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Colombia Crest Gold Accelerates Drill Program At The Arabia Target, Colombia


August 1, 2012

August 1, 2012 VANCOUVER, BC - Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX-V: CLB; Pink Sheets: ECRTF; Frankfurt: EAT) is pleased to announce that is has signed a 2,000 metre minimum diamond drilling contract with AK Drilling International, S.A.S., adding to its existing 3,000 metre drill program with Canadian Drill Corporation to drill a total of 5,000 metres. With a second drill rig, the Company will accelerate the completion of its previously announced 5,000-metre, Phase I drill program within the Arabia Porphyry Complex. To facilitate a second rig, the Colombian environmental agency, Corantioquia, granted the Company its water pumping permit on July 13. The permit allows water to be pumped from local creeks to supply diamond drilling operations over a period of 14 months.

"Based on drill core logs from our first five holes at Arabia, we are eager to add a second drill rig to accelerate the program," commented Hans Rasmussen, President and CEO. "We are really pleased by our visual observations of the core. All holes drilled to date exhibit intense hydrothermal alteration and disseminated sulfide mineralization suggesting the core intersects porphyry style disseminated gold mineralization. Each hole we drill improves our understanding of the size, zonation and intensity of the gold-rich porphyry copper system. The water pumping permit required about five months to process, and is essential for the addition of the second diamond drill rig to accelerate the program".

AK Drilling is currently mobilizing a Sandvik DE710 track mounted diamond drill rig with capacity to drill 680 metres of HQ sized core and 1,000 metres of NQ sized core. The addition of the powerful track mounted rig will significantly boost meterage and accelerate progress towards the initial goal of 5,000 metres of drilling. AK Drilling also plans to mobilize a Hydracore 4000 man portable rig once available to test areas unreachable by existing roads.

The Arabia area is located just 10 kilometres west of Bellhaven Copper and Gold's (TSX-V: BHV) La Mina project and 15 kilometres south of Sunward Resources' (TSX-V: SWD) Titiribi project. The Arabia Porphyry targets lie partially on a concession that is held under the Venecia Agreement with Colombian Mines Corporation (TSX-V: CMJ, see news release dated April 5, 2011) and partially on one of the 18 concessions held under the Fredonia Agreement with Grupo de Bullet (see news release dated August 25, 2011).

Changes to Mineral Title on Fredonia Project

The Company has notified Grupo de Bullet that as it has completed evaluation of 15 mineral concessions, covering 4,488 hectares, and releases them from the Grupo de Bullet joint venture pursuant to the original Fredonia Agreement. The concessions retained by Colombia Crest following its reduction under the Fredonia Agreement now include four Contracts of Concession and 14 Technical Studies for a total of 18 exploration concessions covering 29,000 hectares.

Appointment

Apollos Management LLC ("Apollos"), which has been providing corporate communication services to the Company, has now also been appointed to handle the Company's investor relations activities.

Apollos is an Oregon based company owned by Daniel Fish, who has almost 30 years of experience in the investment banking and advertising businesses, including as a registered investment advisor with several major U.S. banks and investment firms. Mr. Fish holds a B.Sc. in Communications from the University of Oregon. On behalf of Apollos, he will be responsible for the dissemination of corporate data packages, broker presentations, broker communications, mining analyst communications, attending trade shows and handling all shareholder enquiries regarding the Company

For its services, Apollos will receive US$10,000 per month payable in arrears. Apollos or the Company may terminate the agreement at any time on 30 day's written notice. The arrangement with Apollos is subject to acceptance by the TSX Venture Exchange.

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 Simón 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 Medellín, 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.

Forward-Looking Statements

This press release contains or refers to forward-looking information, including statements regarding exploration results, potential mineralization, exploration plans and timing of the commencement of drilling, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Neither the 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.

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.

For more information, please contact:

Hans Rasmussen, President and CEO Dan Fish
Colombia Crest Gold Corp. Manager, Corporate Communications
Office: 604-684-7160 Direct: 1-888-228-4305
E-mail: hans@colombiacrestgold.com E-mail: dan@colombiacrestgold.com

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