Published: May 04, 2006

Columbia Acquires El Nuevo Magistral-Gold, Silver & Copper Mine

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Columbia Metals Corporation Limited (TSX VENTURE:COL)(the "Company") is pleased to announce that it has signed an agreement with Ing. Felipe Eduardo Lizarraga Pimienta, a well known, experienced mining engineer, to purchase the El Nuevo Magistral Mine in La Rastra Mining District, Sinaloa, Mexico, a former producer of gold, silver and copper. Following a payment of $ 10,000 USD on signing, Columbia will have a 100% interest in the mine. Ing. Felipe Eduardo Lizarraga Pimienta and family will retain a 5% NSR on royalties which can be purchased by Columbia for the sum of $ 10,000,000 USD. El Nuevo Magistral mine (formally known as "El Magistral Mine") will be reviewed by the Company for consideration of near term production.

The 106.8812 hectare claim, "El Nuevo Magistral", covers turn of the century workings, established on a series of northerly striking gold, silver and copper veins (epithermal-mesothermal) which have been intermittently mined for many years. The veins which pinch and swell, were emplaced in fault structures and generally vary in width from 0.50 to 3.50 metres. Due to their near vertical nature, they are well suited to exploitation by shrinkage stopping.

The El Magistral - La Suerte Vein is the principal vein system on the property. In the Geological - Mining Monograph of the State of Sinaloa, 1992, published by the Consejo de Recursos Minerales, the "El Magistral" vein is noted as trending north - south, 2 metres in width, 750 metres in length and grading 6.29 g/t Au and 34.0 g/t Ag.

In 1960, Minas de San Luis S.A. prepared a longitudinal section along the El Magistral and La Suerte veins. 12 high-grade ore blocks were outlined and that data is presented in the table below:


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Block Number        Tonnes       Au          Ag        Cu       Width
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                               (g/T)       (g/T)       (%)       (m.)
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Mina El Magistral
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1                  25000         11          90         3         1.5
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2                   3000          5          60         5         2.0
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3                   5000          6          60         6         2.0
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4                   5000          9         100         8         2.0
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5                   5000          9         100         8         2.0
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6                   3000         10          90         5         2.0
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7                  10000          8         110         6         3.0
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8                   3000         10          70         4         1.5
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Mina La Suerte
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1-S                 3000         20         110         8         1.5
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2-S                 7000          7          90         2         5.0
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3-S                 3000          7          90         2         2.0
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4-S                 3000         20         100         6         1.5
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Total             75,000
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Columbia staff in Mexico, although not 43-101 qualified, have collected 111 character samples from the underground workings, the results of which will be posted to the Company's website.

The El Nuevo Magistral property is located in Southwest Sinaloa within the La Rastra Mining District of the Sierra Madre Occidental gold-silver belt. Geologically, the State of Sinaloa is comprised of a Precambrian basement overlain by lower metamorphic and upper Palaeozoic sediments followed by a Mesozoic volcanic / sedimentary sequence. As a result of the regional "Laramide Orogeny", andesitic to rhyolitic Tertiary volcanism followed and is characterized by the Sierra Madre Occidental volcanic terrain. Completing the sequence are detrital sediments and Quaternary volcanic flows.

Precious metal deposits occur along the length of the Sierra Madre Occidental in a marked northwest - southeast trend. The mineral belt is extensive, extending north into the State of Sonora and east in to the states of Chihuahua and Durango. In the State of Sinaloa, this mineral belt is prolific, hosting numerous mining districts, many of which date back centuries. In the Geological - Mining Monograph of the State of Sinaloa, 1992, the "El Magistral" mine was considered outstanding, having its own beneficiation plant, processing ore from the mine and possibly other deposits in the area.

In the last 100 years, the El Magistral mine has been operated by the Lizarraga family, most recently under the supervision of Ing. Felipe Eduardo Lizarraga Pimienta. As mentioned, Ing. Lizarraga is an experienced, well known mining engineer having held senior engineering / management positions with numerous companies including Asarco Mexicana. S.A. and Frisco Mines. Columbia is looking forward to working with Ing. Lizarraga and under his direction, proceeding to production.

Cautionary Note: The tonnages, grades, assays and other technical data are taken from historical records prior to the implementation of NI 43-101. While the data is believed to have been acquired, processed and disclosed by persons believed to be technically competent, it is unverifiable at present.

The data source for the El Magistral mine is largely provided by Ing. Felipe Eduardo Lizarraga Pimienta.

A qualified person as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Columbia is not treating the historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and the historical estimate should not be relied upon.

Columbia Metals has commissioned a National Instrument 43-101 qualifying report on the property.

This news release was prepared by G. Lohman, P.Geo. QP. and Senior Geologist for the Company and J.E. Steers, P Eng., Q.P. for the Company and V.P. Exploration.

Shares Outstanding: 56,879,077

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.