Columbus Gold Corp. Early Warning News Release

VANCOUVER, British Columbia, Feb. 02, 2018 (GLOBE NEWSWIRE) -- Columbus Gold Corp. ("Columbus Gold") has filed an early warning report advising of its holdings in Allegiant Gold Ltd. AUAU ("Allegiant").

On September 27, 2017, Columbus and Allegiant entered into an agreement (the "Arrangement Agreement") providing for the spin-out of the Issuer by way of a statutory plan of arrangement (the "Arrangement") under Section 288 of the Business Corporations Act (British Columbia).  The Arrangement was completed on January 12, 2018.

On January 25, 2018, Columbus Gold acquired, and following the completion of the Arrangement, Columbus Gold now directly has ownership and control of 7,933,496 common shares of Allegiant, representing 16.7% of the issued and outstanding Common Shares of the Issuer.

The purpose of the Arrangement was to allow Columbus Gold to focus efforts on activities in French Guiana, while seeking to maximize the value of the United States properties, in particular the Nevada gold projects, to Columbus Gold shareholders by highlighting them in a separate public company.

This press release is issued pursuant to early warning requirements of National Instrument 62-104 and National Instrument 62-103, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Issuer's documents on the SEDAR website at www.sedar.com.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman

For more information or a copy of the Early Warning Report contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
info@columbusgold.com