Vancouver, British Columbia, Canada, October 29, 2012 - Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold") has been issued 1,500,000 common shares (each, a "Share") in the capital of Sniper Resources Ltd. ("Sniper" ) pursuant to its acquisition of all of Columbus Gold's interest in the Laura Claim Group located in Lander County, Nevada. Sniper has issued these Shares as partial consideration for the aforementioned acquisition; in addition to the foregoing, Sniper has also provided Columbus Gold with a 1.5% net smelter returns royalty on production the Laura property. Prior to the issuance of the Shares, Columbus Gold held control and ownership over 3,087,745 Shares (approximately 7.9967% of Sniper's issued and outstanding Share capital); Columbus Gold now holds ownership and control over 4,587,745 Shares (approximately 11.44% of Sniper's issued and outstanding Share capital). The 1,500,000 Shares were issued from Sniper's treasury and not acquired by Columbus Gold via a market transaction; these Shares were issued at a deemed price of $0.08 each. Columbus has acquired the Shares for investment purposes and intends to evaluate its investment in Sniper and to increase or decrease its shareholdings from time to time as it may determine appropriate for investment purposes. Columbus Gold understands that the Shares were issued pursuant to exemptions contained in Section 2.13 of National Instrument 45-106 Prospectus and Registration Exemptions, which exemptions are applicable because the Shares were issued in consideration for the acquisition of an interest in a mining property. Columbus Gold will timely file an Early Warning Report in connection with its acquisition of the Shares, which report provides additional information not contained in this news release. A copy of such report or this news release will be provided by Columbus Gold upon request.

ON BEHALF OF THE BOARD,

Robert 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@columbusgoldcorp.com