Columbus Confirms Record Date for ALLEGIANT Spin-Out
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 11, 2017) - Columbus Gold Corp.
(TSX:CGT)(OTCQX:CBGDF) confirms that October 12, 2017 is the record date solely for the purpose of determining
shareholders entitled to vote at its special general meeting of November 20, 2017 (the "Special Meeting") called
for the purpose of approving the spin-out of Allegiant Gold Ltd., as detailed in a news release dated September 28, 2017.
The date for determining the shareholders entitled to receive 1 (one) share of ALLEGIANT for every 5 (five) shares they own of
Columbus (the "Share Distribution Record Date") is contemplated to be four business days following the Special
Meeting of November 20, 2017, but will be finalized following the Special Meeting in consultation with the TSX and disclosed by
way of news release in advance of such date.
Only shareholders of record as at the Share Distribution Record Date will be entitled to receive shares of ALLEGIANT
in the spin-out. Shareholders who sell their shares prior to the Share Distribution Record Date will not be entitled to receive
shares of ALLEGIANT.
ALLEGIANT owns a 100% interest in 14 prospective drill-ready projects in the United States, with 11 of the
projects located in mining-friendly Nevada, and is led by Andy Wallace, who has discovered a number of multi-million-ounce mines
in Nevada. ALLEGIANT has announced plans to drill 10 projects within 12 months of listing, including its
flagship projects, Eastside and Bolo. At Eastside, the Original Zone hosts a pit-constrained Inferred resource of 721,000 gold
equivalent ounces (35,780,000 tonnes grading 0.63g/t gold equivalent per tonne)1 and remains open to depth, and to the
south and west, and possibly to the north and east. A 14-hole reverse circulation drill program, totaling 2,806 metres, was
recently completed at the Bolo gold project. All of the drill samples have been stored in sealed and wire strapped containers and
will be shipped to the lab when the spin-out of ALLEGIANT has been completed.
Qualified person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the
Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the
technical content of this press release.
About Columbus Gold
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 deposit in French Guiana. A Feasibility Study for Montagne d'Or was
filed in May 2017 and Columbus is presently evaluating a number of mine construction financing options. In Nevada, Columbus is
advancing its flagship projects, Eastside and Bolo. Columbus recently announced plans to spin-out its subsidiary Allegiant Gold
Ltd., with the intent of listing ALLEGIANT on the TSX Venture Exchange. ALLEGIANT indirectly
holds Columbus' United States mineral property portfolio, which includes Eastside, Bolo, and 12 other properties.
ON BEHALF OF THE BOARD,
Robert F. Giustra, President, CEO, and Director
This release contains forwarding 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 Columbus' plans to spin-out its subsidiary Allegiant Gold Ltd. which is intended to
be listed on the TSX Venture Exchange. Forward-looking statements involve risks, uncertainties and other factors that may cause
actual results to materially differ from those expressed or implied by the forward-looking statements including that the spin-out
may not be completed as planned or at all due to failure to obtain shareholder or regulatory approval, the inability to raise
sufficient capital to adequately fund Allegiant or a decision of the board of Columbus not to proceed, which decision can be made
at any time prior to closing. Forward-looking statements are based on the opinions and estimates of management at the date the
statements are made and a number of assumptions that may prove to be incorrect, including, without limitation, assumptions about
general business and economic conditions, the timing and receipt of required approval and continued availability of capital and
financing. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein. The foregoing
list is not exhaustive and Columbus undertakes no obligation to update any of the foregoing except as required by law.
1: See the NI 43-101 technical report for the Eastside project filed on SEDAR on December 7, 2016.