Tolima Gold Inc. Confirms Gold Porphyry Mineralization on Its Orofino Property, Middle Cauca Gold Belt, Colombia

TORONTO, ONTARIO--(Marketwire - July 11, 2012) - Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) Following up on its news release of July 05, 2012, Tolima is pleased to announce that it has received results of fire assay analysis of HQ samples from the second diamond drill hole (DDH-02) completed on its Orofino property (within the 28,000 hectares ANCAL property package), located in the Middle Cauca Gold Belt in the Antioquia department of Colombia. Results from drill hole DDH-02 have identified anomalous gold mineralization related to porphyry dikes cutting host schists in two vertical intervals, confirming the results of drill hole DDH-01 and the existence of a gold-copper mineralization in the area.

Drill hole DDH-02 was drilled at a -65° angle and a depth of 654 meters from the surface. Assay results from the first 300 meters confirm two mineralized intervals; the first one with a length of 20.7 meters and at a depth of between 92 and 112.7 meters from surface, with an average grade of 0.718 g/t Au and with highest values of 2.6 g/t Au and 1.080 ppm Cu; and the second interval, with a length of 18 meters between 143 and 161 meters from surface, with an average grade of 1.57 g/t Au and with highest values of 4.97 g/t Au and 1.520 ppm Cu. The first interval is dominated by black schists (MSG) cut by a dacitic porphyry (PD). The second interval is located within faulted black schists (FLT), with mineralization along the fractures. Results from both intervals evidence consistent gold and copper values within the porphyry and the black schists. All samples showing gold values also showed copper values.

To view the Isometric Model associated with this release, please visit the following link: http://media3.marketwire.com/docs/TOM-IsometricModel.pdf.

The Company has planned to drill 4 diamond drill holes; so far this completes 2,000 meters of 10,000 meters in its current campaign within the Orofino property. The Company expects to update the results of its geophysics and drilling programs as further data is compiled and analyzed.

To view The Ancal Project Drilling Program Map, please visit the following link: http://media3.marketwire.com/docs/AncalProjectDrillingProgram.pdf.

Mr. Jaime Lopez, President and CEO of the Company stated: "We are thrilled to have these drill results confirming the results of our geophysics and initial drilling of this target. These results, apart from being quite encouraging, will help us shape our ongoing drilling campaign in Orofino and to delineate this deposit. This will also help us better understand the geology of our other four targets within the Orofino area and to be more efficient as we plan our exploration programs for those targets."

The ANCAL Project is located within the Middle Cauca Gold Belt, a highly prospective area with potential for porphyry-related gold-copper and epithermal precious metal deposits. The area is being explored by numerous companies including Anglo Gold Ashanti (La Colosa), Gran Colombia Gold (Marmato), Continental Gold (Buriticá), Sunward Resources (Titiribí), Colombia Crest (Arabia) and Bellhaven Copper and Gold (La Mina). The geology of the properties includes Paleozoic metamorphic rocks and Tertiary sedimentary and volcano-sedimentary rocks which have been intruded by igneous rocks of recent ages with the potential for two types of mineralization: porphyry-related gold-copper and epithermal gold-silver vein mineralization within the metamorphic, volcanic and intrusive rocks.

Technical Information and Qualified Person

The technical information in this news release has been reviewed and approved by Joaquin Buenaventura (P. Geo.), a "qualified person" within the meaning of National Instrument 43-101 and the Company's Vice-President of Explorations, who stated "We are excited by the geology, alteration, and gold anomalous mineralization encountered in DDH-02 which demonstrates the presence of a gold-copper porphyry system at Bermejal. This type of deposit is known for hosting large volumes of low but economically attractive gold-copper grades susceptible to large-scale exploitation. We look forward to the challenge of vectoring into the heart of the porphyry system."

Mr. Buenaventura has over 40 years of experience in the mining industry in Colombia, and he has a Master's Degree in mineral exploration from Queen's University at Kingston, Ontario, Canada. He was a General Manager of Ingeominas (Colombian Institute of Geology and Mines), and has worked as a Senior Geologist, Project Manager and Consultant for various mining and energy companies. Mr. Buenaventura has been an academic professor as well for over 16 years in the Universidad Nacional de Colombia in Bogota. He has over 50 publications related to the mining industry in Colombia.

Quality Assurance and Quality Control

The Company utilizes an industry-standard QA/QC program. The drilling samples were prepared in Medellin's laboratory and then shipped for ICP analysis to ALS-certified assay laboratory in Lima Peru. The remaining samples are stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the samples pack to monitor laboratory performance. The cores were packed in polyethylene bags, labeled, tightly sealed and sent to ALS- laboratory for preparation in Medellin Colombia and analysis in Lima Peru. A portion of the samples are periodically check assayed at ACME or SGS laboratories, in Santiago Chile and Lima Peru, respectively.

Information Concerning Tolima

Tolima is a gold exploration, development and production company with interests in mining properties in Colombia. Tolima's properties include the Remedios Project, located in the Remedios/Segovia mining district in the Antioquia Department of Colombia, with over 12,000 hectares of exploration ground, two mines (the "San Pablo" and "Bartola" mines) and an operating gold processing and recovery plant located in the area of "San Pablo" with a capacity of 100 tons per day; the ANCAL Project, located in the Marmato/Caramanta district of the Caldas and Antioquia Departments of Colombia, including more than 28,000 hectares of exploration ground; and the NORTOL project, located in the Tolima Department of Colombia, including more than 40,000 hectares of exploration ground and the "Papayo" mine, which is being rehabilitated. Tolima is continuing to explore opportunities for the acquisition of additional mining interests in prospective mining districts in Colombia.

Cautionary Statements

Some of the ownership interests in the Company's mining properties derive from applications for concessions or mining titles beneficially held, which are subject to formal assignment to the Company's operating subsidiaries. Such applications and assignment are subject to review by the relevant mining authority and to registration before the National Mining Registry of Colombia in order to confirm current compliance with the terms of each mining property and meeting with certain legal, financial and technical criteria. There is no certainty as to if or when issuance of mining titles from applications or formal registration of assignments will be achieved.

Forward-looking statements

This news release contains certain "forward looking statements" including, for example, the ability of Tolima to achieve formal assignment and registration of its mining properties and the ability to carry out exploration activities. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of government and third party approvals in respect of transferring assets, the state of the capital markets; tax issues associated with doing business internationally, the ability to successfully manage the political and economic risks inherent in pursuing mineral exploration opportunities in Colombia; and the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop the business. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, Tolima does not intend, and disclaims any duty or obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise.