CLB Colombia Crest Gold Corp

Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that,
further to the Letter of Intent previously disclosed on October 4, 2010, the
Company has signed the definitive agreement (the "Agreement") with Colombian
Mines Corp. ("Colombia Mines") on March 30, 2011 to earn up to a 75% interest in
the 1,985 hectare Venecia Property located in Antioquia, Colombia. This is the
second acquisition by Colombia Crest in the gold-rich, 300-kilometre long Middle
Cauca Belt that extends from AngloGold-Ashanti's 13 million ounce La Colosa gold
project through the Fredonia-Venecia projects to the north of Medellin.


"The Venecia property is a high-priority acquisition that complements the
Fredonia concessions which we have optioned from Grupo de Bullet," reported Hans
Rasmussen, Colombia Crest President & CEO. "The geologists at Colombian Mines
had done an excellent job at advancing the project and demonstrating the
potential for a porphyry-style gold systems. Their preliminary data combined
with our recent airborne geophysical data have confirmed that at least two
high-quality porphyry-gold target areas exist within the Venecia concession."


Rock chip and soil sample data collected by Colombian Mines' geologic team
identified mineralized rock outcrops that have up to 3.8 grams per tonne (g/t)
gold, and up to 0.6% copper over a one metre channel width in an area of very
sparse outcrop (see Colombian Mines Corporation news release of September 1,
2010). A total of 180 soil samples collected on a widely-spaced grid, confirmed
that gold and copper trends from Venecia spread into the La Mina concession to
the east, as well as trending north and west onto the Fredonia concessions owned
by Colombia Crest. Colombia Crest plans to do geological mapping, as well as
additional soil and rock chip sampling over the two anomalous areas, each of
which cover almost 10 square kilometres. The results of this work will be used
to generate high-quality drill targets.


The Venecia project was selected as part of Colombia Crest's project generation
program which is focused on large-scale porphyry-gold properties. The property
adjoins the western edge of the La Mina concession, where Bellhaven Resources
has recently announced drill intercepts of 72.7 to 142.5 m of 0.7 to 1.6 grams
per tonne gold. Venecia lies approximately 20 km north of AngloGold
Ashanti/B2Gold's Quebradona gold - copper porphyry project, where drill
intercepts of up to 380 m of 1.15 grams per tonne gold have been reported. The
belt also hosts the 500 year-old Marmato mining district with NI 43-101
compliant resources currently at 9.7 million ounces of gold (see Medoro
Resources Ltd website for the NI 43-101 report) and the giant La Colosa project,
owned by AngloGold-Ashanti.


Paved and gravel roads provide excellent year-round access to the Property from
Medellin (2 1/2 hours) and Venecia (15 minutes). Adequate supplies of power and
water are situated on and near the property, and an adequate workforce is
readily available from the nearby towns of Venecia, Fredonia and Bolombolo. The
primary surface use of the property is agricultural, consisting of cattle
grazing, coffee plantations and citrus groves.


The technical information in this news release has been reviewed and approved by
Dr. Richard Jemielita, a technical consultant who is a Qualified Person in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral
Projects.


The Agreement Terms

The Company may exercise each option by making cash payments, issuing shares and
incurring exploration expenses as follows, in addition to the $30,000 previously
paid and the $50,000 in exploration expenses previously incurred:




On or Before (Date)          Cash   Shares  Warrants  Exploration Expenses
--------------------------------------------------------------------------
                                                                          
TSX Acceptance + 5            n/a  250,000   250,000                   N/A
March 30, 2012          US$80,000  125,000   125,000            US$950,000
March 30, 2013          US$75,000  125,000   125,000          US$1,000,000
March 30, 2014         US$350,000  125,000   125,000          US$1,000,000
                                                                          
Total:                 US$505,000  625,000   625,000            $2,950,000



All warrants are exercisable at a price per share equal to the greater of the
Market Price (as defined in the policies of the TSXV) of the Shares on the date
of issue of such warrants and $0.4375, which was 125% of the Market Price of the
Company's shares on April 4, 2011.


Upon Colombia Crest exercising the Option and acquiring a 75% interest in the
property, a joint venture will be formed and CMJ will have the option to either
fund its 25% of expenses, sell its interest in the property at its fair market
value or have Eaglecrest fund CMJ's share of expenses, in which event Eaglecrest
will receive 100% of proceeds from production until it has been repaid such
funds plus interest at the U.S. Prime Rate plus 5%. The Option agreement is
subject to acceptance by the TSX Venture Exchange.


About Colombia Crest Gold Corp.

Colombia Crest Gold Corp. is focused on systematically exploring, developing and
monetizing promising new gold projects in Colombia as well as realizing the
potential of its 100 percent-owned San Simon project in Bolivia. Industry
experts with three decades of gold discoveries head up both the management and
technical teams at Colombia Crest Gold.


Along with a strong working capital position, the Company will accelerate the
exploration programs at the Fredonia and Venecia projects where it has optioned
over 17,000 hectares located in the Cauca River Valley. Situated approximately
40 km south of the city of Medellin, in Antioquia Province, the properties are
positioned within the Middle Cauca Belt, which is the most prolific gold belt in
Colombia with more than 500 years of gold mining history and a several new gold
discoveries.


If you would prefer to receive news releases via email please contact Colombia
Crest (clb.tsxv@telus.net) and specify "Colombia Crest news" in the subject
line.


Please visit the Company's website at www.ColombiaCrestGold.com.

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