Columbus Gold Corp. announced commencement of a Phase III drilling program at its Bolo gold project, located northeast of Tonopah, Nevada. Subject to underlying royalties, Bolo is 100% controlled by Columbus Gold. The current Phase III drilling program, consisting of 914 meters (3,000 feet) in five or six angle, rotary drill holes, is designed to test for extensions of significant gold mineralization cut by rotary drill hole BL-23, completed by Columbus in late 2008. Drill hole BL-23 cut 30.5 m grading 2.37 gpt gold (100 ft of 0.069 opt gold) in silicified and oxidized Paleozoic limestone and siltstone and highly-altered Tertiary dike. This better grade zone was contained in a broader interval of 76 m of 1.15 gpt gold (250 ft of 0.034 opt gold). The hole bottomed in gold mineralization at 182 m (600 ft) of down-hole depth. Gold mineralization at Bolo occurs 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. BL-23 was drilled at 45 degrees, essentially perpendicular to the Mine Fault Zone, as determined by mapping, and encountered gold mineralization about 60 m (200 ft) vertically below the surface. Outcrop sampling at, and near, the Mine Fault Zone, up-dip above BL-23, produced 28 samples grading from 1 to 5.18 gpt gold. The gold mineralization is classified as 'Carlin-type', similar to many other significant gold deposits in Nevada.

For the quarter, the company reported net loss of CAD 253,171 or CAD 0.01 per basic and diluted share compared to net loss of CAD 322,240 or CAD 0.01 per basic and diluted share for the same period a year ago. Loss before other items was CAD 495,486 compared to CAD 415,044 for the same period a year ago. Cash used in operating activities was CAD 566,905 compared to CAD 290,633 for the same period a year ago. Mineral property expenditures were CAD 278,991 compared to CAD 503,424 for the same period a year ago. For the nine months, the company reported net loss of CAD 788,386 or CAD 0.03 per basic and diluted share compared to loss of CAD 936,669 or CAD 0.04 per basic and diluted share for the same period a year ago. Loss before other items was CAD 1,512,607 compared to CAD 1,062,481 for the same period a year ago. Cash used in operating activities was CAD 1,334,404 compared to CAD 841,733 for the same period a year ago. Mineral property expenditures were CAD 906,992 compared to CAD 1,079,486 for the same period a year ago.

Columbus Gold Corp. announced that Kenneth P. Judge has stepped down as Chairman and director, effective from June 16, 2009.