Tolima Gold Announces Approval of Re-Pricing of Warrants

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Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) is pleased to
announce that further to its press releases on November 12, 2013 and December 5,
2013, it has received approval from TSX Venture Exchange ("TSX-V") to lower the
exercise price of 18,749,999 outstanding common share purchase warrants of the
Company (the "March Warrants") from $0.60 per common share of Tolima Gold Inc.
("Common Share") to $0.15 per Common Share and 19,250,000 outstanding common
share purchase warrants (the "December Warrants", together with the March
Warrants, the "Warrants") from $0.85 per Common Share to $0.15 per Common
Shares. 


In accordance with, and subject to, applicable TSX-V policies, the period to
exercise the Warrants will be reduced to a period of 30 days (the "Reduced
Exercise Period") if the closing price of the Common Shares on the TSX-V exceeds
$0.1875 per Common Share for a period of 10 consecutive trading days (on each of
which at least 500 Common Shares are traded in board lots) (the "Premium Trading
Days"), and for greater certainty, the Reduced Exercise Period will commence
five business days after the tenth Premium Trading Day and in such case, the
Warrants shall expire on the last such day of the Reduced Exercise Period. 


The March Warrants were originally issued in connection with the private
placement (the "Private Placement") of 37,500,000 units (the "Units") of the
Company on March 23, 2011, with each Unit being comprised of one common share of
the Company and one-half of one common share purchase warrant. 


The December Warrants were originally issued in connection with a financing as
part of a reverse take-over that took place on October 31, 2011 (the "Reverse
Take-Over Financing). The 19,250,000 common share purchase warrants of the
Company resulting from the Reverse Take-Over Financing are governed by a warrant
indenture dated December 5, 2011.


Forward-Looking Statements 

Certain statements in this press release that are predictive in nature, that
depend upon or refer to future events or conditions, or that include words such
as "expects", "anticipates", "intends", "plans", "believes", "estimates", or
similar expressions, are forward-looking statements within the meaning of
securities law. 


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tolima Gold Inc.
Andrew DeFrancesco
[phone]


Tolima Gold Inc.
Lisa-Marie Iannitelli
[phone]