Drill Results From Stevens Basin Gold Project, Nevada

• Strong pathfinder anomalism in several holes


• Significant hydrothermal mineral system identified

Vancouver, British Columbia, Canada, February 21st, 2012. Columbus Gold Corporation (CGT: TSX-V) ("Columbus Gold") is pleased to announce the results of drilling at its Stevens Basin gold project in Nevada, USA, where joint-venture partner Navaho Gold Ltd., can earn an initial 51% interest by completing minimum exploration expenditures.

The Stevens Basin Project is located in Eureka Mining District on the Battle Mountain Gold Trend.

Navaho Gold reports that assay results have now been received from the 1,301.8 meters of drilling in 8 reverse circulation drill holes completed during October 2011, bringing the total drilled by Navaho to 22 holes for 3,692.1 meters. The drilling was designed to evaluate the low grade gold mineralization in an early Navaho hole (SB11-09; 15.2 m @ 0.18 g/t gold using a 0.1 g/t gold cutoff) and test new areas of anomalous soil gold geochemistry and associated geophysical structures identified in ground gravity and airborne magnetic data acquired by Navaho. A geology map showing the drill program holes can be viewed at the following link:

www.columbusgoldcorp.com/i/nr/2012-02-21-map.pdf

According to Navaho, the drilling further confirms that Stevens Basin exhibits the geological, geochemical and alteration features common to many Carlin-style deposits; namely fault-related fluid pathways, decalcification and silicification of the host rocks, and associated anomalous arsenic (As), antimony (Sb) and thallium (Tl) halo geochemistry. A combination of surface lag and rock sampling coupled with the results of the drilling has now defined an area of approximately 1.2 sq km of anomalous geochemistry which broadly coincides with a north-west structure corridor identified in geophysical data.

Six (6) of the 8 holes drilled (SB11-15, SB11-17, SB11-19, SB11-20, SB11-21 and SB11-22) contain anomalous gold, As, Sb and Tl, however, the drilling failed to extend the low level gold mineralization previously intersected in hole SB11-09 or identify any new gold zones.

Navaho CEO Mark Dugmore commented "We consider Stevens Basin to remain a prospective exploration play and a re-evaluation of the surface geochemistry and geophysical data using the current drilling results is currently underway".

Quality Assurance/Quality Control

Drill samples are collected via cyclone assembly with rotary wet splitter and analyzed in 5 ft (1.5m) intervals. Gold is analyzed by 30g fire assay ICP-AES analysis. All of the analytical work is being performed by ALS Minerals, North American laboratories. Sufficient commercially prepared standards, blanks, and duplicates are inserted to assure quality analytical results.

"Anomalous" indicates a result which is greater than 10ppb Au (0.010g/t), 50ppm As, 20ppm Sb and 0.5ppm Tl. The foregoing intercepts are not necessarily true widths as at this time there is insufficient data with respect to the shape of the mineralization to calculate its true orientation in space.

The information herein that relates to Exploration Results is based on information compiled by Mark Dugmore B.App.Sc, MSc, who is a Member of The Australian Institute of Mining and Metallurgy. Mr. Dugmore is employed by Navaho Gold Ltd., which is earning into the property, and Mr. Dugmore is not otherwise affiliated with or employed by Columbus Gold.

Mr. Dugmore has more than five years experience which is relevant to the style of mineralization and type of deposit being reported and to the activity which he is undertaking to qualify as a Qualified Person under NI 43-101. He has reviewed and approved the technical contents of this news release.

About Columbus Gold

Columbus Gold is a gold exploration and development company operating in French Guiana and Nevada. In French Guiana, Columbus Gold recently acquired an option to earn a 100% interest in the Paul Isnard gold project, which has a 43-101 compliant 1.9 million ounce inferred gold resource and substantial expansion potential. In Nevada, Columbus is a prolific project generator focused on advancing projects either through joint-venture with industry partners or on its own where exploration risk is minimized and potential is particularly promising. Exploration activities are managed by Cordex which is owned and operated by Andy Wallace who has a long and successful history of gold discovery and mine development. Columbus Gold currently has 11 of its 25 strategically located gold projects in Nevada joint-ventured to major and junior mining companies, including Agnico-Eagle Mines Limited.

About Navaho Gold

Navaho Gold is an Australian-based exploration company focused on the discovery of world-class gold deposits in Nevada, USA and Queensland, Australia. Navaho Gold is clearly focused on 'Carlin style' gold mineralization, and has identified three (3) main project areas in Queensland and has assembled seven (7) projects in Nevada within the areas associated with the Carlin and Battle Mountain - Eureka Trends.

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.

For more information contact:

Investor Relations
604-634-0970 or
1-888-818-1364
info@columbusgoldcorp.com

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 drilling, and Columbus Gold's or Navaho Gold's general exploration plans. 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 the ability to acquire necessary permits and other authorizations; environmental compliance; cost increases; availability of qualified workers and drill equipment; competition for mining properties; 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 about: 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; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive Columbus Gold undertakes no obligation to update any of the foregoing except as required by law.