Columbus Gold Corp. Early Warning News Release

VANCOUVER, British Columbia, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Columbus Gold Corp. ("Columbus Gold") has filed an early warning report advising of a change in its holdings in Allegiant Gold Ltd. (TSX Venture:AUAU) ("Allegiant").

On February 15, 2018, Columbus Gold disposed of 2,750,000 common shares of Allegiant (5.89% of the issued and outstanding common shares of Allegiant) and following the disposition Columbus Gold now directly has ownership and control of 5,183,496 common shares of Allegiant, representing 11.1% of the issued and outstanding common shares of Allegiant.

The purpose of the disposition was to provide Columbus Gold with working capital. It may acquire or dispose of common shares of Allegiant in the future. Columbus intends to effect any future disposition of common shares of Allegiant by way of an organized block trade that may or may not be completed through the facilities of a market place.

This press release is issued pursuant to the 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
[email protected]