CB Gold Inc.

CB Gold Inc.

November 19, 2010 15:53 ET

CB Gold Inc.: Financial and Operating Highlights for the Third Quarter Ended September 30, 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2010) -


CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") on November 19, 2010 has filed on www.sedar.com its interim report for the third quarter ended September 30, 2010 and 2009. In this release, we provide a comparative summary of the quarter's operational and financial highlights. Readers are advised that due to the summary nature of this release, the highlights should be read in conjunction with our interim MD&A and unaudited interim consolidated financial statements contained in our 3rd Quarter 2010 reports.

Key Operational and Financial Highlights of the Quarter

For the three and nine months ended September 30, 2010, the Company incurred a loss of $1,156,729 and $3,213,895 respectively (three and nine months ended September 30, 2009 - $460,377 and $710,581 respectively) and has an accumulated deficit of $4,384,853 since incorporation. At September 30, 2010, the Company had cash on hand of $1,369,444.

On February 26, 2010, the Company entered into a Letter of Intent with First Source Resources Inc. ("First Source") to merge with First Source and the transaction was approved at a Special Shareholders Meeting on July 30, 2010. On October 29, 2010 CB Gold announced the completion of the amalgamation with First Source, the satisfaction of the escrow release conditions and the consequent release of the $26.65 million aggregate gross proceeds from the private placement of subscription receipts completed during October 2010.

The Amalgamation resulted in a publicly listed entity which continued under the name of CB Gold Inc. and started to trade on the TSX-V under the symbol "CBJ" on November 2nd, 2010.

Vetas Gold Project, Colombia

During the nine months ended September 30, 2010, the Company acquired a total of 5 mining titles in the Municipality of Vetas, District of Santander, Colombia. Contracts to acquire three additional mining titles were executed in October, 2010.

Norte de Santander Gold Project:

Exploration work is continuing in the greenfield Norte de Santander properties with geochemical sampling and geological mapping. This work is a follow up to historical results and to the recent satellite imagery work conducted by CB Gold.

Objectives for the Coming Year

We are aggressively pursuing the due diligence and acquisition of the remaining properties that we have under option, as well as working with the mining authorities to consolidate the various titles and permits relating to these properties. We have built strong and positive relationships with the various departments, offices and corporations of the regional and federal government and continue to work on a daily basis with these groups. There is strong support for the Company's activities from the mining authorities as well as the political leadership of the Santander Province.

In the upcoming year, we will continue our exploration work – sampling, mapping, geophysical surveys and drilling as well as consolidation of the data generated and will begin preparation for the modelling and technical work required to assess any potential NI 43-101 compliant resources at the Project.

In line with the core strategy of consistent growth and development, CB Gold will also evaluate any opportunity in line with our strategy of acquiring and developing precious metal projects in Colombia and that can potentially add value to the Company and its shareholders.

Cautionary Note Regarding Forward-Looking Statements

The securities of CB Gold described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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