Columbus Energy Limited Not Proceeding With El Paredon or Calatrava Acquisitions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2012) - Columbus Energy Limited (TSX VENTURE:CEL) ("Columbus Energy" or the "Company") announces that it is not proceeding with the acquisition of the El Paredon mineral deposit in Spain announced July 17, 2012 or the acquisition of the Calatrava deposit also located in Spain, announced July 19, 2012. Market conditions did not allow the projects to be financed.

The Company is continuing to monitor progress and offer legal and technical support to Spolka Weglowa Jaworzno (SWJ) the wholly owned Polish subsidiary of Vesado Limited.

The Company has a right of first refusal over all of the shares of Vesado Limited who, through SWJ, is involved in the process to access the remaining coal resource at the Jan Kanty Coal mine in Upper Silesia.

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.

Contact:

Columbus Energy Limited

Douglas Scheving

Director/Corporate Secretary

(604) 684 7619

(604) 684 7346 (FAX)

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