CB Gold Inc.
TSX VENTURE : CBJ

CB Gold Inc.

October 15, 2012 07:27 ET

CB Gold Inc. Intercepts 8.25m at 31.35 g/t Au at the Vetas Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2012) - CB Gold Inc. (TSX VENTURE:CBJ) ("CB Gold" or the "Company") is pleased to provide summary drilling results from its Vetas Gold Project, District of Santander, Colombia ("Vetas Gold Project"), located 10km south of AUX's La Bodega and La Mascota deposits. Results from six holes include 12 separate intercepts of 5 g/t Au or greater.

Real Minera Stockwork Zone:

The Company has now received assays from holes 108, 110, 117, 121 and 124. The Company is pleased to report that the latest holes from Platform 20 intercepted wider zones of mineralization in the sheeted vein structures, including 8.25m at 31.35 g/t Au and 9.26 g/t Ag, (RM-DDH12-121), 15.54m at 1.87 g/t Au (RM-DDH12-117) and 4.06m at 2.72 g/t Au (RM-DDH12-121). Previous results from Platform 20 included 15.50m at 17.29 g/t Au (RM-DDH12-119 264.63m to 280.13m) and the Real Minera zone has now been defined over 250m, with potential to extend 250m south to Platform 15 (c.f. results reported September 4, 2012).

In addition there were numerous intercepts of higher-grade narrow structures including 1.20m at 11.90 g/t Au and 5.10 g/t Ag (RM-DDH12-121), 2.15m at 12.36 g/t Au and 8.40 g/t Ag and 2.20m at 5.32 g/t Au (RM-DDH12-124).

Platform 20 is located approximately 180 metres south of Platform 17 and 250 metres south of Platform 16. The drilling at Platform 20 shows the sheeted-vein style and high-grade fault-fill mineralization seen in drilling at Platforms 12, 16 and 17.

Au (g/t) AuEq (g/t)
HoleID From (m) To (m) Length (m) No Topcut 60 g/t Au 15 g/t Au Ag (g/t) No Topcut
RM-DDH12-117 92.71 95.54 2.83 1.69 1.69 1.69 na 1.69
including 92.71 93.50 0.79 5.69 5.69 5.69 na 5.69
and 105.52 121.06 15.54 1.87 1.87 1.16 na 1.87
including 112.16 113.63 1.47 2.12 2.12 2.12 na 2.12
and including 120.29 121.06 0.77 29.32 29.32 15.00 na 29.32
and 128.87 134.77 5.90 0.54 0.54 0.54 1.13 0.56

All tables in this news release show only those intercepts with grade *thicknesses greater than 3g *m/t. For a complete list of intercepts, tabulated at a cut-off grade of 0.15 g/t, please visit www.cbgoldinc.com. Composite intervals were chosen using a cut-off grade of 0.15 g/t Au, and 1.0 g/t Au for some of the higher grade intervals. Waste intervals less than 4 metres long were included only if they could be carried above the cut-off grade by the weighted average grades of adjacent samples. This criterion was met in all cases while averaging both up and down the hole to remove undue influence from single high grade intercepts. All Intervals are reported as drilled thicknesses and are believed to be between 70-100% of the true widths of the mineralization. AuEq in this table and the subsequent tables was calculated using the 12 month trailing average for Au and Ag through March 1, 2011 (US$1268/oz Au and US$22.28/oz Ag). Using ratio of US$Au:US$Ag (56.9), assuming 100% recovery of both metals and no NSR the AuEq formula is: AuEq = Au g/t + (Ag g/t / 56.9).

Au (g/t) AuEq (g/t)
HoleID From (m) To (m) Length (m) No Topcut 60 g/t Au 15 g/t Au Ag (g/t) No Topcut
RM-DDH12-121 161.00 162.60 1.60 4.97 4.97 4.97 8.00 5.11
and 212.10 220.35 8.25 31.35 18.21 4.84 9.26 31.52
including 217.90 220.35 2.45 104.26 60.00 15.00 28.10 104.76
and 229.30 230.50 1.20 11.90 11.90 11.90 5.10 11.99
and 299.70 303.76 4.06 2.72 2.72 2.72 1.54 2.75
including 299.70 302.56 2.86 3.78 3.78 3.78 2.10 3.82
RM-DDH12-124 49.56 52.84 3.28 1.55 1.55 1.55 1.61 1.58
including 49.56 50.69 1.13 2.83 2.83 2.83 0.90 2.85
and 102.80 104.90 2.10 3.43 3.43 3.43 3.27 3.49
including 103.80 104.90 1.10 6.27 6.27 6.27 5.60 6.37
and 119.22 121.37 2.15 12.36 12.36 12.36 8.40 12.51
and 140.20 141.36 1.16 4.35 4.35 4.35 6.20 4.46
and 147.10 148.10 1.00 5.62 5.62 5.62 9.20 5.78
and 198.12 202.94 4.82 0.89 0.89 0.89 1.25 0.91
and 216.23 222.90 6.67 0.57 0.57 0.57 2.77 0.62
and 247.30 249.50 2.20 5.32 5.32 5.32 1.54 5.35
including 247.30 248.30 1.00 11.11 11.11 11.11 2.90 11.16
and 353.24 356.40 3.16 1.01 1.01 1.01 1.55 1.04

Drilling from Platform 21 shows visually encouraging intercepts of mineralization and occurrences of visible gold. Platform 21 is located approximately halfway between Platforms 17 and 20. Assays for these holes will be released once received.

The results from holes 108 and 110 at Platform 12 (approximately 240m north-east of platform 20) demonstrate wider zones of mineralization towards the edge of the intrusive - 15.95m at 0.77 g/t Au and 10.19 g/t Ag - as well as the presence of higher grade fault-fill vein strikes below the intrusive - 1.05m at 8.39 g/t Au- which are interpreted as the extension of the San Bartolo Vein system.

Au (g/t) AuEq (g/t)
HoleID From (m) To (m) Length (m) No Topcut 60 g/t Au 15 g/t Au Ag (g/t) No Topcut
RM-DDH12-108 34.64 38.10 3.46 1.12 1.12 1.12 0.51 1.13
including 36.90 38.10 1.20 2.80 2.80 2.80 0.60 2.81
RM-DDH12-110 57.80 62.55 4.75 0.89 0.89 0.89 0.51 0.90
including 57.80 60.00 2.20 1.74 1.74 1.74 0.58 1.75
and 220.10 236.05 15.95 0.77 0.77 0.77 10.19 0.95
including 224.05 225.05 1.00 8.12 8.12 8.12 153.40 10.82
and 339.00 340.05 1.05 8.39 8.39 8.39 2.50 8.43

Further detail of the drill holes mentioned in the news release can be found at www.cbgoldinc.com.

El Dorado Vein System Drill Results:

Hole 106A from the El Dorado vein system confirms the consistent nature of the structure, and intercepted a wider zone of mineralization of 3.37m at 19.83 g/t Au and 10.55 g/t Ag. Higher grade intercepts in these holes occur at the depths predicted by the existing 3D model developed in conjunction with SRK, adding further confidence to the predictability of the vein system.

Au (g/t) AuEq (g/t)
HoleID From (m) To (m) Length (m) No Topcut 60 g/t Au 15 g/t Au Ag (g/t) No Topcut
ED-DDH12-106A 321.43 324.80 3.37 19.83 19.83 11.87 10.55 20.01

The El Dorado vein system has now been drill defined over 1,000 metres and has potential to extend a further 700 metres to the southwest and 300 metres to the northeast. The Company is currently planning to drill test the potential of parallel vein systems to the west of the El Dorado, projected to be the extension of high-grade currently under production on adjacent properties to the north.

Complete intercepts of mineralization for all these holes can be viewed at www.cbgoldinc.com. All holes for which assays were received intercepted significant mineralization reported in this news release, and additional mineralized but lower grade intervals can also be viewed at the Company website.

Vetas Gold Project - Geochemistry:

All the samples taken by CB Gold at its Vetas Gold Project were analyzed by ACME Labs in Vancouver, Canada, and in Santiago, Chile. The Company has a standard QA/QC program, which includes regular insertion of blank material, certified reference material and duplicate samples. All reported gold values were determined from coarse and fine (+/- 200 mesh) metallic screen fractions of a 1 kg sample, using 50 g fire assay charges from each fraction, followed by an AA finish, or gravimetric finish for samples grading higher than 10 g/t Au. Silver grades were determined by dissolution of a 30 g sample in aqua regia with an ICP-MS finish. The QA/QC program has been reviewed by various independent consultants experienced in QA/QC work.

The scientific and technical information on which this news release has been based was reviewed and approved by Christopher Lee, Principal Geologist at Touchstone Geoscience Inc. and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About CB Gold Inc.:

CB Gold is a mineral exploration company headquartered in Vancouver, British Columbia. CB Gold, through its wholly-owned subsidiary, Leyhat Colombia Sucursal, is actively pursuing the exploration and development of mineral properties in the Republic of Colombia. The Vetas Gold Project consists of a number of existing mines (exploitation is currently suspended).

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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