CLB Colombia Crest Gold Corp

Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) is pleased to provide an update
for the ongoing exploration program in Colombia, including the 2012 drill
program and advancements made in 2011.


2012 Drill Program

With two large areas identified at the Arabia porphyry gold targets 1 and 2,
based on outcrop alteration mapping, soil and rock chip assay information
(announced December 6, 2011 - click here for a map of Arabia targets:
http://colombiacrestgold.com/properties/colombia/geology2/#colombiacrestgold.com/properties/geolog),
drill permitting is being approved to test both zones, with drilling expected to
begin by the end of Q1 2012. 


The Company has agreed to use Energold Drilling to perform initial 5,000 metres
of diamond drilling on the two anomalous gold zones at the Arabia porphyry
targets. Initially, holes will extend 200-500 metres. Energold Drilling will
utilize man portable drill rigs which eliminates the need for roads to be
constructed. 


"The noteworthy events that occurred over the past year have changed the Company
in a very positive way - namely the technical success at Arabia which began as a
pure grass roots exploration play," commented Hans Rasmussen, President and CEO.
"With a strong focus on discovering a porphyry gold system in the Middle Cauca
Belt in Colombia, things are moving forward at a very encouraging rate. While we
are drilling at Arabia, our team will continue to explore the 34,000 hectare
land package within the Fredonia and Venecia agreements, and review new
acquisitions in the belt."


2011 in Review

The Company's ongoing porphyry gold program, focused on the prolific Middle
Cauca Belt, has uncovered over 20 prospective target areas at the Fredonia and
Venecia projects. These target areas were initially defined in April 2011
through the detailed integration of the airborne magnetic and radiometric data,
along with stream sediment sampling data and the interpretation of geologic maps
and fault intersections analysis from satellite maps. New targets continue to
emerge as the Company gains a better understanding of the geology of the immense
land package.


By late 2011, Colombia Crest field crews had detected, mapped and sampled two
large porphyry gold anomalies in the Venecia and Fredonia projects; the area was
named Arabia. Rock chip results had returned up to 3.8 grams per tonne gold,
with anomalous copper and molybdenum values. Assay results were received from
1,132 soil samples and showed two distinctly anomalous gold zones (defined as
areas greater than 40 parts per billion "ppb"). The first anomalous area, now
named Arabia 1, covers almost 400 by 800 metres, while the second area, named
Arabia 2 and located about one kilometre to the southwest, covers about 300 by
400 metres. (Please click the link to view President and CEO, Hans Rasmussen,
explain the significance of the anomalous soil sample results and the size
potential of the Arabia porphyry targets:
http://www.youtube.com/user/ColombiaCrest).


Also in late 2011, two more porphyry gold targets were identified in the
Titiribi area, about 5 kilometres southeast of the Cerro Vetas porphyry gold
resource recently announced by Sunward Resources Ltd. Both new targets will be
explored in 2012 with soil crews beginning to sample and map the 44 hectare
(108+ acres) concession. The concession is one of 16 that are part of the
earn-in agreement between Colombia Crest and Grupo de Bullet, named Fredonia.
Magnetic anomalies and overlapping gold-copper-molybdenum in soils announced on
the adjacent Sunward concessions indicates potential for two porphyry gold
targets on Colombia Crest's concession. 


Earlier in October, the Company toured mid-tier producer IAMGOLD Corporation
("IAMGOLD") at its Colombian properties. Subsequent to the visit, IAMGOLD made a
private placement also guaranteeing them the right to maintain a 19.9% ownership
of Colombia Crest outstanding shares. The initial unit placement was 14.5% of
the Company - warrants outstanding, priced at CAD$0.35/share, when exercised
will achieve the 19.9% ownership. Soil results from Arabia followed the
placement. As part of the agreement, Colombia Crest has formed a technical
advisory team that includes representatives from both IAMGOLD and Colombia
Crest. Building on Colombia Crest's community relations and social
responsibility programs, IAMGOLD has added support to this important program.


In early 2011, Colombia Crest Gold Corp. changed its name emphasizing the new
corporate focus on exploration in Colombia's prolific Middle Cauca Belt. With
two earn-in agreements signed in 2010, the Company closed a second tranche of
equity financing in February 2011 - both tranches totaled $6.4M. This capital
enabled the Company to begin its grass roots exploration program on the Fredonia
and Venecia projects, near Medellin, Colombia. 


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. The Company
employs a team of seasoned geologists, each with 20+ years of experience
exploring and discovering this type of porphyry deposit around the world,
including Argentina, Mexico, Alaska, Indonesia, and Eastern Europe. 


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 34,000 hectares (81,600+ acres) 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 several new gold discoveries 

(Click here for Hans Rasmussen's most recent update:
http://www.colombiacrestgold.com/_resources/videos/CLB_1080p.html#clombiacrestgold.com/_resources/videos/).



If you prefer to receive news releases via email please contact
info@ColombiaCrestGold.com.

Colombia Crest Gold Corp. (TSXV:CLB)
Historical Stock Chart
From Jun 2024 to Jul 2024

Colombia Crest Gold Corp. (TSXV:CLB)
Historical Stock Chart
From Jul 2023 to Jul 2024