Vancouver, British Columbia, Canada, December 22nd, 2010. Columbus Gold Corporation (CGT: TSX-V) (the “Company” or “Columbus Gold”) is pleased to announce that an important milestone has been achieved with respect to its proposed acquisition of the 2 million ounce Paul Isnard gold project in French Guiana, first announced on December 3rd, 2010.

Pursuant to the agreement between the parties, Columbus Gold has received formal notice from the optionor Auplata SA (“Auplata”) that it has completed its due-diligence respecting Columbus Gold and the proposed transactions contemplated between the parties and that it wishes to move forward to closing as soon as possible. Auplata’s completion of due diligence marks the satisfaction of the first of the conditions precedent to the option agreement.

The Paul Isnard Project includes the Montagne d’Or gold deposit. In 2008, SRK completed a Preliminary Assessment at Montagne d’Or and estimated a 43-101 compliant inferred resource of 2 million ounces gold from 33.2 mt grading 1.69 gpt, using a cutoff grade of 0.5 grams per tonne gold. The Montagne d’Or deposit is open in every direction laterally and at depth. Columbus Gold has commissioned an updated 43-101 resource estimate at Montagne D’Or which will be filed on SEDAR by mid-January.

The work program planned by Columbus Gold will be focused on Montagne d’Or where infill drilling is planned to convert Inferred resources to Measured and Indicated categories, and holes drilled at greater depths and along strike are planned in order to increase the mineral resources. Numerous less developed gold prospects and untested geochemical anomalies which occur throughout the project area will also be evaluated.

Columbus Gold has the option to earn a 100% interest in the Paul Isnard gold project (subject to underlying royalties).

Columbus Gold’s independent consultant and Qualified Person, John Prochnau (P. Geo), B.Sc. (Mining Engineering), M.Sc. (Geology), has reviewed and approved the technical content of this news release.

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:

Peter Kendrick
President
604-638-3474 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 the Agreement, the conditions precedent in connection therewith, and the Company’s fund-raising 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 success or failure of the Company’s due diligence inquiries; ability to obtain regulatory, shareholder, and TSX Venture Exchange approval of the transactions contemplated under the Agreement; the ability to pass the transactions contemplated under the Agreement through applicable French law; the ability to obtain applicable exemptions from prospectus and registration requirements in connection with the issuance of securities of the Company; the ability to satisfy the conditions precedent contained in the Agreement, including without limitation the ability to obtain a positive title opinion, and complete fundraising; the ability to complete milestones under the Agreement (if ultimately approved) in order to earn into the property, including without limitation the ability to obtain qualified workers, financing, permits, approvals, equipment, and ultimately a Bankable Feasibility Study in connection therewith; ability to obtain alternate financing; changes in the market; decisions respecting whether or not to pursue the transactions contemplated under the Agreement (either at the due diligence stage, pre-approval stage, or post-approval stage, if ultimately approved); non-performance by contractual counterparties; 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; that the Company and Auplata will be able to successfully complete the conditions precedent to the Agreement, including without limitation the ability to obtain a positive title opinion, complete required fundraisings including with Pelican, and the ability to obtain regulatory, TSX Venture Exchange, and shareholder approval of the transactions contemplated under the Agreement; that due diligence will be successful for the Company; that the Company will be able to complete necessary milestones under the Agreement in a timely and successful fashion; that French law will allow the transactions contemplated under the Agreement to succeed; that the Company will desire to continue earning into the Property over time; the ability to locate sufficient financing for ongoing operations; and general market conditions. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.