Vancouver, British Columbia, Canada. May 23, 2006. The Directors of Columbus Gold Corporation (CGT:TSX- V) (“Columbus” or the “Company”) are pleased to announce the completion of the Company’s Initial Public Offering (“IPO”) and commencement of trading of the Company’s shares on the TSX Venture Exchange (the “Exchange”) under the symbol CGT, as of May 24, 2006.

Completion of the IPO follows the filing and acceptance of the Company’s prospectus by the Exchange and the British Columbia, Alberta and Ontario Securities Commissions. The prospectus was dated March 31, 2006 and may be viewed on SEDAR (www.sedar.com)

The IPO has resulted in the Company issuing 5,882,352 units at a price of $0.85 per unit for gross proceeds of $5 million. Each unit consists of one common share and one non-transferable common share purchase warrant entitling the holder to acquire an additional common share of the Company at a price of $1.25 for a period of 18 months from completion of the IPO.

Global Securities Corporation acted as the agent (the “Agent”) for the offering and in connection with the offering, received a cash commission of $284,568, agent’s warrants to purchase 334,785 common shares at a price of $1.25 per share exercisable for a period of 18 months from completion of the IPO and a corporate finance fee of $25,000. The Company’s Transfer Agent is Computershare Investor Services Inc.

The net proceeds of the offering will in part be used for exploration on the Company’s Utah Clipper Property and to provide working capital for ongoing operations, which include mineral rights acquisitions, exploration and general overhead expenses.

Following completion of the IPO there are 19,944,356 common shares issued and outstanding, of which 4,497,634 shares are held in escrow in accordance with applicable securities laws. The Company has also granted incentive stock options to directors, officers, consultants and employees to purchase up to an aggregate of 1,990,000 common shares at a price of $0.85 per common shares expiring five years from completion of the IPO.

The current directors and officers of the Company are: Robert F. Giustra, President and Director, Kenneth P. Judge, Director, John F. Prochnau, Director, Gil Atzmon, Director, Sean McGrath, CFO and Jacqueline Collins, Corporate Secretary.

For further information, please refer to the Company’s prospectus dated March 31, 2006 or visit the Company’s website at www.columbusgoldcorp.com.

ON BEHALF OF THE BOARD

Kenneth P Judge
Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information contact:

Columbus Gold Corporation
604-638-3474
1-866-689-2599
info@columbusgoldcorp.com