Columbus Gold Completes Sale of Summit Gold Project

Vancouver, British Columbia, Canada, December 22, 2011. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold") is pleased to announce that it has completed the sale of its Summit Gold Project in Nevada to Agnico-Eagle (USA) Limited for US$8.5 million. This transaction was originally announced on November 30, 2011.

Columbus Gold has also agreed to compensate National Bank Financial ("NBF") for strategic mergers & acquisition advice provided in connection with the aforementioned transaction. Pursuant to this arrangement, Columbus Gold has agreed to issue a total of 300,000 non-transferable broker warrants to NBF, each such warrant exercisable until December 20, 2012 into one common share of Columbus Gold at $0.80 per such share. This transaction with NBF is subject to approval by the TSX Venture Exchange.


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.

For more information contact:

Investor Relations
604-634-0970 or

Allegiant Gold Ltd.

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