CEL

The Company is continuing to proceed with the private placement first announced in its news release of December 17, 2009.

The placement is for up to 14,000,000 units at a price of $0.05 per unit to raise up to $700,000. Each unit will consist of one common share and a transferable five year purchase warrant allowing the purchaser to purchase an additional share at a price of $0.10. A finder's fee will be paid on a portion of the placement. The placement is subject to regulatory approval.

The Company expects to be close the placement soon.

This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements.

Neither 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.

Contacts: Columbus Energy Limited Douglas W. Scheving Director and Corporate Secretary 1 604 684 7619 1 604 684 7346 (FAX)

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