Colombia Crest Gold Announces the Sale of San Simon

VANCOUVER, BC – Colombia Crest Gold Corp. has entered into an agreement for the sale of its Bolivian subsidiary and the San Simon project to STEINMAR Ltda., 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.