Columbus Exploration Amends Mogollon Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2013) - Columbus Exploration Corporation ("Columbus Exploration") (TSX VENTURE:CLX) (formerly Columbus Silver Corporation CSC: TSX-V) announces that it has amended the option agreement (the "Agreement") with Santa Fe Gold Corporation ("Santa Fe") under which Santa Fe may earn 100% of Columbus Exploration's interest in the New Mexico Mogollon Project (the "Amendment").

The Amendment only changes the due dates for Santa Fe's cash payments under the Agreement. Santa Fe must now pay US$50,000 on or before July 31, 2013, US$887,500 on or before December 30, 2013, and three further payments of US$937,500 each on June 30, 2014, December 30, 2014, and June 30, 2015. All other terms of the Agreement remain unchanged; for additional details about the Agreement, please see Columbus Exploration's news releases of September 19, 2012 and October 22, 2012. In consideration for the Amendment, Santa Fe has transferred the 250,000 common shares in the capital of Columbus Exploration it held back to Columbus Exploration's treasury, which shares remain issued and outstanding.

ON BEHALF OF THE BOARD,

Robert F. Giustra, President, CEO, and Director

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.

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"). In particular, and without limitation this news release contains forward-looking statements pertaining to the Agreement, including without limitation Santa Fe's payments and other obligations required thereunder to maintain the Agreement in good standing, and future obligations discussed therein. 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 whether Santa Fe has the desire and ability to make payments to Columbus Exploration and in connection with maintaining the Agreement in good standing; whether Santa Fe will maintain the option in good standing and will not terminate the Agreement in connection with dropping the option; cost increases; unforeseen circumstances; risks associated with the exploration projects or title thereto held by Columbus Exploration; mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; 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: that Santa Fe will have sufficient funds and desire to continue earning into the Mogollon Project and maintaining it in good standing, and will do so; that required service providers will be available; general business and economic conditions; availability of financing; and ongoing relations with employees, partners and joint venturers. Although the foregoing forward-looking statements are considered reasonable at the time of preparation, the aforementioned assumptions and factors may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The aforementioned factors and assumptions are not exhaustive. Columbus Exploration's actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. The foregoing list is not exhaustive and Columbus Exploration undertakes no obligation to update any of the foregoing except as required by law.