Vancouver, B.C., January 25, 2013 - Columbus Gold Corp. (CGT: TSX-V) (“Columbus Gold”) is pleased to announce that it has amended its “fixed” stock option plan (the “Old Plan”) to change it to a 10% “rolling” plan (the “New Plan”).

Under the Old Plan, Columbus Gold had reserved a fixed number of 7,000,000 common shares for the grant of stock options. Under the New Plan, Columbus Gold may grant stock options to purchase up to 10% of the issued capital of Columbus Gold at the time of an applicable option grant. Based on the current issued capital of Columbus Gold, it will initially have approximately 10,282,515 stock options available for grant, which number includes the 6,233,000 options that are currently issued and outstanding. The New Plan is subject to TSX Venture Exchange approval, as well as the approval of Columbus Gold’s shareholders at the upcoming Annual General Meeting to be held on February 25, 2013. A copy of the New Plan will be available for examination at such meeting.

Columbus Gold has also granted 600,000 incentive stock options to certain of its officers and employees, with each such option exercisable into one common share for a period of 10 years at an exercise price of $0.45. None of these options are exercisable until vested, as follows: 450,000 options will vest in 12 months, and 150,000 options will vest in 24 months.

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 the approvals of Columbus Gold’s amended stock option plan. 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 that either shareholders of Columbus Gold or the TSX Venture Exchange will not approve the plan. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions that shareholders and the TSX Venture Exchange will find the amended plan acceptable and will approve same. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.