Wolverine Minerals Extends Due Diligence Period in Acquisition of an Interest in Columbia Gold Properties From Tolima Gold Inc.

TORONTO, ONTARIO--(Marketwired - Feb 6, 2014) - Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) provides the following update with respect to the Wolverine Minerals Corp. ("Wolverine") acquisition of an interest (the "Transaction") in Remedios Gold Holdings S.A., pursuant to a share purchase agreement dated December 4, 2013 (the "Agreement"). As a condition of the Agreement, Wolverine had up to 60 days to complete its due diligence with respect to the Transaction. The parties have mutually agreed to extend the due diligence period by thirty (30) days.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management of Tolima regarding the Transaction. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include discussion of what the parties must do to complete the Transaction. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Tolima will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the occurrence of any events that prevent the parties from performing the acts necessary to complete the Transaction, including Wolverine being unsatisfied with the results of its due diligence investigation; (2) current economic conditions and the state of mineral exploration and mineral prices in general; and (3) other factors beyond the parties' control. These forward-looking statements are made as of the date of this news release and Tolima assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about Tolima and these and other assumptions, risks and uncertainties, are available in its public filings with Canadian securities regulators, available under its profile on SEDAR at www.sedar.com.

Neither 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.