Colombia Crest Gold Announces the Sale of San Simon, Bolivia
02 January 2013 - 10:40PM
Marketwired Canada
Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX
VENTURE:CLB)(PINKSHEETS:ECRTF)(FRANKFURT:EAT) is pleased to announce that it has
entered into an agreement for the sale of its Bolivian subsidiary and the San
Simon project to STEINMAR Ltda. ("Steinmar"), 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.
On December 10, 2010 the Company announced that SRK Canada ("SRK") had completed
a National Instrument 43-101 ("NI 43-101") resource estimate on the Dona Amelia
area of the San Simon Project. Drilling elsewhere in the San Simon Project was
not closely-spaced enough to support a resource estimate.
Mineral Resource Statement(i), Dona Amelia area
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Classification Cut-Off Gold Tonnage(i) Gold Cap
grams/tonne Tonnes grams/tonne
----------------------------------------------------------------------------
Indicated greater than 16 300 16.77
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Indicated greater than 10 11,700 12.11
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Indicated greater than 5 103,100 7.20
----------------------------------------------------------------------------
Indicated greater than 4 159,100 6.23
----------------------------------------------------------------------------
Indicated greater than 3 262,300 5.15
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred greater than 16 2,700 20.99
----------------------------------------------------------------------------
Inferred greater than 10 14,000 13.77
----------------------------------------------------------------------------
Inferred greater than 5 105,000 7.77
----------------------------------------------------------------------------
Inferred greater than 4 159,000 6.65
----------------------------------------------------------------------------
Inferred greater than 3 251,800 5.46
----------------------------------------------------------------------------
(i)Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All numbers have been rounded to reflect the relative
accuracy of the estimates.
----------------------------------------------------------------------------
The Agreement
The agreement with Steinmar for the sale of Eaglecrest Exploration Bolivia S.A.
calls for US$5 million in cash payments to Colombia Crest, as follows:
At signing, US$100,000.
By the 1st Anniversary, an additional US$100,000.
By the 2nd Anniversary, an additional US$800,000.
By the 3rd Anniversary, an additional US$800,000.
By the 4th Anniversary, an additional US$800,000.
By the 5th Anniversary, an additional US$900,000.
By the 6th Anniversary, an additional US$300,000.
By the 7th Anniversary, an additional US$300,000.
By the 8th Anniversary, an additional US$300,000.
By the 9th Anniversary, an additional US$300,000.
By the 10th Anniversary, an additional US$300,000.
With this sale, which is subject to acceptance by the TSX Venture Exchange, the
Company will be able to devote its full resources and efforts to its Colombian
projects, which management has very high optimism for advancing.
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically exploring, developing and
monetizing promising new gold projects in Colombia. The Company employs a team
of seasoned geologists, many with 20+ years of experience exploring and
discovering porphyry deposits around the world, including Argentina, Peru,
Ecuador, Mexico, Alaska, Indonesia, and Eastern Europe.
The Company is currently carrying on exploration programs at the Fredonia and
Venecia projects where it has optioned over 30,000 hectares located
approximately 40 km south of the city of Medellin, in Antioquia Province. The
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.
Please visit the Company's website at www.ColombiaCrestGold.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Colombia Crest Gold Corp.
Hans Rasmussen
President and CEO
Office: 604-684-7160
hans@colombiacrestogld.com
Colombia Crest Gold Corp.
Dan Fish
Manager, Corporate Communications
Direct: 1-888-228-4305
dan@colombiacrestgold.com
www.ColombiaCrestGold.com
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