Columbus Gold Corporation (TSX VENTURE:CGT) (the "Company" or "Columbus Gold")
is pleased to announce that it has filed a NI 43-101 compliant technical report
on its Paul Isnard Gold Project in French Guiana which includes the 1.9 million
ounce Montagne D'Or gold deposit. 


The technical report was completed by SRK Consulting and includes an Inferred
resource estimate of the Montagne D'Or gold deposit which consists of 1.9
million ounces gold from 36.7 mt grading 1.6 gpt. The Montagne D'Or gold deposit
is open along strike and at depth.


The technical report has been filed on SEDAR and can also be viewed on Columbus
Gold's website at the following link: 


http://www.columbusgoldcorp.com/i/pdf/techrep-2011-01-13-Paul-Isnard.pdf

The Paul Isnard project is located approximately 180 km west of the capital city
of Cayenne, French Guiana and consists of eight mining permits totaling 135 km2
and a pending application for two additional mining permits totaling a further
14.4 km2. The Paul Isnard project area has been an important centre of alluvial
and colluvial gold mining operations since the late 19th century with reported
estimated production of about two million ounces.


The project occurs within the northernmost of two east-west trending Proterozoic
greenstone belts making up the French Guiana sector of the Guiana Shield. The
greenstone terrain hosts important gold deposits in French Guiana and
neighboring countries, including Rosebel in Suriname, and is generally
considered to represent an extension of the productive and much more extensively
explored and developed Birimian System greenstone belts of West Africa.


Modern exploration focused on primary gold mineralization at Paul Isnard has
been limited but includes geological, geochemical and geophysical surveys, and
75 diamond core holes totaling 12,983 metres, carried out by Golden Star
Resources largely from 1995 to 2007. Most of this work, including 60 holes for
11,454 metres, has been directed at the Montagne d'Or gold deposit which
consists of a linear mineralized body within laminated felsic volcanic rocks
outlined and partially delineated for a strike length of 3,000 metres and dip
length up to 200 metres. The deposit consists of two closely spaced, mineralized
layers, respectively averaging about 65 and 35 metres in thickness, and multiple
smaller, sub parallel gold-bearing bands and stringer zones. 


The Columbus program will be focused on the Montagne d'Or deposit where infill
drilling is planned to convert Inferred resources to Measured and Indicated
categories, and holes drilled at greater depths and along strike are planned in
order to increase the mineral resources. Numerous less developed gold prospects
and untested geochemical anomalies which occur throughout the project area will
also be evaluated.


Columbus Gold's independent consultant and Qualified Person, John Prochnau (P.
Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the
technical content of this news release.


ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

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 Agreement, the conditions
precedent in connection therewith, and the Company's fund-raising plans.
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
success or failure of the Company's or Auplata's due diligence inquiries;
ability to obtain regulatory, shareholder, and TSX Venture Exchange approval of
the transactions contemplated under the Agreement; the ability to pass the
transactions contemplated under the Agreement through applicable French law; the
ability to obtain applicable exemptions from prospectus and registration
requirements in connection with the issuance of securities of the Company; the
ability to satisfy the conditions precedent contained in the Agreement,
including without limitation the ability to obtain a positive title opinion, and
complete fundraising; the ability to complete milestones under the Agreement (if
ultimately approved) in order to earn into the property, including without
limitation the ability to obtain qualified workers, financing, permits,
approvals, equipment, and ultimately a Bankable Feasibility Study in connection
therewith; ability to obtain alternate financing; changes in the market;
decisions respecting whether or not to pursue the transactions contemplated
under the Agreement (either at the due diligence stage, pre-approval stage, or
post-approval stage, if ultimately approved); non-performance by contractual
counterparties; 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; that the Company and Auplata will be able to
successfully complete the conditions precedent to the Agreement, including
without limitation the ability to obtain a positive title opinion, complete
required fundraisings including with Pelican, and the ability to obtain
regulatory, TSX Venture Exchange, and shareholder approval of the transactions
contemplated under the Agreement; that due diligence will be successful for both
the Company and Auplata; that the Company will be able to complete necessary
milestones under the Agreement in a timely and successful fashion; that French
law will allow the transactions contemplated under the Agreement to succeed;
that the Company will desire to continue earning into the Property over time;
the ability to locate sufficient financing for ongoing operations; and general
market conditions. The foregoing list is not exhaustive and we undertake no
obligation to update any of the foregoing except as required by law.