Colombia Crest Gold Applies to Extend Warrants and Grants Incentive Options

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/11 -- Colombia Crest Gold Corp. ('Colombia Crest'; the 'Company') (TSX VENTURE: CLB)(PINK SHEETS: ECRTF)(FRANKFURT: EAT) is applying to the TSX Venture Exchange for permission to extend the exercise terms of certain outstanding share purchase warrants by one year.

On December 4, 2009 the Company distributed 11,000,000 units at the price of US$0.05 per unit by way of non-brokered private placement ('PP#1'). Each unit was comprised of one common share and one warrant exercisable to purchase one additional common share for US$0.10 for a period of one year.

In mid-December, 2009 the Company consolidated its shares on a 10:1 basis, with the result that the 11,000,000 PP#1 units became 1,100,000 units, effectively resulting in a post-consolidation acquisition cost to the subscribers of US$0.50 per unit, with each unit comprised of one common share and one warrant (a 'PP#1 Warrant') exercisable to purchase one additional common share for US$1.00 for a period of one year.

Subsequent to the 10:1 consolidation, on December 24, 2009, the Company completed another non-brokered private placement of units at the price of CAD$0.50 per unit ('PP#2'). Each of those units was comprised of one common share and one warrant ('PP#2 Warrant') exercisable to purchase one additional common share for CAD$0.75 for a period of two years. The PP#2 Warrants currently expire on December 24, 2011. None of the PP#2 Warrants has been exercised.

During July, 2010, the expiry date of the pre-consolidation PP#1 Warrants was extended from December 4, 2010 to December 4, 2011 and the exercise price of the PP#1 Warrants was reduced from US$1.00 to C$0.75 to match the exercise price of the PP#2 Warrants. None of the PP#1 Warrants has been exercised.

The Company now intends to apply to the Exchange for permission to extend the exercise term of the PP#1 Warrants to December 4, 2012 and to extend the exercise term of the PP#2 Warrants to December 24, 2012. The Company will not be seeking a reduction of the exercise price of any warrants. The proposed amendments are subject to acceptance by the TSX Venture Exchange.

Incentive Options

Subject to acceptance by the TSX Venture Exchange, the Company has granted to management and certain technical consultants, incentive options for the purchase of up to 2,500,000 common shares of the Company. These options have an exercise price of $0.35 per share and expire November 14, 2016.

Any shares issued to directors and officers pursuant to the exercise of options granted to them will be subject to a four month hold period commencing on the date of the grant. Shares issued to other optionees on the exercise of such options will not be subject to any hold period.

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. 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, 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 located in the Cauca River Valley. Situated approximately 40 km south of the city of Medellin, 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 a 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.

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.

Contacts:

Colombia Crest Gold Corp.

Hans Rasmussen

President and CEO

604-684-7160
hans@colombiacrestgold.com
www.ColombiaCrestGold.com


Progressive Investor Relations

Benjamin Curry

Direct: 604-689-2881
ben@progressive-ir.com