Columbus Gold Drilling Expands Dimensions Of Gold Deposit At Golden Mile

Vancouver, British Columbia, Canada. February 23, 2007. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold" or the "Company") is pleased to announce the results of its 1,976 metres (6,483 feet) Phase II reverse circulation drilling program at its Golden Mile Project completed in late 2006. Gold mineralization at Golden Mile occurs in the Central Zone, which was the focus of historic drilling and the target of the Company's 15 hole, Phase I drilling (see news release dated August 14, 2006), and also in the West Zone which had historic drilling with shallow, low-grade gold intercepts. The West Zone, which has not been drilled by Columbus Gold to date, is located approximately 230 m (750 feet) west of the south end of the Central Zone.

The Phase II drill program was designed to test the possible extension of the mineralization found in the Central Zone in Phase I drilling (hole MI-6, 7.6 m of 4.2 g/t gold, and hole MI-12, 9.1 m of 13.8 g/t gold) to the north, under post-ore volcanic cover. The second goal of the program was to explore the undrilled area between the Central Zone and the West Zone.

The gold mineralization in the Central Zone is structurally controlled, both in an intrusive rock and in the wall rocks (skarn) of the intrusive, with erratic grades and widths. The intercepts in the recent drilling to the north of the Central Zone are all hosted in intrusive rock, and much greater thicknesses of continuous low-grade material were encountered (best holes MI-22 with 57.9 m (190 feet) of 0.65 g/t (0.019 opt) Au, and MI-16 with 80.8 m (265 feet) of 0.39 g/t (0.0114 opt) Au. This mineralization, although low-grade, presents a very large volume target, and remains open north, west, east, and down-dip of the current drilling.

Drill holes MI-25 and MI-26 were angle holes drilled between the West Zone mineralization and the southern portion of the Central Zone. The holes are the first that indicate that the West Zone and the Central Zone likely connect, however further drilling will be required to confirm that interpretation.

Drill holes MI-27 and MI-28 were exploratory holes drilled well west of the West Zone, and seem to confirm the western limit of gold mineralization has been reached.

Schedule A presents the Phase II drill data table in full; holes MI-16 through MI-24 were drilled to extend the Central Zone.

The Golden Mile Property consists of 24 mineral claims, covering approximately 154 hectares (380 acres), located along the Walker Lane Gold Trend in Southwest Nevada. Subject to net smelter return royalties, Columbus Gold controls a 100% interest in the Property. The geologic setting at Golden Mile is similar to the productive Fortitude (Newmont) and McCoy (Kinross) mines on the Battle Mountain Trend. Golden Mile produced approximately ten thousand tonnes grading 12 g/t gold in the 1930's. Geophysical surveys and limited drilling carried out in the 1970's and 1980's defined skarn, breccia and disseminated gold

mineralization and included a drill intercept of 16 g/t gold along 29.5 m, which included 47 g/t gold over 9.1 m.

QUALITY ASSURANCE/QUALITY CONTROL

Gold assays were determined by fire assay with an AA finish at American Assay Laboratories in Sparks, Nevada. American performed internal check assaying on about 7% of the samples. In addition, check analyses are in progress on a second split on a further 10% of the samples. The second split was collected at the drill rig at the same time as the first, and retained for check assaying. Essentially all samples grading more than 1 gram per tonne gold will be checked in this manner, and some replicate assaying of the second split likely will also be necessary. The replicate analyses from the first round of drilling in earlier 2006 indicated variations in grade, most likely due to coarse gold particles, particularly in some of the samples grading 4 grams/tonne Au or more.

The check sampling program is still in progress. In addition to internal checking done at American Assay Laboratories, fifty-five additional check samples have been received so far from the recent drilling, and these consist of triplicate fire assays (two assay ton) done on separate splits of cuttings taken at the drill rig. The check samples range from 49% lower to 67% higher than the original splits, continuing the pattern seen in earlier drilling which is likely produced by coarse gold in some samples. Further check sampling is in progress, and it is clear that the Golden Mile Project will require core drilling to better interpret the grade of the gold deposits.

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this news release. Mr. Wallace is a partner of Cordilleran Exploration Company ("Cordex"), which is conducting exploration and project generation activities for Columbus Gold on an exclusive basis.

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 controls a 100% interest, subject to royalties, in 20 gold projects strategically located along or near Nevada's most productive gold trends and 5 silver and copper projects located in Arizona and Utah. The Company's project activities are managed 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 Nevada.

The Company 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 11 of its projects joint ventured to major and junior mining companies.

ON BEHALF OF THE BOARD,


Robert 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
info@columbusgoldcorp.com

SCHEDULE A