Colombia Crest Gold Launches New Soil and Geophysical Surveys

Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that field
crews have initiated a soil sampling program covering six square kilometres and
an airborne and ground geophysical survey covering 80 square kilometres, at the
Fredonia and Venecia projects, Colombia. 


"Soil sampling has a proven track record in the Middle Cauca Belt for
discovering near surface porphyry mineralization. Our Arabia target was exposed
at surface making it easier to detect with soil sampling, while this advanced
technology has yet to be used in Colombia and will allow detection of porphyry
targets just below surface," commented Hans Rasmussen, President and CEO.
"Certainly there are more targets on our 34,000 hectare land package waiting to
be discovered."


On the back of the success of the soil sampling program at Arabia in late 2011,
Colombia Crest sees the potential for outlining additional drill targets through
a soil sampling program across additional concealed porphyry gold targets
(please follow link to view President and CEO, Hans Rasmussen, explain the
significance of the anomalous soil sample results at the Arabia porphyry
targets: http://www.youtube.com/user/ColombiaCrest). The additional soil samples
will be collected along a 100 metre by 100 metre grid (600 samples) over areas
that are thought to be prospective based on airborne magnetics and regional
geologic interpretation completed in 2011.


Along with the soil survey, the Company has initiated a program to collect
airborne and ground geophysical data designed to map/detect alteration related
to porphyry gold mineralization beneath post-mineral cover, soil or forest.
Airborne electromagnetics, developed by Geotech Ltd of Ontario, Canada, employs
a helicopter-towed technology called ZTEM, which is designed to map resistivity
variations in the subsurface - for porphyry exploration, the technology maps
alteration associated with porphyry-style mineralization. Useful products from a
typical survey include resistivity sections and plan maps, all of which can be
compared directly with any surface mapping, sampling or drill results. The
technology has a proven track record on porphyry deposits in Chile, British
Columbia and Alaska. For more information, visit Geotech's website at
www.geotech.ca.


The ground geophysical technique will be an induced polarization
("IP")/resistivity survey, which maps the distribution of disseminated sulfides,
and conductive clay and fault zones. Disseminated pyrite is abundant in the
quartz-sericite-pyrite portion of the alteration zones in a porphyry gold
deposit. Therefore, this geophysical technique is effective for detection and
mapping the pyrite halo surrounding the central potassic core of a porphyry.
Typically, the core has a lower IP chargeability response, but higher magnetic
characteristics, where magnetite is more abundant than pyrite. There are several
magnetic anomalies in the Arabia area that have potential to be buried,
mineralized porphyry gold-copper systems. Once detected with geophysics,
drilling is the next step toward discovery. 


The Company also notes in respect to the 2012 Annual General Meeting scheduled
for March 22, 2012, that during November, 2011, as previously reported, IAMGOLD
acquired a 14.5% ownership position in the Company and was granted anti-dilution
rights giving it the right to acquire and maintain up to a 19.9% interest in the
Company. IAMGOLD Corporation therefore held more than 10% of the Company's
outstanding shares as at the Record Date for the upcoming Meeting. That
information was inadvertently omitted from the Information Circular for the
Company's upcoming meeting.


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, Peru, Ecuador, 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 (81,600+ acres) located in the Cauca River Valley. Situated
approximately 40 km south of the city of Medellin, in Antioquia Department, 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. 


(Hans Rasmussen's recent update:
http://www.colombiacrestgold.com/_resources/videos/CLB_1080p)


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