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Colombia Crest Gold's Venecia Project Receives Contract Status

October 4, 2011 VANCOUVER, BC - Colombia Crest Gold Corp. (“Colombia Crest”; the “Company”) (TSX-V: CLB; Pink Sheets: ECRTF; Frankfurt: EAT) is pleased to announce that the Venecia project concession was signed on September 22, 2011 to Contract status by the governor of Antioquia Province.  Venecia is an earn-in agreement  with Colombian Mines Corp. where Colombia Crest has the right to earn up to 75% interest in the 1,985 hectare Venecia Property.  The Venecia property was acquired for its strategic location and geologic potential - it lies within and is surrounded by several concessions that are part of the Fredonia earn-in agreement, which Colombia Crest has optioned from Grupo de Bullet.

“The signing of Venecia means that we have the right to drill on the concession (pending Provincial approvals), which holds the majority of the newly discovered Arabia porphyry gold system,” reported Hans Rasmussen, President & CEO. “Our field crews are currently doing an extensive soil sampling, rock chip sampling and geologic mapping program over Arabia.  Based on their recent observations, Arabia is now believed to have multiple porphyry gold-copper systems emplaced in an area that covers at least two kilometres east-west by one kilometre north-south.  Results from the current field program will be used to guide our drilling program.”

The Venecia project was selected as part of Colombia Crest’s project generation program which is focused on large-scale porphyry-gold properties in the 300-kilometre long, prolific Middle Cauca Belt of Colombia.  The belt extends from AngloGold-Ashanti’s 16.2 million ounce La Colosa gold project through Colombia Crest's Fredonia and Venecia projects to the north of Medellín.   The Venecia concession adjoins the western edge of the La Mina concession, where Bellhaven Copper and Gold recently announced a one million ounce gold resource.  Venecia lies approximately 10 kilometres south of Sunward Resources 8.3 million ounce Titiribi project and 20 km north of AngloGold Ashanti/B2Gold’s Quebradona gold–copper porphyry project, where drill intercepts of up to 380 metres of 1.15 grams per tonne gold have been reported.   Located about 40 kilometres south of Venecia, the Middle Cauca Belt also hosts the 500 year-old Marmato mining district with recently-announced NI 43-101 compliant resources of over 12 million ounces gold (see Gran Colombia's website for the NI 43-101 report). 

Paved and gravel roads provide excellent year-round access to the Property from Medellín (2 hours) and Venecia (15 minutes).  Adequate supplies of power and water are situated on and near the property, and an adequate workforce is readily available from the nearby towns of Venecia, Fredonia and Bolombolo. The primary surface use of the property is agricultural, consisting of cattle grazing, coffee plantations and citrus groves.

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 gold-copper deposit around the world, including Argentina, Mexico, Alaska, Indonesia, and Eastern Europe.

With its strong working capital position, the Company will accelerate the exploration programs at the Fredonia and Venecia projects in Colombia.  These projects cover over 34,000 hectares in the Middle Cauca Belt, which is the most prolific gold belt in Colombia with more than 500 years of 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.

For more information, please contact:

Hans Rasmussen, President and CEO
Colombia Crest Gold Corp.
Office: 604-684-7160
E-mail: hans@colombiacrestgold.com

Benjamin Curry
Progressive Investor Relations
Direct: 604-689-2881
E-mail:  ben@progrssive-ir.com

Please visit the Company’s website at http://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.