Colombia Crest Gold Announces New Terms on Venecia Project

Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that cash
payments for the Venecia Earn-in Option Agreement (the "Agreement") dated March
30, 2011 have been renegotiated with Colombian Mines Corp. (TSX VENTURE:CMJ).
The original terms included a cash payment of US$75,000 on March 30, 2013. The
Agreement has been amended to include a cash payment of US$10,000 on April 2,
2013, US$25,000 on July 1, 2013, and US$40,000 on September 30, 2013, plus
180,000 common shares of the Company. All other terms in the original Agreement
remain the same - Colombia Crest has the right to earn 75% interest in the 1,985
hectare Venecia Concession. These amended terms still require TSX Exchange
approval.


"These newly negotiated terms on the Venecia Agreement are a testament to our
commitment to the Arabia porphyry gold discovery as well as the flexibility of
our partner, Colombian Mines Corporation in helping to facilitate a discovery,"
commented Hans Rasmussen, President and CEO. "Our drilling in 2012 on the Arabia
Target was mostly on the Venecia Concession, thus it is an important exploration
concession in our portfolio. The assay results announced late last year indicate
we have discovered gold-mineralized porphyry material in an area that has never
been explored, making it an entirely new grass-roots discovery. With the newly
negotiated cash-payment terms we have more flexibility to advance the Arabia
discovery and build this asset into an economic porphyry discovery."


Exploration Update

Following drilling at Arabia, the Colombian-based exploration team has spent the
past four months focused on evaluating the drilling results, including the down
hole geochemistry, petrography and all the surface geologic, geochemical and
geophysical data. The Company believes that based on the drilling results to
date only part of the top of a gold mineralized porphyry has been tested and
that the porphyry system becomes stronger to the southeast of our holes, with
both gold grades and thicknesses increasing in that direction - the
mineralization remains open in that direction and should be drilled to determine
if economic gold grade-thicknesses exist.


Additionally, the geologic team has been evaluating other targets in the
Fredonia land package, including the El Retiro high grade and the Garrucha
porphyry targets as described in news releases late 2012 and early 2013. In the
eastern sector of the Fredonia project, named El Retiro, a chip channel sample
taken in 2010 from a 0.8 metre quartz vein returned values up to 8.25 grams per
tonne gold and up to 47.5 grams per tonne silver. Gold mineralization occurs in
quartz veins, hosted in Paleozoic meta-sedimentary rocks of the Cajamarca
Complex. Subsequent regional stream sediment sampling has returned values up to
0.8 grams per tonne gold, which are high values for stream sediments, thus the
sources of these anomalies are currently being explored.


At the Garrucha porphyry target, a second pass of stream-sediment sampling
program was completed and results yield anomalous gold up to 98 parts per
billion showing a clear anomalous area on the north-east part of the concession
7350-B. Multivariate statistics have been applied to data indicating a probable
Cu-Mo-Au porphyry mineralization style. These are coincident with magnetic and
resistivity anomalies observed in the newly-acquired ZTEM data flown by Geotech
in late 2012. These anomalies are located less than five kilometres south of the
La Mina project, currently being explored by Bellhaven Copper and Gold (TSX
VENTURE:BHV).


As part of the Fredonia land package, the Company wishes to also announce that
concession 7556 has expired - it consists of about 3,257.5 hectares. Therefore,
under the Fredonia Agreement with Grupo de Bullet SA, Colombia Crest now retains
the rights to explore 15 concessions, which includes 10 Technical Studies and
five Contracts, covering approximately 25,731 hectares.


Exploration Team

Colombia Crest Gold Corp. has scaled back certain exploration activities and
corporate overhead costs to reduce overall burn rates for the Company while
still doing basic exploration to advance the Fredonia-Venecia projects. As a
result, John Bolanos has resigned as the Company's Vice President of Exploration
and will remain a consultant and Qualified Person for Colombia Crest. 


About Colombia Crest Gold Corp.

Colombia Crest Gold Corp. is focused on systematically exploring, developing and
monetizing promising new gold projects in Colombia. The Company employs a team
of seasoned geologists, many with 20+ years of experience exploring and
discovering porphyry deposits around the world, including Argentina, Peru,
Ecuador, Mexico, Alaska, Indonesia, and Eastern Europe. 


The Company is currently carrying on exploration programs at the Fredonia and
Venecia projects where it has optioned over 27,700 hectares located
approximately 40 km south of the city of Medellin, in Antioquia Province. The
properties are positioned within the Middle Cauca Belt, 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 (info@ColombiaCrestGold.com) and specify "Colombia Crest news" in the
subject line.


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

FOR FURTHER INFORMATION PLEASE CONTACT: 
Colombia Crest Gold Corp.
Hans Rasmussen
President and CEO
Office: 604-684-7160
hans@colombiacrestgold.com


Colombia Crest Gold Corp.
Dan Fish
Manager, Corporate Communications
Direct: 604-259-2697
dan@colombiacrestgold.com
www.ColombiaCrestGold.com
Colombia Crest Gold Corp. (TSXV:CLB)
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