Columbus Gold Starts Phase III Drill Program on Montagne d'Or Gold Deposit, Paul Isnard Project, French Guiana

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 30, 2015) - Columbus Gold Corp. (TSX VENTURE:CGT) ("Columbus Gold") is pleased to announce the commencement of the Phase III drilling program at its 100% owned Montagne d'Or Gold Deposit, Paul Isnard Project, French Guiana.

Drilling equipment has arrived from Georgetown, Guyana, at the port of Saint-Laurent-du-Maroni, French Guiana, and cleared customs formalities. The Shipment is currently being mobilized to the project base at Camp Citron, and includes two track-mounted multi-purpose drill rigs, capable of reverse circulation ("RC") and diamond drilling ("DD"), support vehicles and equipment, and supplies. All equipment is expected to arrive on site and drilling to commence by July 6^th.

The Phase III program, which will support the completion of a bankable feasibility study on Montagne d'Or, will consist of a combination of RC and DD drilling as follows:

• 5,000 meters of RC fence drilling for infrastructure site condemnation;
• 14,500 meters of combined RC and DD in-fill drilling to: 1) convert a portion of the current Indicated resources to the Measured category, and 2) better define mineralization contained within the surface saprolite zone (oxide), and;
• 1,900 meters of DD geotechnical drilling.

The work is being funded by Nord Gold N.V. (LSE: NORD LI) as part of a minimum US$30 million exploration and development program pursuant to which they can earn a 50.01% interest in Montagne d'Or and the Paul Isnard mineral claims, by completing a bankable feasibility study no later than March 2017. The results of a Preliminary Economic Assessment ("PEA") on the Montagne d'Or deposit are anticipated to be released in early July.

About the Montagne d'Or Gold Deposit

Following the completion of the 2014 Phase II in-fill drilling program, the Montagne d'Or pit constrained resources, at a cut-off grade of 0.4 g/t gold, are estimated at (SRK Consulting (US) Inc., 2015^*):

The estimation is based on 56 historical diamond drill holes (10,916 m) together with the results of 171 diamond drill holes (42,300 m) completed by Columbus Gold from November, 2011, to November, 2014 (Phase I and II).

The Montagne d'Or Gold Deposit is hosted within a bimodal felsic and mafic volcanic-plutonic sequence that strikes east-northeast and dips steeply south. All units have undergone ductile deformation and tight folding. The sulfide-gold mineralization is mainly hosted within felsic volcanics and occurs as a number of tabular bodies consisting of higher grade lenses within broader zones of low grade to anomalous mineralization (0.25 to 0.4g/t Au). The main area of gold mineralization has overall dimensions of 2,200 meters along strike, by 400 meters wide, and to at least 200 meters vertical depth. The mineralization is open at depth and along strike and has been encountered outside the main area of mineralization over a strike length of at least 3,500 meters.

Preparation of this press release was supervised by Rock Lefrançois, P.Geo. (OGQ), Columbus Gold's COO and Qualified Person.

ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 a new 43-101-compliant report being completed by SRK; that the new 43-101-compliant report will be completed and filed on SEDAR within 45 days; the growth potential of the deposit; completion of the PEA; projected funding of exploration and development programs by Nord Gold N.V. pursuant to the terms of the option agreement and the related completion of a bankable feasibility study ("BFS"). 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: whether a new 43-101-compliant report will be completed by SRK; whether the new 43-101-compliant report will be completed and filed on SEDAR within 45 days; the ability to complete the PEA by the proposed target date or at all; risks associated with Nord Gold N.V. electing not to exercise its option and make the related option payments and the ability to complete the BFS by the stated deadline or at all cost increases; availability of qualified workers and drill equipment; risks associated with exploration projects, mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; 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: that the conclusions provided by SRK and reported herein are accurate and that anew 43-101-compliant report will be able to be provided within the target timeframe or at all; general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies including without limitation drill rigs; that political risk will remain on current levels; and ongoing relations with employees, partners and joint venturers. Although Columbus Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Columbus Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact

Brokerage/Retail:
Todd Hanas
Investor Relations
(866) 869-8072
todd@columbusgroup.com
Institutional/Analysts:
Peter A. Ball
Senior Vice President
(604) 634-0973
peter@columbusgroup.com
Media/Communications:
Jorge Martínez
VP Communications & Technology
(604) 634-0972
jorge@columbusgroup.com
www.columbusgold.com