|February 15, 2012|
Columbus Gold Corp. Converts Debt into Columbus Silver Shares
|Vancouver, BC, Canada; February 15, 2012 - Columbus Silver Corporation (CSC: TSX-V) ("Columbus Silver") announces that Columbus Gold Corp. (TSXV: CGT) ("Columbus Gold") has converted all of the principal amounts owed to it by Columbus Silver under the promissory notes (the "Notes") more fully described in Columbus Silver's news release of September 22, 2010, and has thereby obtained 13,858,898 common shares of Columbus Silver (each, a "Share"). The Notes represented principal debt amounts owed to Columbus Gold of CDN$845,208.50 and USD$540,465, which amounts were convertible at Columbus Gold's election into Shares at $0.10 per Share. Columbus Gold has elected to convert all of the principal debt owing under the Notes, and Columbus Silver has thus issued it a total of 13,858,898 Shares. Interest of CDN$166,060.54 and USD$120,383.05 remains owing under the Notes; such interest is not convertible into Shares and must be paid by Columbus Silver to Columbus Gold on or before August 1, 2012. Interest outstanding on the Notes does not itself bear interest. As a consequence of the aforementioned Share issuance, Columbus Gold now holds a total of 17,878,898 Shares, representing approximately 35.27% of Columbus Silver's issued and outstanding Share capital.|
ON BEHALF OF THE BOARD,
Robert F. Giustra
President & CEO, 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.
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