CB Gold Inc. Announces Closing of $10 Million Bought Deal Financing

NOT FOR DISSEMINATION IN THE UNITED STATES OR THOUGH U.S. NEWSWIRES

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Dec. 12, 2012) - CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") is pleased to confirm the closing of its previously announced bought deal offering (the "Offering") of 11,120,000 common shares (the "Common Shares") at a price of $0.90 per Common Share for gross proceeds of $10,008,000.

BMO Capital Markets (the "Underwriter") was the sole underwriter of the Offering. The Company has granted the Underwriter an over-allotment option, exercisable in whole or in part at any time until 30 days following the closing of the Offering, to purchase an additional 1,668,000 Common Shares at $0.90 per Common Share to raise additional gross proceeds of up to $1,501,200. The Underwriter received a cash fee of 6% of the gross proceeds of the Offering and has been issued broker warrants equal to 6% of the total number of Common Shares sold pursuant to the Offering.

The net proceeds from the Offering will be used for the continued exploration of the Vetas Gold Project, and for working capital and general corporate purposes, as further described in the Final Prospectus dated December 10, 2012.

Fabio Capponi, CEO of CB Gold, commented, "We are very pleased with the support shown for the Company. This financing strengthens CB Gold's balance sheet and allows us to further develop the Vetas Gold Project including the exploration of undrilled targets at the Project in 2013."


About CB Gold Inc.:

CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of existing mines (operations currently suspended) and exploration concessions, and its exploration and development activities are not affected by the proposed Regional Natural Park Paramo de Santurban.

The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


Some of the statements contained in this release are forward-looking statements, such as the expected use of proceeds and estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

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 news release.



Contact

CB Gold Inc.
Fabio Capponi, CEO
+1 (604) 630-5870
+1 (604) 630-5871 (FAX)

CB Gold Inc.
Orin Baranowsky, V.P. Investor Relations
+1 (416) 847-1845
info@cbgoldinc.com
www.cbgoldinc.com