VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/29/13 -- Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE: CLB)(PINKSHEETS: ECRTF)(FRANKFURT: EAT) wishes to announce that effective today, the Company has concluded its option to purchase agreement for the 1,985 hectare Venecia Project with Colombian Mines Corporation (TSX VENTURE: CMJ) for reasons of cash flow and maximizing exploration properties held by Colombia Crest.
As announced on August 1, 2013, as a result of a US$25,000 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 August 16, 2013).
"As announced on August 1st, 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 CEO 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."
About Colombia Crest Gold Corp.
Colombia Crest Gold Corp. is focused on systematically exploring, developing and monetizing promising new gold projects in the Americas. The Company is currently evaluating the Machacala Project, Peru and is reviewing its Fredonia Project, Colombia, which comprises over 13,000 hectares under option located approximately 40 km south of the city of Medellin, in Antioquia Province. The Colombia 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.
Colombia Crest Gold Corp.
President and CEO
Colombia Crest Gold Corp.
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