🕐01.02.11 - 21:54 Uhr

News Release - Columbus Silver



Columbus Silver - News Release ( http://www.columbussilvercorp.com/ ) Columbus Silver Provides Update on Santa Fe Merger Vancouver, BC, Canada; February 1, 2011 � Columbus Silver Corporation (CSC: TSX-V) ("Columbus Silver") is pleased to provide an update to the business combination with Santa Fe Gold Corporation ("Santa Fe"), originally announced September 27, 2010 (the "Business Combination").

Columbus Silver has been informed that Santa Fe is not current with its Canadian SEDAR filings, and Santa Fe is required to resolve this issue before moving forward with the Business Combination.

Accordingly, Santa Fe and Columbus Silver are aiming for a completion date of April 30, 2011 for the Business Combination, subject to the completion of conditions precedent previously announced including without limitation obtaining TSX Venture Exchange and shareholder approval thereof. Under the original Memorandum of Understanding signed with Santa Fe, Santa Fe is obligated to provide ongoing bridge financing to Columbus Silver if the transactions contemplated thereunder were not completed by December 31, 2010.

In connection with the foregoing, Santa Fe has advanced Columbus Silver US$200,000 and Columbus Silver has extended the period during which it will deal exclusively with Santa Fe in connection with any acquisition proposal until March 31, 2011.

The aforementioned US$200,000 advance will generate simple interest at a rate of 4% per annum and is repayable by December 31, 2012.

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.

For more information contact: Investor Relations 604-638-3474 or 1 888 818-1364
For more information on Columbus Silver go to: www.columbussilvercorp.com ( http://www.columbussilvercorp.com/ ) Join our Email List ( https://app.campaignerpro.com/CampaignerPro/Public/Form.aspx?fid=77090 )
This release contains forward-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 the proposed merger, proposed date of completion thereof, and transactions ancillary thereto.

Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation the ability to acquire necessary authorizations; the entering into a definitive agreement; obtaining approval of the TSX Venture Exchange; obtaining approval of shareholders; obtaining court approval; obtaining applicable US approvals; cost increases; possibility of a competing offer arising; unforeseen circumstances; risks associated with the exploration projects or title thereto held by Columbus Silver Corporation; mineral reserve and resource estimates (including the risk of assumption and methodology errors); dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions.

Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that diligence inquiries will be successful; that required approvals mentioned above will occur; the timing and receipt of required approvals; that shareholders will vote in favor of the transaction; that applicable securities exemptions will be available for the amalgamation; that required service providers will be available to assist with the transaction; that items required for mandated disclosure are available; general business and economic conditions; availability of financing; and ongoing relations with employees, partners and joint venturers.

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