News

Columbus Spinout Allegiant to Begin Trading on January 30

Vancouver, BC, Canada, January 25, 2018. Columbus Gold Corp. (CGT: TSX, CBGDF: OTCQX) is pleased to announce that the common shares of Allegiant Gold Ltd. ("ALLEGIANT") will begin trading on the TSX Venture Exchange ("TSXV") at market open on Tuesday, January 30, 2018, under the trading symbol "AUAU".

The TSX has provided final approval to list the common shares of ALLEGIANT on the TSXV, all as described in detail in ALLEGIANT's listing application dated January 24, 2018, which will be available under ALLEGIANT's profile on SEDAR (www.sedar.com).

ABOUT ALLEGIANT
ALLEGIANT owns 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in mining-friendly Nevada, and is led by CEO Andy Wallace, who has discovered a number of multi-million-ounce gold mines in Nevada. ALLEGIANT has announced plans to drill 10 projects in 2018, including the Eastside gold project. A drill program is currently underway at Eastside and is focused on resource expansion at the Original Zone, which hosts a pit-constrained Inferred resource totaling 721,000 gold equivalent ounces1 (35,780,000 tonnes grading 0.63g/t gold equivalent). In addition to the Original Zone, Eastside hosts numerous exploration targets and historical resources of 272,153 ounces gold2 (11,177,761 tons grading 0.82g/t gold).

Further information regarding ALLEGIANT's projects and ALLEGIANT's board and management team can be found by visiting www.allegiantgold.com

Qualified Person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the technical content of this press release.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
info@columbusgold.com

1 For more information, see news releases entitled "Columbus Announces Maiden Resource Estimate at Eastside Gold-Silver Project, Nevada" dated December 5, 2016 and filed on SEDAR and the NI 43-101 technical report entitled "Resource Estimate and Technical Report, Eastside Gold-Silver Project, Esmeralda County, Nevada" prepared by Mine Development Associates for Columbus Gold Corporation with an Effective Date of November 17, 2016, dated December 2, 2016, and filed on SEDAR on December 7, 2016.

2 The historical resource estimate for the Castle gold project was completed by James D. Greybeck, Senior Geologist for Cordex Exploration Co. in April, 1999, under the direction of Andy B. Wallace, then Manager of Cordex Exploration Co. and Vice President of Rayrock Mines, Inc. This report and data used in its preparation has been recently reviewed by Andy B. Wallace for the purpose of this press release under his obligations a Qualified Person for Columbus Gold (US) Corp. Drill data used for Greybeck's report was from Cordex Exploration Co., Kennecott Exploration, Houston Oil and Minerals, Falcon Exploration, and Mintek Resources which data is on file in the offices of Cordex Exploration Co. The data is judged relevant and reliable by Andy B. Wallace. The resource was termed a "Geologic Resource" at the time of Greybeck's report, which was in line with current practice for the time. Greybeck prepared geological cross sections and calculated the resource by hand, using a polygonal method with a lower cut-off of .005 opt Au (0.17 g/t Au). Where drilling was closely spaced gold values were interpolated between cross sections using weighted averages projected 50 feet on either side of the cross section. Columbus plans additional drilling to confirm Greybeck's interpretations and to fill in gaps in the drilling. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves. For more information, see news releases entitled "Columbus Acquires Claims Hosting a Historical Estimate of 272,000 Ounces of Gold Resources Contiguous with its Eastside Gold Project in Nevada" dated and filed on SEDAR on January 20, 2017.

This news 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. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by the forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and 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 and continued availability of capital and financing. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein. The foregoing list is not exhaustive and Columbus undertakes no obligation to update any of the foregoing except as required by law.

Allegiant Gold Ltd.

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