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Columbus Gold Updates on Paul Isnard Gold Project Acquisition

Columbus Gold Corporation (TSX VENTURE:CGT) has announced that it has satisfied another condition precedent in its proposed acquisition of the Paul Isnard gold project in French Guiana, first announced on December 3rd, 2010, through completion of its due-diligence on the proposed acquisition.

The Paul Isnard gold project includes the Montagne d'Or gold deposit which consists of 1.9 million ounces gold from 36.7 million tonnes grading 1.6 gpt. The Montagne d'Or gold deposit is open along strike and at depth.

The agreement governing the terms of the proposed acquisition (the "Agreement") contains additional conditions precedent including, among other things: obtaining a positive title opinion in connection with the Paul Isnard property; the completion of a US$2 million fundraising by Columbus Gold; non-objection by the French Government; and stock exchange, shareholder, and regulatory approvals.

In connection with its due-diligence, Columbus Gold has met with key government officials in both France and French Guiana (a Department of France) and reviewed the French Mining Code and proposed new mining legislation which is in the final stages of consultation, and is expected to be submitted for vote by the Supreme Court of France in 2011 or 2012, known as the Scheme of Mining Orientation and Management of French Guiana, or SDOM.

The dual objectives of the SDOM are to encourage economic development in French Guiana while protecting its environment. In part to accomplish these goals, the SDOM provides increased security of land tenure and clarifies mineral development guidelines, and assigns lands in French Guiana to 1 of 5 classification requiring varying levels of environmental and other obligations for mining companies. Pursuant to the SDOM, the Montagne d'Or gold deposit lies within an area classification proposed to allow open-pit mining under certain conditions that include: the requirement to demonstrate the identification of a viable mineral deposit; the completion of an Environmental Impact Study and Reclamation Plan; and possible additional reclamation, or environmental investigations as may be required for the public interest, on or off site.

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.

Source: Columbus Gold Corporation


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