Mr. Hans Rasmussen of Colombia Crest Gold Corp. reports

COLOMBIA CREST CONCLUDES EARN-IN AGREEMENT FOR THE VENECIA PROJECT, COLOMBIA

Colombia Crest Gold Corp., effective today, has concluded its option to purchase agreement for the 1,985-hectare Venecia project with Colombian Mines Corp. for reasons of cash flow and maximizing exploration properties held by Colombia Crest.

As announced on Aug. 1, 2013, as a result of a $25,000 (U.S.) partial cash payment originally due March 30, 2013, that had been extended, as previously announced, and was due in July, Colombia Crest was given a notice of default of the Venecia agreement, and was provided 30 days to rectify the default. The company was not able to meet this obligation, and has decided instead to prioritize its funding and exploration efforts on the Fredonia project and the evaluation of the Machacala project, Peru (news release dated Aug. 16, 2013).

"As announced on Aug. 1, we did everything in our power to raise the funds needed to meet this obligation in order to continue with work on Venecia," commented president and chief executive officer, Hans Rasmussen. "In 2012, we did an aggressive 6,500-metre drill program and despite a new porphyry gold copper discovery at the Arabia target area, the market didn't reward us -- given the market's support for near-term production and high-grade gold resources, we have decided to focus our limited resources on the evaluation of Machacala, and consider ways to explore or monetize our various concessions that are still held under the Fredonia agreement in Colombia."