Ecrtf: Pink Sheets Colombia Crest Gold Announces the Sale of San Simon, Bolivia

January
2,
2013
 





























CLB:
TSX.VENTURE NEWS
RELEASE

 















EAT:
FE.FRANKFURT
 















ECRTF:
PINK
SHEETS


COLOMBIA
CREST
GOLD
ANNOUNCES
THE
SALE
OF
SAN
SIMON,
BOLIVIA



January
2,
2013,
VANCOUVER,
BC
‐
Colombia
Crest
Gold
Corp.
(“Colombia
Crest”;
the
“Company”)
(TSX‐V:
 CLB;
Pink
Sheets:
ECRTF;
Frankfurt:
EAT)
is
pleased
to
announce
that
it
has
entered
into
an
agreement
for
the sale
of
its
Bolivian
subsidiary
and
the
San
Simon
project
to
STEINMAR
Ltda.
(“Steinmar”),
a
Bolivian
company. Steinmar
has
agreed
to
purchase
the
outstanding
shares
of
Eaglecrest
Exploration
 Bolivia
S.A.
for
payments that
total
US$5
million.

“This
agreement
represents
a
major
milestone
for
Colombia
Crest
as
it
monetizes
the
gold
resource
in
Bolivia and
 lets
 us
 turn
 100%
 of
 our
 attention
 to
 discovery
 of
 a
 gold
 resource
 in
 Colombia,”
 comments
 Hans Rasmussen,
President
and
CEO.

“We
advanced
the
San
Simon
project
into
an
asset
that
we
have
now
sold
to
a Bolivian
company.

Our
business
model
consists
of
exploration
and
monetization
of
assets,
so
today
we
are thrilled
to
have
reached
this
milestone.”

San
Simon
Project


The
 Company
 has
 explored
 in
 Bolivia
 since
 1996,
 and
 in
 recent
 years
 the
 Bolivian
 government
 began
 to nationalize
certain
operations
in
mining,
oil
and
gas,
and
other
industries.

Due
to
the
unfavourable
political climate
and
investment
risk,
management
has
decided
to
end
the
Company's
presence
in
Bolivia.

On
 December
 10,
 2010
 the
 Company
 announced
 that
 SRK
 Canada
 ("SRK")
 had
 completed
 a
 National Instrument
43‐101
("NI
43‐101")
resource
estimate
on
the
Doña
Amelia
area
of
the
San
Simon
Project.

Drilling elsewhere
in
the
San
Simon
Project
was
not
closely‐spaced
enough
to
support
a
resource
estimate.

Mineral
Resource
Statement*,
Doña
Amelia
area


The
Agreement


The
agreement
with
Steinmar
for
the
sale
of
Eaglecrest
Exploration
Bolivia
S.A.
calls
for
US$5
million
in
cash payments
to
Colombia
Crest,
as
follows:

At
signing,
US$
100,000.

By
the
1^st
Anniversary,
an
additional
US$
100,000.

By
the
2^nd
Anniversary,
an
additional
US$
800,000.

By
the
3^rd
Anniversary,
an
additional
US$
800,000.

By
the
4^th
Anniversary,
an
additional
US$
800,000.

By
the
5^th
Anniversary,
an
additional
US$
900,000.

By
the
6^th
Anniversary,
an
additional
US$
300,000.

By
the
7^th
Anniversary,
an
additional
US$
300,000.

By
the
8^th
Anniversary,
an
additional
US$
300,000.

By
the
9^th
Anniversary,
an
additional
US$
300,000.

By
the
10^th
Anniversary,
an
additional
US$
300,000.

With
 this
 sale,
 which
 is
 subject
 to
 acceptance
 by
 the
 TSX
 Venture
 Exchange,
 the
 Company
 will
 be
 able
 to devote
its
full
resources
and
efforts
to
its
Colombian
projects,
which
management
has
very
high
optimism
for advancing.

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
 30,000
 hectares
 located
 approximately
 40
 km
 south
 of
 the
 city
 of
 Medellín,
 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
 ([email protected])
and
specify
“Colombia
Crest
news”
in
the
subject
line.


For
more
information,
please
contact:


Hans
Rasmussen
 Dan
Fish

President
and
CEO
 Manager,
Corporate
Communications
 Office:
604‐684‐7160

 
 Direct:
1‐888‐228‐4305 E‐mail:
[email protected]
 E‐mail:

[email protected]

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