VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 21, 2013) - Colombia Crest Gold Corp. ("Colombia Crest"; the "Company") (TSX VENTURE:CLB) (ECRTF) (FRANKFURT:EAT) is pleased to announce that it has made changes to reduce overhead and land holding costs by dropping non-essential concessions that are contained within the Fredonia Agreement in Colombia.
The Company has notified it's land holder partner, Grupo de Bullet ("Bullet"), and Bullet's various subsidiaries that it is no longer interested in holding five (5) concessions of the 15 contained in the Fredonia Agreement. Colombia Crest will continue to explore 10 concessions covering a total of 13,324.7 hectares under the Fredonia Agreement. Under the adjacent Venecia Agreement, the Company still holds an addition 1,983.8 hectares, thus the total land area for Colombia Crest's Colombian exploration program is 15,107.5 hectares.
"The five concessions were dropped based on our geologic review over the past 12 months of the areas. As part of our strategy to maintain our Colombian program in working status throughout the market downturn, we are looking at every way possible to reduce costs, and remain focused," commented Hans Rasmussen, the Company's President and CEO. "While these are difficult times for junior explorers, several opportunities will come out of this downturn. We are reviewing every opportunity possible, while also maintaining a very low overhead."
Due to increasing demands from his personal businesses, Chris McKellar has resigned from the Company's Board of Directors. The Company wishes to thank Chris for all of his contributions.
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 is currently carrying on exploration programs at the Fredonia and Venecia projects where it has optioned over 15,000 hectares located approximately 40 km south of the city of Medellín, 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.