 0.4 g/t gold, the Montagne d'Or Gold 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). An updated resource estimate and a preliminary environmental assessment are on track for completion in the coming weeks and a Preliminary Economic Assessment ("PEA") is expected in the spring of 2015.

Rock Lefrançois, P.Geo. (OGQ), Chief Operating Officer for Columbus Gold and Qualified Person under National Instrument 43-101 is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein.

For additional information on Columbus Gold, please use the following link to review our presentation materials: www.columbusgoldcorp.com/s/Presentations.asp.

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.

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 completion of a preliminary environmental assessment; completion of new mineral resource estimate; completion of the PEA; projected funding of drilling programs by Nordgold pursuant to the terms of the option agreement; and the completion of a feasibility study ("BFS"). 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 technical interpretations and other interpretations; mineral reserve and resource estimates (including the risk of assumption and methodology errors and ability to complete a new resource estimate by the proposed target date or at all); the ability to complete the preliminary environmental assessment by the proposed target date or at all; the ability to complete the PEA by the stated deadline or at all; dependence on third parties for services; non-performance by contractual counterparties; title risks; risks associated with Nordgold electing not to exercise its option and make the related option and drill program funding payments; and the ability to complete the BFS by the stated deadline or at all; 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; 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.