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 on
its Fredonia and Venecia properties in Colombia, South America. Exploration
field work continues across the extensive 34,000 hectare land package in search
of additional porphyry gold targets to evaluate for drilling. Drilling is
underway on the two anomalous gold zones identified as the Arabia 1 and 2
porphyry gold targets. 


"We are very excited to be drilling our highest priority targets on the
property. Based on my technical background and prior discovery experiences with
Kennecott/Rio Tinto in North and South America, both the Arabia porphyry gold
targets have the characteristics that indicate potential for multiple large
porphyry gold-copper systems," explained Hans Rasmussen, President and CEO of
Colombia Crest. "The technical team and I have been involved with several
porphyry related gold discoveries and know the geologic, geochemical and
geophysical footprint of economic discoveries, characteristics of which the
Arabia targets clearly display." (Click to watch Hans Rasmussen's most recent
update:
http://colombiacrestgold.com/_resources/videos/video-mar-28-12.html#http://colombiacrestgold.com/_resources)


Ongoing Exploration Program

Over the remainder of the "Arabia Porphyry Complex" the Company has recently
completed the geochemistry sampling program, which covers a large area
surrounding the targets Arabia 1 and Arabia 2 (further described below). The
Program was initiated to explore additional concealed mineralized porphyry
gold-copper systems existing in the area - potential for a "nest" of mineralized
porphyry gold systems. Soil geochemical studies are the most effective
first-pass ground tool for this type of system. About 650 soil samples were
collected on a grid spaced 100 metres by 100 metres apart, covering
approximately 6.5 square kilometres - assays are pending on these samples.


The airborne geophysical survey, announced on March 21, 2011, covering about 40
square kilometres around Arabia is delayed due to weather conditions. A survey
outline is approved with a new launch date for mid-May when weather conditions
are expected to improve.


Reconnaissance field work continues on the 34,000 hectares (81,600+ acres) of
mineral title covering both the Fredonia and Venecia concessions, searching for
additional porphyry targets. As described in a news release dated June 1, 2011,
over 20 target areas were defined and prioritized through the detailed
integration of airborne magnetic and radiometric data, combined with stream
sediment sample geochemical data, the interpretation of geologic maps and fault
lineament analysis from satellite imagery. While highest priority was given to
the Arabia area, additional priority targets remain within the extensive land
package. 


High Priority Drill Targets



--  Arabia 1 and 2 were identified based on geophysics, alteration mapping,
    soil and rock chip assay geochemistry (announced December 6, 2011); 
--  Both targets have anomalous responses relative to background in both
    airborne magnetic and radiometric data including potassium values; 
--  Arabia 1 covers 400 by 800 metres on surface: 
    --  The Company identified outcropping altered intrusive rock
        characteristic of a mineralized porphyry gold system, 
    --  Potassic-altered rock chip samples returned up to 3.8 grams per
        tonne gold, with anomalous copper and molybdenum values, 
    --  Soil assay results returned up to 0.4 grams per tonne gold also with
        anomalous copper and molybdenum.
--  Arabia 2 covers 300 by 400 metres on surface: 
    --  Based on the smaller size and weaker alteration, suggests just the
        upper level of a porphyry gold system is exposed, 
    --  Soil sample results returned up to 0.2 grams per tonne gold
        mineralization with coincident molybdenum and copper anomalies.
--  The Arabia targets are located just 10 kilometres west of Bellhaven's
    (TSX VENTURE:BHV) La Mina porphyry gold-copper resource and 15
    kilometres south of Sunward Resources' (TSX VENTURE:SWD) Cerro Vetas
    porphyry gold-copper resource.



(View Map: http://www.colombiacrestgold.com/properties/colombia/geology2).

Initial Drill Program



--  The Company is using Canadian Drill Corporation to perform 5,000 metres
    of diamond drilling in Phase 1 on the two Arabia targets; 
--  Initially, hole depths will extend 200-500 metres using man portable
    drill rigs capable of drilling 500 metres and eliminate the need
    mechanized road construction; 
--  11 drill pads are under construction on-site using local labour; 
--  The technical team has defined each drill hole location and angle; 
--  On-site geologists will examine core as it comes up from the drill and
    visually identify mineralization and modify the drill program to
    maximize meterage in mineralized zones leading to a successful drill
    campaign. 



Porphyry System Characteristics

Porphyry-style gold systems host very large, bulk tonnage deposits that range
from 2 to over 20 million ounces of gold and typically grade from 0.5 to 2 grams
per tonne. Thus, major mining companies seek out porphyry style deposits for
their economic scale and mine life - as evidenced by the private placement by
IAMGOLD Corp. late last year taking a 14% ownership of Colombia Crest based on
the outcropping potassic alteration and discovery potential of the Company's
immense land package in the prolific Middle Cauca Belt. Investments by other
major mining companies have been announced in the Middle Cauca Belt,
demonstrating a growing focus on Colombia as a source for new long-life gold
mines.


Application for Warrant Extension

On May 10, 2010, the Company distributed 4,538,956 units at the price of $0.50
per unit by way of non-brokered private placement. Each unit was comprised of
one common share and one warrant exercisable to purchase one additional common
share for $0.75 for a period of two years. The Company now intends to apply to
the Exchange for permission to extend the exercise term of the warrants to May
10, 2013. The Company will not be seeking a reduction of the exercise price of
any warrants. The proposed amendment to the warrant terms 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. 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, Peru, Ecuador, 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. 


Forward-Looking Statements

This press release contains or refers to forward-looking information, including
statements regarding exploration results, potential mineralization, exploration
plans and timing of the commencement of drilling, and is based on current
expectations that involve a number of business risks and uncertainties. Factors
that could cause actual results to differ materially from any forward-looking
statement include, but are not limited to, delays in obtaining or failures to
obtain required governmental, environmental or other project approvals,
political risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and the other risks involved in the mineral exploration and development
industry. Forward-looking statements are subject to significant risks and
uncertainties, and other factors that could cause actual results to differ
materially from expected results. Readers should not place undue reliance on
forward-looking statements. These forward-looking statements are made as of the
date hereof, and the Company assumes no responsibility to update them or revise
them to reflect new events or circumstances other than as required by law.


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

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