Colombia Crest Gold Announces Update to Fredonia Gold Project, Colombia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/25/11 -- Colombia Crest Gold Corp. ('Colombia Crest'; the 'Company') (TSX VENTURE: CLB)(PINK SHEETS: ECRTF)(FRANKFURT: EAT) is pleased to announce that it will now have an additional six months to earn a 75% interest in certain Colombian mineral concessions under the Company's agreement with Grupo de Bullet as described in its news release of August 18, 2010.
Changes in administrative procedures which have recently been adopted by the Colombian government are resulting in delays in the granting of mineral title and drill permitting which affects all exploration companies in Colombia, including Colombia Crest. The Company plans to work diligently to attain the required mineral title, or Contract Status, over the coming weeks, after which it expects to have the required drilling permits issued within the next three months. To ensure sufficient time to obtain these drilling permits and thereafter mobilize the contractor's drilling equipment and personnel without defaulting under its agreement with Bullet, Bullet has agreed to an amendment of the option agreement to extend by six months the time permitted to incur the required exploration expenses. The Company is well funded to continue its operations as soon as the required mineral title and subsequent drill permits are issued.
Stock Option Grant
The Company also announces that it has granted incentive options for the purchase of a total of 200,000 shares in its capital; 150,000 of the options are vested immediately and are exercisable on or before August 25, 2013 at a price of $0.45 per share. The remaining 50,000 options granted to Progressive IR Consultants are vested over a one year period with 12,500 becoming exercisable every three months and are exercisable at a price of $0.24 per share on or before August 25, 2013.
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 Simon project in Bolivia. Industry experts with three decades of gold discoveries lead the management and technical teams at Colombia Crest Gold.
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 17,000 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.
The Company is focused on grass-roots discovery of porphyry-style gold-copper resources, like Tititribi (Sunward Resources), La Cantera (Bellhaven Copper and Gold) and Quebradona (AngloGold-Ashanti), which are all located near the Fredonia and Venecia projects. The Company employs a team of seasoned geologists, each with 20 years of experience exploring and discovering this type of deposit around the world, including Argentina, Mexico, Alaska, Indonesia, and Eastern Europe.
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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.
Contacts:
Colombia Crest Gold Corp.
Hans Rasmussen
President and CEO
604-684-7160
hans@colombiacrestgold.com
www.ColombiaCrestGold.com
Progressive Investor Relations
Benjamin Curry
604-689-2881
ben@progressive-ir.com