Colombia Crest Gold Closes Private Placement With IAMGOLD

Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE:CLB)(PINK SHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that the Company has closed the non-brokered private placement with IAMGOLD as announced on October 26, 2011.

"This funding and vote of confidence from IAMGOLD is highly beneficial for Colombia Crest's exploration program in Colombia." commented Hans Rasmussen, President and CEO. "We can now aim for more aggressive drilling of Arabia and any of our new near-term drill targets over the next 12 to 15 months; as well, we will have technical support from IAMGOLD to move the project forward to development once a discovery is made."

The private placement consisted of 12,000,000 units issued at $0.285 per unit for gross proceeds of $3,420,000. Each unit is comprised of one common share of the Company and one-half warrant with one full warrant exercisable to purchase one additional share of the Company for $0.35 until October 31, 2013.

All shares issued as part of the private placement, and all shares which are issued pursuant to the exercise of warrants, are subject to a hold period expiring on March 1, 2012.

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, 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 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.

If you would prefer to receive news releases via email please contact Colombia Crest ([e-mail]) and specify "Colombia Crest news" in the subject line.

Please visit the Company's website at www.ColombiaCrestGold.com.

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

Contacts: Colombia Crest Gold Corp. Hans Rasmussen President and CEO Office: [e-mail] Progressive Investor Relations Benjamin Curry Direct: [e-mail]