Vancouver, BC, Canada, January 23, 2013 � Columbus Silver Corporation (CSC: TSX-V) ("Columbus Silver") announces that it will seek the consent of not less than 50% of its shareholders to consolidate Columbus Silver's issued and outstanding common shares at a ratio of four old shares for one new share (the "Consolidation"). In addition, Columbus Silver reports that its Directors have approved a name change to Columbus Exploration Corporation (the "Name Change").

Columbus Silver presently has 50,836,648 common shares issued and outstanding; if the Consolidation is completed, Columbus Silver will have 12,709,162 common shares issued and outstanding. Columbus Silver believes that the Consolidation is necessary to attract ongoing investment.

The Consolidation is subject to TSX Venture Exchange ("TSXV") approval, as well as the consent of not less than 50% of Columbus Silver's shareholders. If the foregoing approval and consent are obtained, the Directors intend to implement the Consolidation as soon as practicable thereafter, provided that they may, in their sole discretion, revoke the resolution and abandon the Consolidation without further notice or approval. The Name Change is subject to TSXV approval and is expected to be implemented contemporaneously with the Consolidation.

Although the Consolidation and the Name Change are being effected by Columbus Silver for the above-noted reason, each is also a condition precedent to the transactions disclosed by Columbus Silver on December 14, 2012, under which Columbus Silver has obtained a conditional option from Columbus Gold Corp ("Columbus Gold") to obtain all of Columbus Gold's United States mineral properties. For additional details of the aforementioned option and additional conditions thereto, please see Columbus Silver's news release of December 14, 2012.

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"). In particular, and without limitation this news release contains forward-looking statements pertaining to the Consolidation and Name Change. 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 whether the TSXV will approve the Consolidation or the Name Change; whether a sufficient number of Company shareholders will consent to the Consolidation; whether the Company will satisfy other regulatory requirements in connection with the foregoing changes; cost increases; unforeseen circumstances; dependence on third parties for services; 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 Company will satisfy regulatory requirements in connection with the Name Change and Consolidation; that at least 50% of the Company's shareholders will consent to the Consolidation; that the TSXV will accept the foregoing written consent of shareholders as part of the Company's filing requirements; that the TSXV will approve the Name Change and the Consolidation; that required service providers will be available; general business and economic conditions; availability of financing; and ongoing relations with employees, partners and joint venturers. Although the foregoing forward-looking statements are considered reasonable at the time of preparation, the aforementioned assumptions and factors may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The aforementioned factors and assumptions are not exhaustive. The Company's actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. The foregoing list is not exhaustive and the Company undertakes no obligation to update any of the foregoing except as required by law.