Hole BL-23 is considered potentially very significant and intercepted a zone of silicified limestone and siltstone containing 2.37 grams per tonne (g/t) gold across 30.5 meters (m) (0.069 ounces per ton (opt) across 100 feet (ft)) within a wider interval averaging 1.15 g/t gold across 76.2 m (0.034 opt across 250 ft).

The Phase II drilling program at Bolo, consisting of nine holes totaling 1,715 m (5,625 feet) of reverse circulation drilling, has continued to target Carlin-style gold mineralization within altered Cambrian and Ordovician sedimentary rocks. Earlier drilling and surface sampling has defined widespread gold mineralization, with values up to 5.18 g/t (0.15 opt) gold, associated with jasperoid and iron staining along and adjacent to two principal north-trending faults, known as the Mine and East faults, traceable for 4,878 m (16,000 ft) within the project area.

The Phase II program concentrated on the south and central zones of the Mine Fault and a covered target near the East Fault. BL-23 was a west-directed, forty five degree angle hole drilled through the southernmost part of the Mine Fault. The hole intercepted 30.5 m of 2.37 g/t gold (100 ft of 0.069 opt) from 96.0-126.5 m (315-415 ft) of depth. This intercept was within a broader zone of mineralization averaging 1.15 g/t over 76.2 m (250 ft of 0.034 opt) from 77.7 m (255 ft) to the hole bottom at 154.0 m (505 ft) where the mineralization remains open. The zone is 56.4 m (185 ft) below the surface and is open, both down-dip and to the south. It is also open up-dip to the surface, where surface sampling has yielded values up to 5.18 g/t (0.15 opt) gold. The other 8 holes drilled in Phase II all intersected thick zones of alteration and highly anomalous gold, requiring follow-up drilling. A table with complete drill results can be viewed here:

http://www.columbusgoldcorp.com/i/pdf/ Bolo_Phase_II_Drill_assays_2008.pdf

Permitting is in progress for additional holes offsetting BL-23 at the south end of the Mine Fault and initial drilling of untested targets with surface values up to 2 g/t (0.06 opt) gold and the large 7.8 square kilometer (approx. 3 square mile) gravel covered area to the east of the East Fault where an earlier hole intercepted thick zones of silicification and anomalous gold.

The Company also announces results from Phase I drilling at its Awakening gold project located 75 kilometers (45 miles) north- northwest of Winnemucca, Nevada.