Vancouver,
BC, Canada, February 2, 2009. Columbus Gold Corporation (CGT: TSX-V)
("Columbus Gold" or the "Company") is
pleased to announce that it has closed the first tranche of the private
placement previously announced on December 18, 2008. The Company has raised
$661,100 through the issuance of 3,305,500 units at a price of $0.20. Each
unit is comprised of one common share and one share purchase warrant, each
warrant entitling the holder to purchase one additional common share at a
price of $0.30 for a period of eighteen months expiring July 28, 2010. All
securities issued pursuant to the private placement are subject to a four
month hold period expiring May 29, 2009. Proceeds from this financing will
be used for exploration and for general working capital.
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