Vancouver, British Columbia, Canada. October 16, 2009. Columbus Silver Corporation (CSC: TSX-V) ("Columbus Silver" or the "Company") is pleased to announce a strategic non-brokered private placement financing from Swiss and Dubai-based investors of up to 5,000,000 units at a price of $0.10 per unit, for total gross proceeds of up to $500,000. Each unit will be comprised of one common share and one common share purchase warrant exercisable at a price of $0.20 per warrant share for a period of 2 years. Finders' fees may be payable by the Company in connection with the private placement.

The proceeds of the private placement will be used for working capital requirements. The private placement is subject to regulatory and stock exchange approvals.

About Columbus Silver

Columbus Silver is a silver exploration and development company operating in the Western United States possessing an experienced management group with a strong background in all aspects of the acquisition, exploration, development and financing of mining projects.

Columbus Silver's project activities are managed on an exclusive basis by Cordex, owned and operated by John Livermore and Andy Wallace who have a long and successful history of discovery and mine development in the United States. Columbus Silver maintains active generative (prospecting) and evaluation programs and currently controls a 100% interest in 8 silver properties in Utah, Arizona, New Mexico and Nevada.

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 the Company's use of proceeds of the private placement and whether it will be required to pay finder's fees in connection therewith. 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 the ability to complete the private placement; ability to locate and dependence on finders; dependence on third parties for services; non-performance by contractual counterparties; ability to obtain required approvals; 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 ability to locate sufficient purchasers (and if applicable, finders) to complete the private placement; and the timing and receipt of required approvals and materials. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.