Tolima Gold Inc. Confirms Mineralization in Newly Acquired Properties in the Tolima North Mining District of Colombia

TORONTO, ONTARIO--(Marketwire - Feb. 6, 2012) -

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Tolima Gold Inc. ("Tolima" or the "Company") (TSX VENTURE:TOM) is pleased to announce preliminary sampling results of the "El Papayo" mine, located on its newly acquired properties in the north of the Tolima Department of Colombia, featuring the following highlights:

• Sample NT0145 with a 2.0 m thickness @ 45 g/t Gold and 146 g/t Silver
  
  
• Sample NT0090 with a 0.3 m thickness @ 66 g/t Gold and 89 g/t Silver
  
  
• Sample NT0128 with a 1.0 m thickness @ 36 g/t Gold and 32 g/t Silver
  
  
• Sample T027 with a 1.2 m thickness @ 35 g/t Gold and 79 g/t Silver
  
  
• Sample T045 with a 1.7 m thickness @ 17 g/t Gold and 63 g/t Silver
  

On December 28^th, 2011, the Company announced the acquisition of almost 2,000 hectares of mining rights which are almost completely surrounded by several of Tolima's current Nortol properties, as shown in the map downloadable at: http://www.tolimagold.com/images/norton-inversionistas.jpg. The newly acquired properties include existing underground mining works known as the "El Papayo" mine, comprised of over 400 meters of galleries over an area of approximately 15,000 m². The mine has been built under a principal guide ("level 0" or "main level") approximately 170 meters long, and with an over-guide or upper level 15 meters above, with several inclined shafts and drums with an average length of 15 meters.

As part of its due diligence of the property, the Company took 112 channel samples of veins and host rock along the tunnels of the Papayo mine. Such samples were taken, prepared in Medellin Colombia and analyzed by FAA at the laboratories of SGS in Lima - Peru, following the QA-QC protocols set out by the Company and certified by the Company's Qualified Person, Mr. Joaquin Buenaventura (P. Geo.). Sampling was conducted within the existing galleries in the mine as shown in the map downloadable at: http://www.tolimagold.com/images/el-papayo-mine.jpg.

Some of the most significant results of such sampling taken into the Papayo Mine are described in the following chart:

N. Sample	Au (g/Ton)	Ag (g/Ton)	Thickness (m)		Remarks
T009	8.75	26.00	0.15		Quartz vein with sulphides
T010	5.18	17.20	0.55		Quartz vein and host rock with sulphides
T011	11.63	9.40	0.40		Quartz vein and host rock with sulphides
T014	7.11	14.30	0.83		Quartz vein and host rock with sulphides
T027	35.59	79.60	1.20		Quartz vein with sulphides
T029	8.04	90.90	0.60		Quartz vein with sulphides
T034	6.24	51.10	1.60		Quartz vein with sulphides
T045	17.66	63.50	1.67		Quartz vein with sulphides
NT0086	21.87	> 500.00	0.28		Quartz vein with sulphides
NT0088	15.82	58.50	0.60		Quartz vein with sulphides
NT0090	66.32	89.70	0.27		Quartz vein with sulphides
NT0092	10.59	46.00	0.44		Quartz vein with sulphides
NT0106	5.04	127.90	0.80		Quartz vein with sulphides
NT0128	36.22	32.80	1.00		Quartz vein with sulphides
NT0138	14.28	38.00	0.37		Quartz vein with sulphides
NT0142	32.87	30.10	0.66		Quartz vein with sulphides
NT0145	45.04	146.10	2.00		Quartz vein with sulphides
NT0148	7.10	10.00	0.43		Quartz vein with sulphides

The deposit consists of vein type mineralization bearing N60°E to N80°E (with a E-W trend), dipping between 10° and 20° to the NW, with local trust faulting and strong shear zones, with Orogenic Au features, consisting mainly of milky quartz with brecciated zones, pyrite, marmatite (iron-rich sphalerite), galena and to a lesser extent chalcopyrite, pyrrhotite, gold, electrum, with some sulfosalts as tetrahedrite. According to metallographic studies (Biofenix, 2011) two pulses of mineralization can be observed, which took place simultaneously with tectonic events that affected the deposit and apparently enriched it in depth. The identified veins display zones with significant mineralization values within the trend and also at depth. Tolima Gold has achieved a systematic channel sampling in both the vein and the host rock, collecting a total of 112 samples which were analyzed by FAA at the SGS laboratories in Lima Peru, following the QA-QC protocols. The underground channel sampling results show that the mineralization and therefore the potential in the "El Papayo" mine is similar in depth to that found at the nearby "El Gran Porvenir" mine, located immediately to the north, within the same geological environment. Based on these sampling results, the Company intends to quickly develop and execute a detailed exploration program for the "El Papayo" mine in order to determine the true potential of the mineralization, size of the deposit and, if warranted, start pre-feasibility work.

Jaime Lopez, CEO of Tolima, stated: "We are incredibly excited with our preliminary findings in the "El Papayo" mine. It confirms our high expectations for our Nortol project and the potential of the area to host Porphyry Gold, precious metal epithermal and Orogenic Gold, deposit types. Our land position of around 20,000 hectares in the area puts Tolima in an advantageous position to unlock its potential."

Qualified Person

The technical information in this press release has been approved by Mr. Joaquin Buenaventura (P. Geo.), a Qualified Person and the Company's Vice-President of Explorations. 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 channel samples were prepared in Medellin's laboratory and then shipped for fire assay analysis (FAA) to an SGS-certified assay laboratory in Lima Peru. The remainder of the 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 channel samples were taken systematically every 5 meters along the main levels, shaft and drums, within the mine. The material was packed in polyethylene bags, labeled, tightly sealed and sent to SGS laboratory for preparation in Medellin Colombia and analysis in Lima Peru. A portion of the samples are periodically check assayed at ACME or ALS GROUP laboratories, in Santiago Chile and Lima Peru, respectively.

Information Concerning Tolima

Tolima is a gold exploration and development company with contractual interests in gold properties in Colombia. Tolima's mineral properties in Colombia include (i) the Remedios Project, located in the Remedios/Segovia mining district in the Antioquia Department of Colombia, including an underground mine in the development stage (the San Pablo Mine) and a gold processing and recovery plant located in the property with capacity of approximately 100 tons per day, which Tolima intends to bring into operation and to expand current capacity; (ii) the Marmato Project, consisting of approximately 25,000 hectares of exploration grounds with several defined exploration targets, located in the Marmato/Caramanta district in the Caldas and Antioquia Departments of Colombia; and (iii) the Nortol property, located in the Tolima Department of Colombia, including more than 20,000 hectares of exploration area and the "El Papayo" underground mine. Tolima is continuing to explore opportunities for the acquisition of additional mining interests in prospective mining districts in Colombia.

Cautionary Statements

Some of the interests in mining properties in Colombia held by Tolima are held beneficially and are subject to formal assignment to Tolima subsidiaries. Formal assignment is subject to review by the relevant mining authority and to registration before the National Mining Registry of Colombia, and is also subject to current compliance with the terms of each mining property and to meeting certain legal, financial and technical criteria. There is no certainty as to when such formal registration will be achieved.

Many of the interests are also held pursuant to preliminary or conditional documentation with the legal holders or beneficial holders of the respective mining titles or applications and are subject to further definitive agreements and conditions, and there is no certainty as to when such definitive documents will be completed or if the conditions will be satisfied.

Forward-looking statements

This news release contains certain "forward looking statements" including, for example, with respect to future exploration of the "El Papayo" mine and the ability of Tolima to achieve formal assignment and registration of its mining properties. 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 of Tolima to successfully manage the political and economic risks inherent in pursuing mineral exploration opportunities in Colombia; and the ability of Tolima to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its 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 intent 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.