Vancouver, British Columbia, Canada, December 18, 2008. Columbus
Gold Corporation (CGT: TSX-V) ("Columbus Gold" or
the "Company") is pleased to announce a non-brokered
private placement of up to 7,000,000 units at a price of $0.20 per unit,
for total gross proceeds of up to $1,400,000. Each unit will be comprised
of one common share and one common share purchase warrant entitling the
holder to purchase one common share of the Company at a price of $0.30 for
a period of 18 months following the closing. There are no finders' fees
payable in conjunction with the financing.
The proceeds of the private placement will be used for exploration
and working capital requirements. The private placement is subject to
regulatory approvals.
About Columbus Gold
Columbus Gold Corporation is a gold exploration and development
company operating principally in Nevada. The Company has an experienced
management group with a strong background in all aspects of the
acquisition, exploration, development and financing of precious metal mining
projects. Columbus Gold controls a 100% interest, subject to royalties, in
25 gold projects strategically located along or near Nevada's most
productive gold trends. The Company also holds a significant equity
interest in Columbus Silver Corporation, an exploration company with a
growing portfolio of silver projects in the Western United States.
Columbus Gold's and Columbus Silver's project activities are managed
on an exclusive basis by Cordilleran Exploration Company (Cordex), owned
and operated by John Livermore and Andy Wallace who have a long and
successful history of gold discovery and mine development in the United
States. Columbus Gold maintains active generative (prospecting) and
evaluation programs and, as a key element of strategy, broadens exposure,
minimizes risk and maintains focus on high priority prospects while seeking
industry finance through joint ventures on selected projects. The Company
currently has 14 of its projects joint ventured to major and junior mining
companies, including Newmont Mining, Barrick Gold and Agnico-Eagle Mines.
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, Director
The TSX Venture
Exchange does not accept responsibility for the adequacy or accuracy of
this release.
For more information
contact:
Ray Lagace
Investor Relations
604 638-3474 or
1 866 689-2599
info@columbusgoldcorp.com