Colombia Crest Gold Establishes New Garrucha Porphyry Gold Target and Initiates Geophysical Survey at Fredonia Project, Colombia

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/24/12 -- Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE: CLB)(PINKSHEETS: ECRTF)(FRANKFURT: EAT) is pleased to announce that initial stream sediment sampling results have established a new target area within the existing 30,973 hectare land package, named Garrucha. The stream sediment results have revealed two new areas with strong, anomalous gold results in the Middle Cauca Belt, Colombia. In addition, Colombia Crest has initiated an airborne geophysical survey over both the Arabia target area and the two newly identified Garrucha target areas. These exploration tools will narrow down specific areas of focus for future drill programs.

"As we continue to explore the Arabia target, the Garrucha target area located straight south of Bellhaven's porphyry gold discovery is an exciting addition to our program," commented Hans Rasmussen, President and CEO. "As we employ these proven geological methods along with new geophysical technology on the property, we will get closer to our goal of discovering an economic porphyry gold-copper system. Most of the major discoveries found in Colombia have been initiated through the use of stream sediment sampling, while airborne electromagnetics is a new technology that will map porphyry alteration down to about 300 metres below surface. By using multiple, integrated exploration techniques, we can more effectively zero in on individual porphyry targets within the larger Arabia and Garrucha porphyry complexes."

Garrucha Target Area

Grass roots exploration has just begun on the Garrucha targets beginning with the current stream sediment sampling, and will be followed by soil sampling, rock chip sampling and eventual drilling in 2013. Results of the stream sediment sampling indicates two consecutive micro-hydrographic basins with values up to 82.9 grams per tonne gold which covers an approximate surface of 4 square kilometres located on the north-east portion of the concession 7350B. The anomalous Garrucha target area is located just 5 kilometres south of Bellhaven Copper and Gold's (TSX-V: BHV) La Mina project and 25 kilometres north of AngloGold's Quebradona Project. The two Garrucha Porphyry targets lie entirely on two of the 16 concessions held under the Fredonia Agreement with Grupo de Bullet (see the Company's website for more details on the property agreements).

Arabia Channel Samples - Anomalous Gold

In addition to the encouraging results at Garrucha, recent channel-chip samples at the Arabia project have returned anomalous gold that ranges up to 0.99 grams per tonne gold. Road-cut channels were sampled and composited over 3 metre lengths, with a total of 227 samples collected. Highlights include a mineralized interval of 21 metres of 0.37 grams per tonne gold, including 6 metres of 0.91 grams per tonne gold. Hole 17, being drilled now, is collared approximately 30 metres southeast of this highest-grade interval along the same road.

Airborne Z-TEM Geophysical Survey Underway

Colombia Crest has initiated a high impact tool in mineral exploration with the use of a helicopter-borne geophysical survey for the purposes of investigating the geophysical response over the land covering the Arabia and Garrucha Targets. The survey areas will result in approximately 370 line kilometres at 200 metre line spacing, flown east-west. The Z-TEM Electromagnetic (EM) system is an innovative airborne EM system, which uses the natural or passive fields of the Earth as the source of transmitted energy. Because of its unparalleled depth of investigation and high spatial resolution, the Z-TEM system has a proven track record in resolving three-dimensional resistivity structures associated with porphyry style alteration at several field projects from Alaska to Chile.

Final importations and field logistics are being completed for the upcoming airborne Z-TEM geophysical survey, which will be flown by Geotech, Ltd, Toronto.

Vice President of Exploration

The Company is pleased to announce the addition of John Bolanos to the team in Colombia as Vice President of Exploration. John Bolanos is a Professional Geologist (B.Sc.Eng) from Ecuador and earned a Master's degree in Mining Geology (M.Sc.) from Camborne School of Mines. He is a registered Member (Qualified Person) of the Society of Mining, Metallurgy and Exploration of the USA (SME), Member of the Society of Economic Geologists (SEG), Professional Geologist Engineer (G.E.) and is fluent in Spanish and English. Having worked for Colombia Crest as a consulting geologist since 2010, he is familiar with the project and the geologic team. Mr. Bolanos boasts 20 years of general management, exploration management and geological experience for Andean Gold Ltd., Ascendant Exploration S.A, Hampton Court Resources Company and Grant Mining S.A Companies. John began his career as Counterpart and the head Ecuadorian Geologist for the British Mission, and has continued to dedicate his career to the exploration and development of Ecuador. In accordance with his extensive on-the-ground knowledge through the Americas with emphasis in South America, John was a Professor of Geology at Central University of Ecuador.

Mr. Bolanos replaces Pete Ellsworth in this role. The Company would like to thank Mr. Ellsworth for his expertise and work on the project accelerating the drill program.

Porphyry System Characteristics

Porphyry 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 deposits for their large scale and long mine life. Investments by 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.

Sample Analysis

All stream sediment samples were sent to the AcmeLabs Prep Laboratory in Medellin, Colombia. The chosen preparation method was Preparation Codes SS80, SP100, which consist of sieving up to 100 grams to -180 micron (0.18 millimetres), the fine fraction is sent to AcmeLabs in Vancouver, Canada for additional preparation and analysis. Once in the Vancouver lab, the minus fraction is homogenized by pulverizing in a mild-steel bowl. Once prepared, 15 grams of pulp sample are assayed by the analytical package code 1F-MS, which corresponds to ICP mass spectroscopy (multi element package of 37 elements including gold, silver, base metals and pathfinder elements); gold detection limits are 0.2 parts per billion to 100 parts per million. The ICP multi-element analysis uses aqua regia digestion prior to analysis.

All channel samples were sent to the AcmeLabs Prep Laboratory in Medellin, Colombia. The chosen preparation method was code R200-250, which consists of crushing the entire sample to 80% passing 10 mesh (2 millimetres), split 250 grams and pulverize to 85% passing 200 mesh (75 microns). Once prepared, 200 gram pulps are shipped to the AcmeLabs in Vancouver, Canada for analysis. Gold was assayed under package G601 which consists of 30 grams fire assay and atomic absorption with detection limits from 0.005 to 10 parts per million and with a gravimetric finish for overlimits. A multi element package (1EX) of 41 elements including silver, base metals and pathfinder elements was also analyzed using ICP mass spectroscopy. The ICP multi-element analysis uses a four-acid total digestion prior to analysis.

The technical information in this news release has been reviewed and approved by John Bolanos, a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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 porphyry deposits around the world, including Argentina, Peru, Ecuador, Mexico, Alaska, Indonesia, and Eastern Europe.

The Company is currently carrying on exploration programs at the Fredonia and Venecia projects where it has optioned over 30,973 hectares located 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 would prefer to receive news releases via email please contact Colombia Crest (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the subject line.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Colombia Crest Gold Corp.

Hans Rasmussen

President and CEO

Office: 604-684-7160
hans@colombiacrestgold.com


Colombia Crest Gold Corp.

Dan Fish

Manager, Corporate Communications

Direct: 1-888-228-4305
dan@colombiacrestgold.com
www.ColombiaCrestGold.com