VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 18, 2016) –

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES

Columbus Gold Corp. (TSX:CGT)(OTCQX:CBGDF) (“Columbus“) is pleased to report that on August 17, 2016 it sold to institutional investors for net proceeds of $1,338,000, the 2,230,000 common shares of Columbus it acquired pursuant to a lawsuit settlement agreement with a former shareholder of the company.

The sale of the common shares is considered a redistribution of securities by Columbus under applicable securities laws, therefore the shares are subject to a four-month hold period expiring on December 18, 2016. This transaction is subject to the final approval of the Toronto Stock Exchange.

ON BEHALF OF THE BOARD,

Robert F. Giustra, Chairman & CEO