Andrew DeFrancesco, Executive Chairman of Tolima Gold Inc., Purchases Additional 250,000 Shares of the Company

TORONTO, ONTARIO -- (Marketwire - Oct. 29, 2012) - Tolima Gold Inc. (TSX VENTURE:TOM) announced today that its Executive Chairman, Andrew DeFrancesco, has purchased an aggregate of 250,000 common shares of the Company between September 17th, 2012 and October 26th, 2012 at an average price of CDN$0.32 per share, on the open market.

In addition, John Martin, Chief Financial Officer of the Company, has purchased an aggregate of 50,000 common shares of the Company on October 19th, 2012 at an average price of CDN $0.27 per share, on the open market.


About Tolima Gold Inc.

Tolima is a gold exploration, development and production company with interests in mining properties in Colombia. Tolima's properties include the Remedios Project, located in the Remedios/Segovia mining district in the Antioquia Department of Colombia, with over 11,500 hectares of exploration ground, two mines (the "San Pablo" and "Bartola" mines) and an operating gold processing and recovery plant located in the area of "San Pablo" with a capacity of 100 tons per day; the ANCAL Project, located in the Marmato/Caramanta district of the Caldas and Antioquia Departments of Colombia, including more than 28,000 hectares of exploration ground; and the NORTOL project, located in the Tolima Department of Colombia, including more than 48,000 hectares of exploration ground and the "Papayo" mine, which is being rehabilitated. Tolima is continuing to explore opportunities for the acquisition of additional mining interests in prospective mining districts in Colombia.

Additional information on Tolima Gold can be found on its website at www.tolimagold.com and by reviewing its profile on SEDAR at www.sedar.com.


Cautionary Statement on Forward-Looking Information:

This news release contains certain "forward-looking statements" including, for example, the ability of Tolima to achieve formal assignment and registration of its mining properties and the ability to carry out exploration activities. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of government and third party approvals in respect of transferring assets, the state of the capital markets; tax issues associated with doing business internationally, the ability to successfully manage the political and economic risks inherent in pursuing mineral exploration opportunities in Colombia; and the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop the business. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, Tolima does not intend, and disclaims any duty or obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise.

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.



Contact

Tolima Gold Inc.
Lisa-Marie Iannitelli
Toronto
+1 647 476 7577
lm@tolimagold.com

Tolima Gold Inc.
Marcela Ospina
Colombia
+57 4 444 7479
mospina@tolimagold.com
www.tolimagold.com