Colombia Crest President and CEO Steps Down

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 28, 2013) - Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) wishes to announce that effective September 9th, the Company's President and CEO, Hans Rasmussen, will depart his role while remaining a Director of the Company. The Board wishes to thank Mr. Rasmussen for his time and expertise in reorganizing the Company over the past seven years.

Mr. Rasmussen has been with Colombia Crest since becoming a Director in late 2006, and later assuming the role of President in January 2007, and eventually CEO. Mr. Rasmussen will assist the Board in finding a new executive to lead Colombia Crest as it considers acquiring new exploration assets in Peru.

About Colombia Crest Gold Corp.

Colombia Crest Gold Corp. is focused on systematically exploring, developing and monetizing promising new gold projects in the Americas. The Company is currently evaluating the Machacala Project, Peru and is reviewing its Fredonia Project, Colombia, which comprises over 13,000 hectares under option located approximately 40 km south of the city of Medellín, in Antioquia Province. The Colombia 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.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to the success of the Colombia Crest of finding a replacement executive to lead the Company and the potential for acquiring an interest in the Machacala Project, Peru. Forward-looking statements include, but are also not limited to the success of exploration activities at its Colombia exploration properties including the Fredonia Project and associated development prospects, and potential production. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the results of due diligence activities, changes in economic parameters and assumptions, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the results of regulatory and permitting processes; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of further economic and technical studies, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in Colombia Crest's publicly filed documents.

Although Colombia Crest has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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.