Mr. Robert Giustra reports

COLUMBUS ANNOUNCES CLOSING OF THE ALLEGIANT PRIVATE PLACEMENTS

Columbus Gold Corp.'s wholly owned subsidiary, Allegiant Gold Ltd., has closed the brokered and non-brokered private placements of subscription receipts, as more particularly detailed in Columbus's information circular dated Oct. 27, 2017, for combined gross proceeds of $4,196,468.40. Under the terms of the subscription receipts, the proceeds are being held in escrow pending satisfaction of the conditions to closing of the spinout of Allegiant. The private placements were carried out in connection with the spinout of Allegiant as an independent company pursuant to an arrangement agreement as detailed in the information circular. Another private placement by Allegiant is planned for early in 2018 following the spinout.

Columbus has now satisfied almost all of the conditions which would enable it to set the share distribution record date, and complete the Allegiant spinout, including obtaining shareholder approval and the final order of the Supreme Court. The two remaining conditions are conditional acceptance of the Toronto Stock Exchange to the arrangement and conditional approval of the TSX Venture Exchange to list Allegiant.

Only shareholders of record as at the share distribution record date will be entitled to receive shares of Allegiant in the spinout. Shareholders of record on that date will receive one share of Allegiant, for every five shares they own of Columbus. Shareholders who sell their Columbus shares prior to the share distribution record date will not be entitled to receive shares of Allegiant.

About Columbus Gold Corp.

Columbus is a leading gold exploration and development company operating in French Guiana, France, and in Nevada. Columbus holds a major interest in the world-class Montagne d'Or gold project in French Guiana for which a feasibility study was completed in May, 2017, and which is currently in the prepermitting stage. In Nevada, Columbus is advancing its Eastside gold project. Eastside has outstanding infrastructure for mining and processing, and preliminary metallurgical testing indicates that gold and silver at Eastside are amenable to cyanide leaching.

We seek Safe Harbor.