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 it
will now have an additional six months to earn a 75% interest in certain
Colombian mineral concessions under the Company's agreement with Grupo de Bullet
as described in its news release of August 18, 2010.


Changes in administrative procedures which have recently been adopted by the
Colombian government are resulting in delays in the granting of mineral title
and drill permitting which affects all exploration companies in Colombia,
including Colombia Crest. The Company plans to work diligently to attain the
required mineral title, or Contract Status, over the coming weeks, after which
it expects to have the required drilling permits issued within the next three
months. To ensure sufficient time to obtain these drilling permits and
thereafter mobilize the contractor's drilling equipment and personnel without
defaulting under its agreement with Bullet, Bullet has agreed to an amendment of
the option agreement to extend by six months the time permitted to incur the
required exploration expenses. The Company is well funded to continue its
operations as soon as the required mineral title and subsequent drill permits
are issued.


Stock Option Grant 

The Company also announces that it has granted incentive options for the
purchase of a total of 200,000 shares in its capital; 150,000 of the options are
vested immediately and are exercisable on or before August 25, 2013 at a price
of $0.45 per share. The remaining 50,000 options granted to Progressive IR
Consultants are vested over a one year period with 12,500 becoming exercisable
every three months and are exercisable at a price of $0.24 per share on or
before August 25, 2013. 


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 lead the management and technical
teams at Colombia Crest Gold. 


With its strong working capital position, the Company will accelerate the
exploration programs at the Fredonia and Venecia projects in Colombia. These
projects cover over 17,000 hectares in the Middle Cauca Belt, which is the most
prolific gold belt in Colombia with more than 500 years of mining history and
several new gold discoveries. 


The Company is focused on grass-roots discovery of porphyry-style gold-copper
resources, like Tititribi (Sunward Resources), La Cantera (Bellhaven Copper and
Gold) and Quebradona (AngloGold-Ashanti), which are all located near the
Fredonia and Venecia projects. The Company employs a team of seasoned
geologists, each with 20+ years of experience exploring and discovering this
type of deposit around the world, including Argentina, Mexico, Alaska,
Indonesia, and Eastern Europe.


If you would prefer to receive news releases via email please contact Colombia
Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the
subject line.

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